Many Ohio residents become concerned about estate planning after they have children, experience a health scare or learn that a friend or family member has passed away. In some cases, these individuals may be tempted to make use of boilerplate wills and other estate planning forms found online.
One of Ohio's most interesting residents left behind an iconic method of food packaging along with a very unusual final request on his will. The inventor of the famous and tubular Pringles can of potato chips was 89 years old when he passed away in Cincinnati. In 2008, his children learned that the late chemist, who was known for his lively sense of humor, wanted to be buried inside a Pringles can.
Going it alone is always an option for Cleveland parents looking to create a will. However, there are a number of errors that can confound the efforts of testators and subject the estate to costly legal challenges and asset losses due to taxes. One deals with minor children.
When preparing their will, Ohio residents may benefit from including a letter of final wishes. This non-legal document is a way for testators to express themselves to family members in a thoughtful and considerate manner. It includes information that is not typically included in a will.
People in Ohio who have an estate plan in place may want to review their documents to see how a potential repeal of the estate tax may affect their assets. There may be a number of changes they should make if the estate tax and/or generation-skipping tax is revoked.
Most people in Ohio tend to experience some discomfort when thinking about their end-of-life affairs, but estate planning professionals emphasize the need to inform heirs or executors of wills of the location of documents such as wills, powers of attorney and medical directives. If no one knows where the estate plan is kept, then the probate court might consider the person intestate.
When Ohio residents creating an estate plan, one of the things that they may want to do is to select agents for powers of attorney. Powers of attorney allow people who are trusted to handle things or make choices if the person becomes incapacitated. For instance, financial powers of attorney are a common document that allows named agents to make financial decisions for the principal who can no longer make them.
When someone passes in Ohio, sometimes surviving family members are dissatisfied with how the departed distributed the estate. Hostile arguments or even lawsuits might result, but estate planning professionals have some suggestions for limiting family disputes and dividing assets fairly.
Individuals in Ohio and elsewhere in the country usually put off creating wills until they believe that they need them, such as when starting a business or becoming parents. When people decide the time has come to draft their wills, they need to make sure their documents contain the essential elements.
It is fairly common around this time of year for the final preparations to summer weddings to take place. Indeed, it is important to have guest lists finalized and fees paid for caterers and decorators. The same can be said for ensuring that all the important parties understand what their roles are during the special day.