When an Ohio resident passes away without a valid will, the state will take on the responsibility of making one. This process is known as intestate succession, and its purpose is to distribute a decedent's assets in a way that resembles the average estate plan. Even if existing evidence makes it clear that a decedent wanted their wealth to be distributed in a certain fashion, no exceptions to the intestate succession process will be made.
Most people prefer to not think about death, but the unfortunate truth is that injuries, illnesses and accidents can affect anyone. It is important for Ohio residents to have a plan for how to be treated if they are unable to make their own decisions, no matter how young, healthy and safety-conscious they might be. This is a where a living will, which is also known as an advanced directive, may be helpful.
A qualified personal residence trust allows a homeowner to pass his home to children or another third party while still being able to live in it. Under this mechanism, the home is put into the trust and will pass to the intended beneficiary in accordance with the terms of the trust. For instance, the house could pass to an heir in 10 years or at another specified date.
When an individual is unable to provide for his or her basic needs, a court may appoint a guardian. This may happen if a child has no one to provide care or when an adult suffers from a mental illness or is otherwise unable to make his or her own decisions. For instance, if an individual has a drug problem or is in a coma, a guardian may be appointed.