FAQ’S ABOUT WILLS, TRUSTS & ESTATES in OHIO
Do you have a will? Even though it may not be something you want to think about – your passing – it’s essential that you create a will to plan for it. This is an important document that ensures your affairs are in order before you die. Our attorney for wills in Columbus is fully equipped to address all of your estate planning needs, including wills, trusts, and probate. At Rathburn & Associates, we draft a will based on your needs so your loved ones and heirs have a stable future. Many people do not think about creating a will before they die. However, this legal document helps you address important concerns and ensure your wishes are carried out when you have passed. Don’t make things harder for your family by not creating a will. Otherwise, the court system will need to get involved to settle issues. Allow our will planning lawyer to legally document your wishes so the process goes smoothly for your heirs.
Why It’s Important to Have a Will Planning Lawyer
You may be thinking about drafting a will by yourself. It may seem easy, but it can prove to be costly in the long run. Sometimes, these types of wills do not hold up in a court of law. That is because they do not contain essential legal details that make the document legally binding. Why worry about a potentially problematic will? Our wills lawyer gives you peace of mind by providing comprehensive and customized wills at affordable rates. When needed, we also strive for an equitable resolution of any disputes when reading a will after your loved one has passed. Our attorney for wills guides you through the entire process. We determine the best course of action to protect your interests, alleviate any concerns you may have, and ensure your loved one’s wishes are carried out.
How to Handle Contested Wills
Sometimes, disputes arise when reading a will. If someone challenges it, you need a competent and skilled contest lawyer to assist you. We handle contested wills in a direct yet sensitive manner. As your attorney, we actively strive for an equitable resolution of any disputes and have achieved successful resolutions throughout the years.
Do You Need a Living Will Attorney?
Make your wishes known regarding medical treatment with living wills drafted by our attorney. If you are getting surgery or you are terminally ill, this is an essential legal document that allows another person to make decisions for you if you are unable to do so. Also known as an advanced healthcare directive, a living will does not become effective unless you are incapacitated. Our living will lawyer prepares comprehensive plans so you can feel confident that everything is handled appropriately.
Contact us to protect your family’s future with will preparation. We proudly serve clients in Columbus, Grove City, Hilliard, Dublin, and Worthington, Ohio, as well as the surrounding areas.
1. What’s a REVOCABLE LIVING TRUST?
A Revocable Living Trust is a popular choice for estate planning. A Revocable Living Trust will decide who receives your property and makes it possible to keep control of your assets while you’re alive. A Revocable Living Trust is beneficial since it does not require probate and you’ll be able to revoke or amend your trust anytime as you’re still living.
2. ARE THERE OTHER NAMES FOR A REVOCABLE LIVING TRUST?
A Revocable Living Trust is called Trust, a Trust, an inter-vivos trust, a grantor’s trust, and trust that was living. Even though there are lots of titles for a Revocable Living Trust, the role of these trusts is the same.
3. HOW ARE TRUST DIFFERENT FROM A WILL?
A Will mandates probate, meaning that before your assets can be moved, you will need to be admitted into court and accepted by a judge. A Will is not kept confidential, unlike a trust, following your departure. Both trust and a will could be revised throughout your lifetime if your priorities have shifted. A trust will permit you to bypass probate and allow you to name beneficiaries of your assets. To find out more about the probate process, read here.
4. WHAT IS AN IRREVOCABLE TRUST?
An irrevocable trust is a sort of trust which you cannot amend or revoke throughout your life. This usually means an irrevocable trust is irreversible and can’t be changed.
5. DOES A REVOCABLE LIVING TRUST HELP ME TO Prevent PROBATE?
Yes! You will move your assets, and your trust will become the owner of these resources. Your trustee will distribute your assets if you die.
6. IS A LIVING TRUST A GOOD OPTION FOR A SINGLE PERSON?
Yes! A living trust is a fantastic estate planning alternative if you’re currently working to prevent probate and give a transfer of your assets to your beneficiaries.
