Ohio residents might wonder whether or not their creditors will be able to take money from their estates after they pass away. Creditors do have the right to make claims against estates through the probate process, but not all assets go through probate. They are not able to touch assets that pass directly to designated beneficiaries outside of probate.
Ohio residents who want to leave homes and other property behind for their children or other relatives need to think about a number of questions first. One of the most important quandaries they need to resolve is which, if any, of their children want the property. For example, heirs might not be enthusiastic about having to travel long distances to a family vacation home. The costs of property upkeep could also be unsustainable.
Many Ohio families have problems, and parents sometimes develop a closer relationship with one of their adult children than they have with their other offspring. When it comes time to create an estate plan, a parent may decide to take family disputes and hostilities into account when deciding how big each child's inheritance will be.
The passing of a loved one can be an emotional and stressful event. However, it may become even more difficult if that person's will is contested. In some cases, contesting a will is a lot like going through a divorce as it could pit family members against each other. Wills are generally contested when one or more heirs believe that the will does not properly reflect the desires of the deceased.
There is no doubt that the process of estate planning can be complicated. You are planning for the various aspects of your life that you've worked for years to accumulate. You are planning for your medical care; you are planning for your children's futures.
If you are visiting this blog, you might be a bit hesitant or anxious. Estate planning can be emotional and daunting, bringing up matters that you might not like to think about -- such as death and taxes.