Solomon, Steiner & Peck, Ltd.
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October 2015 Archives

Single people need wills just like parents do

Some Ohio residents may be under the impression that they don't need to prepare a will or other estate planning documents unless they have children. However, it is important to have a comprehensive estate plan in place whether or not there are obvious heirs involved.

Why digital estate planning storage may not be a good idea

Ohio residents may have heard of new companies that offer online storage of estate planning and important financial documents. While this may seem like an intriguing idea, there are several reasons that storing documents in that manner may be problematic.

Duties of an executor

Ohio residents may be asked by their friends or loved ones to serve as the executor under their wills, but they may not fully understand what they are being asked to do. Settling an estate may take as long as two years, and executors must be organized and have a good head for finance. It is not necessary to be a financial or legal expert as professionals can be hired to offer guidance, but executors are expected to make sound decisions and communicate effectively with the named beneficiaries in the will.

Trust funds and taxes

Ohio residents who are considering the use of trusts as part of their estate plan may wonder what the tax burden might be on themselves or beneficiaries. While determining the tax on trusts is a complex issue, there are a few consistent guidelines.

Some estate planning considerations often overlooked

Ohio residents who are in the process of preparing their wills often fail to consider a few commonly overlooked areas. One of these is appointing a secondary beneficiary in case the first one named dies or is incapacitated in some way. Testators should make provisions if the primary beneficiary is too young or is unable to manage the estate for some other reason.

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