7. DOES ANYONE NEED TO READ MY LIVING TRUST?
No, your living trust is a document, and you’re not required to discuss it. However, consult them on the details of the trust, and you might choose to share your living trust. By describing to your beneficiaries and consulting the conditions of your trust, you’re minimizing disputes.
8. WHERE SHOULD I STORE MY LIVING TRUST?
Your living trust is a really important document, and you need to keep it in a location that is going to be accessible after your departure. A firebox or safety deposit box could be great areas to store your record nonetheless, access to your safety deposit box may be restricted after your departure, so please allow for this in case you keep your living trust in a safety deposit box. Your lawyer might store your backup upon request for you and will continue to keep a copy of your trust. It is very important to allow your successor trustee to understand where your trust is available!
9. WHAT PARTIES ARE IN THE LIVING TRUST?
There are three parties within a trust. The settlor(s) will be the creator(s) of the trust. The trustee(s) would be the men and women that will deal with the trust. The beneficiaries will be the parties that receive the assets and income of the trust.
10. CAN CHANGES BE MADE TO MY LIVING TRUST AFTER DEATH?
When the settlor(s) of this trust has passed, the trust becomes irrevocable. It follows that any successor trustees of the trust may not make adjustments.
11. DOES A BANK OR TRUST COMPANY NEED TO BE INVOLVED IN MY LIVING TRUST?
Should you choose them to be a bank or trust company will probably need to be involved. Many people would opt to designate individual people as trustees but it is possible to name a bank or trust company to handle your financial affairs and for a trustee.
12. What’s a TRUSTEE?
A trustee is the person that manages the trust. The trustee might be the creator of the trust that is living. Any trustees that are next (successor trustee) will be determined from the trust and will have the ability to take care of your trust affairs should you become disabled or die.
13. What’s a POUR OVER WILL?
If assets aren’t transferred to your trust, or it is not possible to move all your assets into your trust while you are living, a Pour-Over Will differs from a standard Will since it directs the executor of this will to “pour over” any resources not included in your trust at the time of your passing to trust after departure. Any resources that are included in the Pour-Over Will need to be probated. Therefore it’s very important that your assets have been transferred. The Pour-Over Will is a shield for any of your assets that weren’t transferred to your trust.
14. WILL IT AFFECT MY MORTGAGE IF I PLACE MY HOME INTO MY LIVING TRUST?
No, moving your house into your trust is not going to have any impact on your mortgage, and the mortgage business can’t “call” your mortgage due to this move.
15. WILL I STILL BE ABLE TO DEDUCT MY MORTGAGE INTEREST FROM MY TAXES, IF I PLACE MY HOME INTO MY LIVING TRUST?
As your living trust will have no impact on your income taxation, yes, you will have the ability to deduct your mortgage interest from your taxes.
16. How Can A LIVING TRUST AFFECT MY INCOME TAXES?
Your trust will not affect your income while you’re living. Following your death, when it creates income, your trust is going to need to pay taxes. It’s ideal to consult with a lawyer to learn how this applies to you and your family.
17. Can I AVOID a PROBATE BY USING THE JOINT TENANCY?
Yes! Joint Tenancy with Rights of Survivorship may be used to prevent probate. Joint Tenancy with Rights of Survivorship will move the property of the decedent to the partner upon the death of the decedent. However, once the living partner dies the house is going to need to go through probate unless your dwelling partner puts the property to a living trust or designates a Transfer on Death Beneficiary. Joint Tenancy with Rights of Survivorship shouldn’t be confused with Joint Tenancy in Common, as Joint Tenancy in Common doesn’t move the remainder interest of the property to the spouse and the home might need to go through probate.
18. Should MY LIVING TRUST BE UPDATED?
Your living trust ought to be assessed to find out whether any changes will need to be made to your trust. Life conditions can change, and it’s necessary to see an attorney from time to time for an update.
Your living trust won’t protect you.
20. WILL MY LIVING TRUST PROTECT ME AGAINST CREDITORS?
Since it’s revocable during your life, no, a living trust won’t protect you. Talk with your lawyer about a Legacy Trust or an Irrevocable Trust and which choice is most suitable for you, if you’re interested in creditor protection.
