Solomon, Steiner & Peck, Ltd.
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June 2015 Archives

How inheritances are becoming less common

In Ohio and around the country, many children of elderly parents will not receive anything in a will when their parents pass away. Due to rising health care costs and shrinking retirement plans, many seniors simply do not have any assets left upon death. Others may also be choosing not to leave any assets to their children, instead giving them to charity or other relatives.

Points to consider when preparing a will

Preparing a will is something that isn't necessarily fun, but it is vital to ensure that a person's final wishes are known. The will is a powerful tool that provides instructions for those left behind long after the decedent is gone. It important to ensure that wills are properly written so they are considered valid under Ohio law.

Estate planning and alternatives to wills

Ohio residents may be surprised to learn that not only is there more to estate planning than writing a will but that in some cases, a will may not be necessary or desirable. While every adult should have an estate plan, an individual who chooses to distribute most of their assets using a will risks those assets being tied up in probate court for months or even years.

Beneficiary designations and estate planning

Ohio residents who are planning on how their property will be distributed when they die may want to step back and review the existing beneficiary designations on assets like retirement plans, life insurance policies and annuities. These designations take precedence over contrary provisions in a will, and they could potentially conflict with the goals of an estate plan.

The process of removing an ineffective executor

Ohio residents who have prepared their wills know that they have appointed an executor to handle the affairs of their estates after they die. While the executor ideally manages the estate in a timely manner, there are often times when an estate beneficiary may wish to make a change. If an executor is not performing his or her duties competently, there are several options available to beneficiaries. The first step may be to draft a formal letter of demand that makes a request of the executor to timely and economically administer the estate.

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