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Wills Archives

The importance of updating a will

Ohio residents who are looking to set up wills or start with the estate planning process may be aware of a South Dakota's congresswoman's tale of how the federal estate taxhad a major impact on her farming and ranching family. The congresswoman has been telling her story as an example for reforming what was being called an overburdening tax system.

Handling digital assets after death

Ohio has adopted the Uniform Fiduciary Access to Digital Assets Act, Revised. This was created to try to bring some clarity and consistency to laws about digital assets. A fiduciary does not necessarily have the same rights over digital assets that would be automatic over physical assets. Even if a person has shared a password with someone, it might be against the terms of service of some sites for a non-user to access the account.

Estate planning can protect beneficiaries from themselves

Ohio residents may have concerns that a loved one will act irresponsibly after receiving an inheritance. However, there are ways to craft an estate plan that makes it difficult or impossible for a beneficiary to squander these funds. For instance, it may be possible to create a spendthrift trust that limits when and how much can be disbursed. This may be ideal for someone who has a spouse who likes to gamble or may have other problems managing money.

Using TOD designations in an estate plan

Some people in Ohio might wonder what kind of documents would be best to use in creating an estate plan. For example, one man put his daughter on his investments as the beneficiary. He also had a house and a car he wanted to pass on to her.

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.

Planned giving

An estate plan is an important tool for Ohio individuals to distribute their assets after death. One common goal is to divide property according to a person's wishes. Many people have a strong commitment to community nonprofits. Through their estate plan, the planned giving option allows them to benefit their favorite charities.

Why estate plans are important for everyone

Estate planning is not something that just exists for wealthy people. Ohio residents should have estate plans in place because they help to protect their loved ones while allowing them to have control over how their assets and other affairs will be handled.

Estate planning for entrepreneurs

Ohio entrepreneurs may want to take steps to protect their business and loved ones in case of their own death. A survey of 500 entrepreneurs found that only 20 percent had a financial power of attorney and over two-thirds did not have a will. Only 13 percent had created a living trust, and nearly two-thirds of entrepreneurs said they had done no estate planning work at all.

Letter of final wishes in estate planning

Ohio residents who are considering estate planning may not be aware of an important document that they can draft for their loved ones. A letter of final wishes (LFW) is a personal document that has no legal standing but can provide explanations for heirs that could help them to better understand and carry out the deceased's wishes.

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