21. WHERE DO I FILE MY LIVING TRUST?
Living trusts, including Wills, are personal files (even after death) and won’t ever require filing or registration. If the property is offered in the title of this trust, the property’s deed will need a signature in the trustee, and the deed will have to be listed to prove that the trustee could market the property.
22. CAN I REVOKE OR CANCEL MY LIVING TRUST?
Yes, a living trust is revocable at any time before your death. Following your death, the trust becomes irrevocable.
23. HOW DOES A LIVING TRUST DIFFER FROM DISTRIBUTIONS OF A WILL?
In a living trust, the successor trustee distributes your assets in line with the directions in your living trust. This means that your assets could be distributed immediately. The distribution of a will is dependent upon the probate procedure, and the probate procedure will eventually distribute your assets.
24. CAN THE ASSETS IN MY LIVING TRUST PAY FOR MY MEDICAL EXPENSES OR NURSING HOME CARE?
Yes, the assets in your living trust can be found to cover your nursing home care and other expenses. If you want to make an application for help, the resources in the living trust won’t be protected. It’s ideal to see a Medicaid Planning attorney if you’re thinking about applying for Medicaid. Medicaid rules are intricate, and it’s very important to speak to your lawyer.
25. CAN THE ASSETS CONTAINED IN MY LIVING TRUST BE SOLD?
Yes, your living trust’s resources could be marketed. If you’re the trustee, such as buying, selling, or moving the resources while you’re alive, you have control of your assets in the trust.
OHIO TIMESHARE ESTATE PLANNING
26. What’s a TIMESHARE?
A timeshare is generally a vacation property. Normally owners purchase a right to use the house. It’s necessary to keep in mind that there is a timeshare, not an intangible property interest. A timeshare is some other property you have or property interest. This usually means that a timeshare is probated just like a real property interest.
TIMESHARE ESTATE TIMESHARE PROPERTIES AND PLANNING
For what happens after passing on a timeshare, planning can be a tricky procedure. Timeshare owners wish to pass their interests to their kids or friends. The timeshare has to be deeded through the probate procedure since timeshares are a property interest. Since the timeshare is usually outside of the decedent’s state of residency the probate procedure is tough with timeshares. This usually means ancillary probate has to be carried out in the state where the timeshare is located and will cost a few thousand dollars in court costs and attorney fees.
Timeshares, when probated, are a luxury burden on the inheritance of the estate of the decedent. Though the owner of the timeshare has expired, the property of the owner is accountable for property tax costs and the timeshare prices that are incurred.
27. WHAT ARE MY OPTIONS FOR MY TIMESHARE AND ESTATE PLANNING?
A few choices are available to timeshare owners when finishing their estate planning. Each choice has its drawbacks. However, the choices have some advantages too.
- Rights of Survivorship: This choice is if the timeshare is possessed by a married couple or with a few individuals. A property possessed with rights of survivorship means that when one owner dies the property passes automatically to the surviving owner(s). This option only works if there is a surviving owner. While they are living, the owner must plan to utilize this choice or put the timeshare in another person’s name.
- Sell the Timeshare: Promoting the timeshare is a choice to prevent the probate procedure. Timeshares are difficult to market, and they sell for a portion of the price.
- Abandon the Home If the beneficiary/heir can’t afford to maintain the timeshare. The heir(s) can elect not to inherit the timeshare. The Timeshare management can re-sell it to regain any of their cost. There may be tax implications and penalties related to abandoning a property.
- Deed the Timeshare to Trust: Among the most favorable choices for moving a timeshare is shifting the timeshare to a revocable trust. The proprietor will retain control within the timeshare as a trustee of the trust that is revocable throughout their life. The timeshare will remain available to the beneficiaries of the trust. The trust will pay taxes and related fees.
- Transfer on Death Affidavit: A transfer on death affidavit is a simple way to avoid bargaining with your timeshare property. A transfer on death affidavit is a kind of deeding procedure that transfers your home to a person named in the affidavit at the time of the death of the owner.
