You have recently made the decision to begin compiling your thoughts and organizing them into a long-term care plan for your future. While this process may initially seem arduous and exhausting, approaching it the right way and being consistent about its progress will guarantee that you do not forget any details. Additionally, your vigilance will ensure that you have a legally operable plan in the state of Ohio.
When people are planning for their future, often one of the last things on their mind is coordinating their own medical care in the circumstances they become unable to care for themselves. Younger people in Ohio are often focused on their current career goals, raising a family and organizing their finances for the future, but the idea of articulating their desires for physical care needs often seems far-fetched and unnecessary. However, the more people put off this important step in planning their future, the more difficult it may be for them to find desirable and affordable care when that point comes.
You have decided that a trust is the best way to ensure that your family is taken care of after your death. The Ohio estate planning process comes with many questions, though, one of which involves who will manage the trust.
When a person has financial stability, personal satisfaction and overall contentment with his or her life, it can be difficult to think about planning for the future. However, the more proactive people in Ohio are about creating a valid, customized and legal plan for their future, the more confidence they can have that things will be organized and understandable if anything were to ever happen to them.
Often, trusts are associated with significant assets, so people in Ohio who do not have financial wealth may think that their best estate planning option is a simple will. However, if they own a home, a living trust may be an excellent idea.
At Flynn, Py & Kruse, we are aware of the many misconceptions about wills and probate that could confuse people in Ohio. In particular, you may have heard that it is important to "avoid probate." This advice is relevant in some circumstances, but the probate process does not always create cause for concern.
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.
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.