What You Need to Know About Estate Planning in Ohio
January 25, 2023
What You Need to Know About Estate Planning in Ohio
Estate planning is an important step in ensuring that your loved ones are taken care of after you pass away. In Ohio, estate planning can be a complicated process, but with the right guidance and assistance, it can be made much easier. At Singer Law, we have a successful track record of handling estate planning matters in Cincinnati, Ohio. Let’s take a look at what should be included in an estate plan for Ohio residents.
As mentioned above, part of estate planning involves choosing an executor—the individual or entity responsible for carrying out the instructions set forth in your will. This person should be trustworthy and willing to handle the significant responsibility that comes with being an executor. Your executor should also have access to financial records, know how to manage investments, understand tax laws, and have basic legal knowledge related to wills and trusts. If you don’t have someone who fits this description among family or friends, Singer Law can provide assistance here as well.
Choosing beneficiaries is another important part of estate planning in Ohio. Beneficiaries are individuals or entities (charities or other organizations) designated to receive certain assets after death—such as bank accounts, life insurance policies, retirement accounts, stocks or bonds held outside of retirement accounts, real property owned by the decedent at their time of death (including homes), business interests (if applicable), annuities (if applicable), etc.—as outlined in the decedent’s will or trust agreement(s). When naming beneficiaries on such accounts/assets/policies you must use their legal name (not just a nickname) so that there is no confusion regarding ownership when they are passed on according to the terms set forth in the decedent’s will or trust agreement(s).
Additionally it is important to understand that if there are any discrepancies between beneficiary designations listed on different documents (e.g., “primary” vs “contingent” beneficiaries) then they may not all take effect depending on which document takes precedence under applicable state law; therefore it is important that all documentation lines up accordingly so that all parties involved get what was intended by the decedent when they passed away according to their wishes stated within their documents/instructions at time of death. Singer Law can help ensure everything lines up correctly so that there are no unnecessary complications down the road when transferring assets upon one's passing away from this earthy plane - both physically and spiritually!
Creating a Will
 The starting point for any estate plan is creating a will. A will states who will receive your assets upon your death and outlines how those assets should be distributed. It also appoints guardians for minor children and specifies who should serve as executor of your estate (the person responsible for carrying out the instructions set forth in the will). Without a valid will, state law determines where your assets go and who serves as executor—which may not be what you want to happen after you pass away.Choosing an Executor
As mentioned above, part of estate planning involves choosing an executor—the individual or entity responsible for carrying out the instructions set forth in your will. This person should be trustworthy and willing to handle the significant responsibility that comes with being an executor. Your executor should also have access to financial records, know how to manage investments, understand tax laws, and have basic legal knowledge related to wills and trusts. If you don’t have someone who fits this description among family or friends, Singer Law can provide assistance here as well.
Naming Beneficiaries
Choosing beneficiaries is another important part of estate planning in Ohio. Beneficiaries are individuals or entities (charities or other organizations) designated to receive certain assets after death—such as bank accounts, life insurance policies, retirement accounts, stocks or bonds held outside of retirement accounts, real property owned by the decedent at their time of death (including homes), business interests (if applicable), annuities (if applicable), etc.—as outlined in the decedent’s will or trust agreement(s). When naming beneficiaries on such accounts/assets/policies you must use their legal name (not just a nickname) so that there is no confusion regarding ownership when they are passed on according to the terms set forth in the decedent’s will or trust agreement(s).
Additionally it is important to understand that if there are any discrepancies between beneficiary designations listed on different documents (e.g., “primary” vs “contingent” beneficiaries) then they may not all take effect depending on which document takes precedence under applicable state law; therefore it is important that all documentation lines up accordingly so that all parties involved get what was intended by the decedent when they passed away according to their wishes stated within their documents/instructions at time of death. Singer Law can help ensure everything lines up correctly so that there are no unnecessary complications down the road when transferring assets upon one's passing away from this earthy plane - both physically and spiritually!
Estate planning isn't something most people like thinking about but it's essential for ensuring everything goes smoothly after you're gone. With proper guidance from experienced professionals such as those at Singer Law in Cincinnati, Ohio – elder citizens can rest assured knowing their families are taken care of even after they're gone physically! We specialize in helping wealthy folks create comprehensive estate plans tailored specifically to meet their individual needs so they can focus on enjoying life while knowing their loved ones don't have anything extra unnecessary stressors placed upon them during such trying times! Contact us today if you need help with any aspect of estate planning!
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