FAMILY CAREGIVER OHIO COMPENSATION GUIDELINES
28. What are Family Caregiver Compensation Strategies and Guidelines in Ohio?
As people grow old, they’ll require assistance and care in their everyday lives. Their families might need to make decisions about what will offer the attention and what maintenance is ideal for the individual. However, the most critical factor is how much it can cost. The expense of maintenance may accrue if they require care, While seniors will need some amount of care for the remainder of their lives.
Because of the high prices of several levels of maintenance, many families believe it is their duty to help. This family-provided maintenance is frequently at the price of professions, steady paychecks, and full-time occupation, as many seniors require constant close assistance, essential hygiene, and healthcare. This sacrifice is uncompensated while household members forfeit their own lives to care for another. Complicating matters is Federal law is lacking choices to compensate for the family caregiver; unless the family caregiver is accredited in home healthcare, Medicare and Medicaid don’t provide benefits.
29. WHAT ARE CAREGIVER COMPENSATION PAYMENT AGREEMENTS IN OHIO?
This is among the alternatives that are best to follow when an older relative is being cared for by a relative. A Caregiver Compensation Agreement is a contract between the parties that enumerates what compensation is to be granted for the services and exactly what the duties of the caregiver are. This arrangement enables the caregiver to be paid during the lifetime of the relative or after the relative has passed. This type of arrangement has consequences that other kinds of reimbursement might not have. In the event, that your family caregiver is currently getting income the caregiver should pay income taxes. Including both federal and state income taxation, as well as Medicare and Social Security taxes. If the health care is to obtain payment following the relative’s passing the dollar amount of the transfer will be taxable as income.
30. WHAT COMPENSATION THROUGH A TESTAMENTARY GIFT IN OHIO?
Gifts have a number of tax consequences because of Caregiver Compensation Agreements. If the language from the Will provides that there is a transfer to be made as reimbursement for the services of a family caregiver, then the transfer may be subject to income taxation. That is the reason why many transfers of land created in Wills lack speech which indicates that the transfer is really for reimbursement rather than as a gift (many testamentary gifts aren’t taxed because of changes in federal and state law).
31. WHAT COMPENSATION THROUGH POWER OF ATTORNEY IN OHIO?
Many family caregivers tend to be designated agents through formal power of attorney. As caregivers believe they can’t compensate themselves this role could cause some anxiety. Even though this is accurate for”gratuitous agents,” who serve as the agent for the older relative with no right to reimbursement, most agents can be paid and have the capability to pay people who render services to the older relative. Provided that the agent doesn’t violate the conditions of the Power of Attorney, and behaves with care, competence, and diligence, then the agent can compensate themselves. It ought to be noted that the agents should maintain careful records detailing the expenses they provide themselves. As they are available to violate the obligation of good faith, the agents ought to be cautious not to overcompensate themselves. The market value of services is appropriate.
32. WHAT IS INTESTATE SUCCESSION IN OH?
Intestacy or intestate succession denotes the procedure a probate court uses to manage the estate of a decedent who has died without executing a will that is legal. This takes place when someone dies without composing the will, or a will they have is deemed invalid. While this occurs, the estate will be administered by the probate court by state statute.
33. WHAT IS AN ESTATE ADMINISTRATOR?
Once a person dies intestate without a valid will, the probate court appoints an administrator of their estate to look after the fiscal affairs of the decedent and to report to the court. The probate court will pick the other next of kin of the decedent or the spouse. An estate admin completes an inventory and evaluation of the decedent’s assets; accumulates and maintains the assets until the decedent’s debts and taxes are paid and distributes the remaining assets to the heirs.
34. WHAT IS PROPERTY DISTRIBUTION IN OHIO?
The probate court will decide what happens with your assets based on state statute. You’ll have to create a will or trust if you’d like a say in how your property passes at death.
