A power of attorney is a key part of the overall estate plan for Ohio residents, but will it always work the way you intended it to when you need it to?
Halloween is almost here, and Thanksgiving isn't far behind. Then once Christmas passes, it's time for countless Ohio residents – the "snowbirds" – to fly south for the winter.
You knew your mom had written a will and named you as the executor. As sad as the idea of her passing made you, you agreed to serve in that capacity for her when she passed away.
Many of us know people who refer to their cat or dog as their four-legged child. Maybe that's what you call yours.
According to a recent survey conducted by Care.com, only 42 percent of adults in the U.S. have an estate plan -- meaning an alarming 6 out of 10 have no wills or trusts in place should they pass away. While these numbers are bad enough, they are actually even worse among millennials.
Many Ohio residents are also horse owners and have poured a great deal of time, energy and money into their beloved equines. Handling these animals within estate planning can be a challenge, as horses have very specific needs that often cannot be properly addressed by those who are unfamiliar with their care. The best way to ensure a long and happy life for these animals is to create a comprehensive estate planning solution.
Each and every Ohio family has a unique set of needs when it comes to creating an estate plan. Passing down accumulated wealth to one's children is a common estate planning theme. However, there are cases in which all of a couple's children are already doing well for themselves, and where the focus can turn to the next generation. Retirement trusts are an excellent option for families who are looking for ways to pass wealth down to grandchildren.
There are a great many Ohio families in which the spouses intend to leave all of their assets to each other in the event of death. In many cases, both parties feel that they have worked hard to amass their wealth and that the fruits of that labor belong solely to their partner. Unfortunately, many are unaware of the best way to ensure that outcome, and they make the mistake of assuming that marriage is sufficient estate planning all on its own.
Although thoughts of death are not something one wants to linger on, it is a reality. Ohio residents may recognize the importance of organizing important documents and storing them in a manner that will be readily accessible to surviving family members in the event of an unexpected death. There are multiple storage options for estate planning documents, including the traditional way of keeping them in a safe or the modern way of storing them in a cloud.
For those in Ohio who own a business, ensuring that the business continues to operate after one's death is often a primary concern. Many people have made their business venture one of their top priorities throughout their lives, and want to see that hard work passed down to future generations. Through comprehensive estate planning, that goal can become reality.