As an estate planning attorney, I see what happens firsthand if somebody dies without a will. It's a common occurrence. In fact, most studies find that roughly half of Americans don't have one. It is called dying "intestate" if you pass away without an estate plan. When this happens, Ohio state law dictates what happens next.
When writing a will and estate plan, there are many legal terms you need to know throughout the process. My clients routinely ask about these terms and the difference between them. Two common words that can mean drastically different things for your estate are “testate” and “intestate.” Understanding these terms will help you foresee the probate process.
Upon your passing, your estate will go into a system called “probate.” Everything is subject to your will and the applicable laws for its final disposition. The process can be long and complicated, especially if you have a lot of assets.
People often have questions about what probate is and how it works. They also have heard things about probate in the news or from friends. Not all of what is said about it seems to be positive. Here are some basics to help you navigate this aspect of estate planning.
With a growing number of baby boomers entering advanced age, what should be a person’s golden years can turn into a nightmare. Recent investigative reporting has delved into the seedy underbelly of senior care in the United States.
It’s not a pleasant question to ask yourself, but if you were to unexpectedly expire in an automobile accident, what would happen to your fur baby? Many of us think that close family members of friends would carry on the care and nurture of our pets, but sadly, in reality, that is not the case.
If your contact with your aging parents, due to job responsibilities or geographical distance, is sporadic, you may miss the first indicators that one or both is experiencing mild cognitive impairment. It can be shocking to visit after several months and see obvious signs of poor judgment or worrisome behavioral changes.