Some Ohio parents may not want to leave their children equal inheritances in their will. However, just because a parent chooses to leave one child more money than another child does not mean that the parent wanted to be unfair. There are many different reasons for not splitting assets equally that have nothing to do with favoritism.
Ohio residents may communicate a lot of their values in the way that they set up their estate plan. For example, they may leave a portion of their assets to a charity or set up a trust that only makes distributions when beneficiaries graduate from college. While a lot can be said with a standard will, people who want to send a message with their estate plan may also want to create an ethical will.
While some Ohio residents may not encounter any difficulties creating a will, others may face several challenges with the task. For example, family members who become joint owners of a property that is left to them in a will can experience troubles if they disagree on how a property should be managed. These conflicts can become complex, especially when the property's co-owners are tenants in common.
Some Ohio residents might feel that trusts are only for the wealthy, but those who have a disabled child or other family member may wish to utilize a special needs trust. This tool could help provide a variety of advantages.
Trusts made for asset protection and to distribute someone's assets after their death do not go on indefinitely; they all end. Ohio law gives the trustee the right to distribute the assets of the trust to the beneficiary at his discretion. That is possible because the trustee is generally an individual who has the confidence of the grantor, or maker of the trust, and is appointed in the written trust.