Did you know that a huge benefit of getting a trust is to protect your family's privacy? This reason alone has caused quite a stir with Aretha Franklin's estate because all of Aretha's assets and financial holdings will be made public since she did not have her estate planning in order when she died.
1) If your spouse died this year or you got divorced, you should update your estate planning documents in order to remove your former spouse's name as a beneficiary, agent, executor, and trustee.
Ohio House Bill 432 recently went into effect and made some changes to Ohio's laws that are worth noting. Below are just a few highlights of this bill:
1. Ohio law previously allowed a surviving spouse to receive two automobiles valued at $40,000 or less without taking the vehicles through probate. Under the new law, a surviving spouse may now claim an unlimited number of vehicles having a total combined value of no more than $65,000.
The employees of our firm are big proponents of saving money and being good stewards of your assets. However, many people confuse being cheap with being wise managers of their money. There is definitely a difference between the two actions. That is why we are reminding you to take caution when not seeking a qualified, state-specific lawyer to draft your estate planning documents in an effort to save money.
People often confuse these two documents or think that they are both one in the same. The Last Will and Testament is not the same as the Living Will document, for the two documents serve two distinctly different purposes.
Have you heard the saying that planning for death is about one notch above getting a colonoscopy on a person's to do list?
Most people who call our office for estate planning advice assume that getting a Will is the most important activity when doing estate planning. However, based on over 30 years of practice in this specific area of law, we know that the prior assumption is not the always the case.
If a Will has been drafted and executed properly by a qualified estate planning attorney, then the chances of heirs having an estate battle over an inheritance is minimized. However, even when a Will has been prepared and executed properly, sometimes problems will happen anyway after a person's death.