Approximately 50,000 estates are filed each year in the Probate Division of Ohio’s Courts of Common Pleas. The substance of the estates, decedents, and heirs vary widely. However, they all share the need for an executor to administer them.
Despite the continued awareness around planning for life's uncertainties, a lot of people have yet to understand what an estate plan entails and how to make one. According to a 2021 Wills and Estate Planning Study by Caring.com, about 34.2% of American adults who don't have a will (69.1%) "don't know how to get one."
Getting hurt, becoming disabled, or getting older and less cognizant are real-life possibilities we should all plan for before it’s too late. By taking the time to set up a well-rounded estate plan now, you could save your loved ones a lot of future conflicts — not to mention ensuring that your wishes are respected if worse comes to worst.
In November 2020, the firm gave an online presentation about the basics of estate planning. We thought it would be helpful to post this excerpt, where we talk about what an estate is and why you need to plan for it, for those who didn't get to attend but curious about whether estate planning is right for them.
On the one hand, you may realize, perhaps more acutely than ever, the importance of having your estate plan in order. On the other hand, however, you may be apprehensive about leaving your home for fear of contracting COVID-19. To help resolve this conflict, here's information to help you draft your own basic estate plan while you shelter in place.
What started out as half-a-world away is now in our backyard. As we take steps to prevent contracting coronavirus, many of us hope to do so without severely disrupting our lives. But what if disruption for some of us is inevitable. Is there anything that we can do to mitigate that risk? Well, from an estate planning perspective—yes, there is.
The State of Ohio denies over 50% of the businesses that apply for MBE or EDGE certification—which can be worth $1 million per year. Sure, these businesses probably know what the certification rules say. But there’s a difference between knowing what the rules say and understanding what the rules mean. I want to tell you what they mean.
For most people, an estate plan has four parts: (1) a Last Will and Testament, (2) a Financial Power of Attorney, (3) a Health Care Power of Attorney, and (4) a Living Will. This article discusses part four: the Living Will.
For most people, an estate plan has four parts: (1) a Last Will and Testament, (2) a Financial Power of Attorney, (3) a Health Care Power of Attorney, and (4) a Living Will. This article discusses parts two and three of an estate plan: Financial and Health Care Powers of Attorney.