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March 2015 Archives

The hidden cost of transferring wealth through a trust

A financial trust can be an excellent estate planning tool for Ohio families that need to transfer wealth to their beneficiaries. Whether a family owns a business or a significant amount of real estate, numerous types of trusts can be set up to shield the assets from tax liabilities and financial mismanagement.

The importance of writing a will

Ohio residents may be surprised to learn that most Americans have not drafted a will. Some people put off preparing a will because they do not like to think about the end of life, and others feel that their assets are insufficient to warrant taking this step. While many people feel that estate planning is something that can safely be put off until later in life, there are a number of reasons why tackling the issue sooner rather than later can be prudent.

Usefulness of living trusts extends beyond avoiding probate

Probate in Ohio is the process by which a will is recognized and a personal representative or executor is appointed to pay debts, distribute assets and otherwise administer the decedent's estate. Many states have laws allowing for simplified probate procedures, which can make the process less expensive and more efficient, depending on the facts of the case.

The estate administration process in Ohio

Those who have lost a loved one must deal with emotional stress and make sure that the estate is handled properly. The estate executor is now responsible for inventorying assets, making sure taxes and debts are paid and that the assets left in the estate are distributed to their intended recipients. In most cases, the last will and testament of the deceased will dictate how assets are distributed.

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