Making an estate plan is something many people in Ohio procrastinate about, but that does not mean they never think about who should get their property and possessions when they die. According to the Ohio State Bar Association, a person who dies without a will is intestate. There are many differences in how the courts treat estates when there is a will versus when there is not.
A contract is a binding legal agreement between two people in Ohio. However, it is not uncommon for disputes and issues to arise due to the agreement. Preventing contract disputes may actually lie in drawing up a solid contract to begin with, according to Entrepreneur. What happens when the contract is initially instigated may affect everything from that point on.
If you are looking at creating your first will in Ohio or perhaps are planning to review and maybe update your existing will, it is important to be clear about what is required of the person who you will identify as the executor of your will. While many people may think the best person for this role is a spouse, adult child or other close relative, the decision about who to appoint as your will's executor should not be made on familial relation but on the skill and ability of the person.
Estate planning is typically not something anyone looks forward to doing, however, it is a necessary process in order to protect your legacy. Since none of us know exactly how long we have, it is important to start the process early. By having your financial affairs in order, you will be able to alleviate stress and a possible financial burden for your loved ones.
During your estate planning process in Ohio, you may be asked if you want to create a trust. According to The Motley Fool, a trust is basically an account set up for the benefit of someone else. It gets a little more complicated than that, though. Trusts usually have rules and guidelines. They also often have a trustee, who is appointed to manage the trust for the beneficiary.
Starting a business can open endless doors of possibility, especially in successful areas such as Ohio. While some experts say Ohio's cities are some of the best places to create a start-up business, there is a vast selection of resources to choose from when moving forward in business plans. It is important to know these resources in order to make a business truly thrive.