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Estate Administration & Probate Archives

Debts and death: What you should plan for

After your death, your debts must still be paid. Despite the fact that you're not there to pay them. Creditors may try to make your family members feel as if they have to pay these debts, even though they're not usually required to do so legally.

Get the help you need as a new executor

If you are left as an executor of an estate, your job is to administer the estate and make sure the distribution of assets goes smoothly. This is not always an easy job. You have many things you have to do before you can divide out property to the heirs of the estate.

3 questions about taxes and probate

When people typically think about the time after a loved one's passing, they know it can be difficult emotionally. That should be your first focus. However, there are also many complex financial realities that have to be addressed at some point, including the paying of taxes. It is important to know how this process works. Here are three common questions that people have:

Planning for incapacity is prudent even for the young

Ohio residents may think of debilitating medical conditions like Alzheimer's disease when the issue of incapacity is raised, but car accidents or other unforeseen events can leave even younger individuals who enjoy good health unable to care for themselves or make important decisions. While becoming incapacitated may be difficult to talk or even think about for most people, taking steps to prepare for the worst possible outcomes in life could help to make things easier for friends and family members during extremely difficult times.

IRS temporarily softens portability election rules

Ohio residents may be aware that the unused portion of a deceased individual's federal estate tax exemption can be used by their surviving spouse, but they may not be aware that the strict paperwork required to obtain an extension for what is known as a portability election has led to the Internal Revenue Service being inundated with requests from executors. This soon developed into a major problem for the cash-strapped federal agency, and it announced in June that it would be addressing the issue by temporarily softening the rules dealing with portability election extensions.

Duties in estate administration

Ohio residents who have been named the executor of a loved one's will might wonder what their responsibilities are. Usually, the first thing that must be done in such a situation is identifying and securing assets. They should obtain several copies of the death certificate since this will be necessary in some cases. Other types of assets may involve filing a claim or other actions.

Estate plans and probate considerations

Ohio assets could be subject to probate in the event of their owner's death if certain steps have not been taken to avoid this situation. For example, an intestate estate would be handled through probate to ensure that distribution of assets reflects the laws related to inheritance in the state. Even when an individual leaves a will, a document that has not been handled legally could be subject to changes in the distribution of one's belongings. However, people who are concerned about their wishes being carried out can take several steps to minimize the potential for probate activity.

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.

The prenup v. estate plan conundrum can be solved

Estate planning is already a very complex area of law, but imagine the following scenario. A married couple signed a prenuptial agreement before they got married, and they have lived happily together for many years. Now that they are getting older, they are getting more involved in sculpting their estate plans. As a result, they are thinking about a variety of issues and they want them to be addressed in wills, through trusts, and various other elements of the ultimate estate plan.

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