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Probate and Estate Planning Archives

Planning your estate? Use these tips to avoid the probate process

Probate is the process in which a court oversees the distribution of your property after you are deceased. During probate, any of your outstanding debts will be addressed and your assets will be distributed according to your will.

How will the tax overhaul affect your estate planning?

Death and taxes are two things that no one likes to think about. According to the old saying, however, they are the only two things that are certain in life. Taxes have been on many people's minds recently due to the massive tax overhaul passed by the Trump administration in December of last year.

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.

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