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October 2017 Archives

Estate planning for every stage of life

Some Ohio residents may think of an estate plan as something that is only for the wealthy However, estate planning can be important even for single people who have few assets and no dependents. For example, a person may want to create documents that appoint someone to manage any health care or financial issues in the event of incapacity. For a young person, this might be one or both parents.

Hugh Hefner's estate plan is a good model for others

While Ohioans may differ in their opinions of Hugh Hefner and the way in which he lived his life, they might all benefit by learning about how he planned his estate. Hugh Hefner planned his estate so effectively that he was able to live out his life without worry and still leave his estate to his beneficiaries with little worry that they would fight.

Reasons to have a trust in an estate plan

Ohio residents who are creating an estate plan might want to consider a trust. While some people may think of trusts as only being for wealthy people, they actually have a number of uses. A trust simply refers to a legal relationship that names a trustee, who might be the person who creates it, manages assets for its beneficiaries and has the titles to those assets. The assets contained in the trust might be a home, investments or other types of property.

Different types of trusts

Ohioans who are thinking about how to handle their estates might want to familiarize themselves with the different types of trusts that might benefit them. There are many that can be used to accomplish different purposes, allowing the grantors to ensure that their families will be provided for and their wishes will be followed.

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