Ohio residents may be aware that trusts can be a flexible and valuable estate planning tool. However, they are also costly and complex, and they may be rendered unnecessary by changes in tax laws or evolving family dynamics. Bypass trusts were a prudent option for many couples in the 1990s, but they offer few real benefits today.
The death of a parent can be devastating for Ohio siblings. The trauma may get even worse if the siblings fight over how to divide their parent's estate. Parents, however, may be able to lessen the trauma by taking a few steps while they are alive.
Wills are a common estate planning tool with which most people have some degree of familiarity. Trusts, on the other hand, might not be as well known, but an Ohio resident meeting with an estate planning attorney should have some knowledge of them because they can play an important role in an estate plan.
An estate plan may provide for the disbursement of assets upon the Ohio testator's death, but the death of an heir could create questions about what to do with that party's share of an inheritance. In some cases, an individual who is slated to inherit certain assets might want to make provision for the handling of such assets in case of their own death. There are some legal avenues for facilitating such action if the testator of the will in question approves.
If someone has children, it is very important that they have a will. In addition to naming individuals to be given a person's property, a will can also be used to name the person that will take care of children if both parents pass on or cannot do so. A person dies without a will is considered intestate, and state law will determine who cares for a child and who gets the decedent's property.