Heirs Under Intestacy
The sequence of priority of heirs is as follows:
- When there Is Not Any surviving spouse, then to the living children of the intestate or their lineal descendants;
- If you’re a surviving spouse and surviving children of the intestate and All the decedent’s surviving children are also children of their partner, then the entire to the surviving partner;
- If There’s a surviving spouse and surviving children of the intestate, and one or more of those kids are not the natural or adoptive children of the surviving spouse, then the surviving spouse gets
- the first $20,000 and half the property, and the rest goes into the children of the decedent;
- If there are no kids, the entire to surviving partner;
- If there are no children and no surviving spouse, the entire to the parents of the intestate alike;
- If there are no children, no surviving partner, and no living parent, then into the siblings of this intestate
35. HOW DO I GO ABOUT UPDATING A WILL AFTER DIVORCE?
Divorce isn’t something people, but divorce occurs in couples that are married. The divorce process can be painless or painful based on. However, you will find records that people from the divorce proceedings or individuals have to upgrade, for example, their Will. In Ohio, the legislation provides that when a settlement is reached a divorce, annulment, or separation, the Will is revoked. It is vital to have the Will revised by a lawyer.
36. WHAT ARE THE BENEFITS AND WHAT IS AN ESTATE PLANNING YEAR-END CHECKLIST?
Holidays are the busiest time of year. They’re full of more shopping, holiday parties, shopping, gift-giving, family gatherings, and estate planning. Yes, estate planning. Estate planning could be the farthest thing from your thoughts during the Holidays.
This is a basic year-end estate planning checklist:
Every estate plan must be assessed every year. Your estate plan must be assessed if any of the following events have occurred:
1) A change to a State of residency.
2) A child’s arrival.
3) A change in your marital status.
4) A change in your assets.
5) A change in your named beneficiaries.
6) A change in your named Executors/Trustees.
7) A change in your child’s Guardians.
8) The death of a beneficiary.
Changes in federal and state estate tax legislation (that Appears to Be happening these days per year).
- The Child’s Guardians. With all the traveling that’s part of our lives, provide your minor children the gift of safety. If something happens to you, who will look after your kids? Reserve a guardian in your Will to look after the financial and private demands of your kids.
- Many believe that estate planning and Trusts are just for the wealthy. This couldn’t be farther from reality. Ask yourself one question: Would you want your minor children to get their inheritance (if it’s your residence, retirement accounts, life insurance, etc.) before they turn 18 years old? You can choose if and how your kids gain access to their inheritance.
- Not Everything Can Be Bought Online. Purchasing a toy on the internet is one thing, but purchasing your estate plan on the internet is another. It’s a poor way to handle your estate plan. Do this right. Come see us. Call 614-497-9918 and let us help you do this right. You will be glad you did.
- Family Time. Have you discussed your estate plan with your loved ones? Holidays are a terrific time to discuss your needs with your family. Do your executors/trustees understand where to locate your Will and Trust? Do they know you’ve named them to look after your affairs after you’re gone? Discussing these issues with your nearest and dearest eases the stress after you’re gone.
37. WHAT ARE SOME BUSINESS PROBATE NIGHTMARES PEOPLE CAN HAVE?
For small business owners, estate planning is essential. Failing to plan for your company after your passing, whether you’re a proprietor, partner, or shareholder may have implications for continuance and the operation of your company. Planning a strategy for your company in your estate plan will make certain your company can flourish long after you’re gone. Call for help. Mr. Rathburn is an Attorney/Accountant. He is uniquely qualified to help you with this. Call us now at 614-497-9918.
38. WHAT IS POWER OF ATTORNEY FOR DOMESTIC PARTNERS IN OHIO?
A power of attorney enables your partner to make financial and healthcare decisions on your behalf if you become incapable of handling your affairs. Without a durable power of attorney, your spouse will not have any access to your financial affairs.
39. WHAT’S A REVOCABLE LIVING TRUST FOR DOMESTIC PARTNERS IN OHIO?
A revocable living trust allows funds to pass without going through probate court. A trustee is appointed by the creator of trust and the creator also funds the trust with assets. A living trust allows one to state how assets pass upon death. It also allows one to have assets held by the trustee until minors reach a majority or beyond.
Other Questions and Misc Info