Ohio residents may believe that legacy planning is something that only a famous person would do. However, almost anyone could have a life's work or story to share. This is true whether a person is a writer, teacher or anyone else who has accomplished something. Therefore, creating a legacy plan is not necessarily an egotistical thing to do.
Options for transferring assets upon death
Ohio residents may want to skip probate as it can be a long and expensive process. However, it may be avoided by creating a joint tenancy arrangement, which can allow an asset to pass solely to a survivor. This may be used on assets such as an investment or bank account, and it may override provisions put in a will or other estate plan documents.
Changing an estate plan during divorce
It is important for people in Ohio who are getting a divorce to keep their estate plans in mind. It may be necessary to make changes as soon as possible in order to ensure that their wishes are carried out. Otherwise, if a person dies unexpectedly, a spouse or soon-to-be ex-spouse may receive a large share of that person's estate.
How will you avoid the same old estate planning mistakes?
It doesn't matter if you are going through the estate planning process for the first time or have been down this path before, nothing changes the fact that you need to avoid any and every mistake.
Distributing personal property not included in a will
When an Ohio resident dies, there is likely to be property that family members must decide how to divide. There might not be a will, or there might be items of personal property that is not mentioned in the will.
