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Probate and Estate Planning Archives

The estate planning oversight many successful entrepreneurs might be making

Generally, when an entrepreneur is starting a new business, one of their big hopes is that their business will be a big success. When this hope is realized, one thing it can be important for a business owner to give careful thought to is the future. This includes what will happen after they are gone.

Becoming single can have significant financial implications

When a person is married, their spouse, along with being a big part of their personal life, also plays a big role in their financial life. Among the situations in which this can have major impacts is when a person suddenly becomes single through either a divorce or a death of their spouse. It makes it so, in addition to potentially being a very emotionally tough situation, becoming single can also be a financially challenging event for a married individual.

The critical role estate planning can play for unmarried couples

Some long-term couples here in Ohio opt never to get married. Now, just as is the case for members of a married couple, individuals who are part of an unmarried couple may care very much about what rights and protections their partner would have in the event that tragedy strikes. Unmarried individuals can use estate planning to set out such rights and protections for their partner. This can be especially important for unmarried couples, as they lack some of the automatic legal protections provided to married couples.

Change your will when big life events occur

One of the first documents that any person getting their estate plan together should draft is a will. Your will dictates so much in your estate that without one, it is very easy for your loved ones and beneficiaries to become entangled in complicated litigation over your assets when you pass away. Without a will, you die "intestate," and that means state laws and basic probate will apply to your estate. Your wishes and provisions (spoken or not) will go unheeded.

4 tax benefits associated with charitable trusts

Estate planning can be a difficult topic for a lot of people to talk or even think about. After all, making end-of-life plans and deciding what will happen to your assets when you are gone can be uncomfortable. However, creating an estate plan can be crucial for many reasons, including the various tax advantages that may be available.

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