Have you ever wondered what happens when the testator of a will dies?
You want to get a will drafted and filed, but you don't think this is something you can just do once and then forget about. How often should you get it back out and go over the details?
The thought of having a last will and testament drawn up makes many people uncomfortable. Some describe it as feeling like they are planning their own demise. These feelings are understandable, but they should not keep you from preparing a will.
If a parent or relative has recently passed away, you and your family could be overcome with emotion. Finding out that the deceased has left no will or trust can make this heartache even more painful.
Some older Ohio residents may be among the 40 percent that Wells Fargo says do not have documents in place to protect themselves if they become incapacitated. More than 780 people 60 and older and nearly 800 adult children ages 45 to 69 participated in the survey.
Not having a will can be a major estate planning error. If an Ohio resident dies without a will, assets will be distributed according to state law. In such cases, loved ones may have to spend time and potential inheritance money sorting through the probate process.
When Ohio residents create an estate plan, they might also want to consider whether they need one for digital assets as well. People might not think of social media or email accounts as assets, but they may need to leave instructions about what should be done with these. In some cases, such as with a cryptocurrency account or even a domain name, the asset might have significant value.
With the change in the federal exemption, single people whose estates are worth less than $11.2 million and married couples whose estates are worth less than $22.4 million no longer need to employ some of the tools they may have been using to protect their estate from tax. People may want to review their estate plans and see what changes can be made.
People in Ohio dealing with end-of-life challenges for a loved one may be brought face-to-face with the complicated realities of estate planning and the consequences that can happen due to a lack of advance planning. Estate planning can involve more than the creation of a will. There can be a number of documents that are part of a comprehensive plan for health care and other later-in-life needs that can prevent significant problems further down the road.
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 tax had 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.