Helping you take control of your finances and future
There are several reasons why a person may create a trust as part of their estate planning documents. In terms of probate avoidance, some of the reasons are as follows: Privacy: The benefit of avoiding probate is maintaining privacy. Probate is a public matter. Anyone and everyone will be able to see who you... Continue Reading →
General Requirements of a Will (ORC 2107.03) Some Ohio attorneys refer to the “SWEPT” requirements that are necessary in order to create a will. S: Signed by the Testator W: Witnesses that saw the testator sign OR in the testator’s conscious presence and at the testator’s express direction. E: Signed at the END of the... Continue Reading →
Operating Agreement Having a succession plan for your business is a good idea. When an LLC exists, it’s crucial to have an operating agreement. The terms of an operating agreement will typically trump the terms in a will and the default rules for an LLC governed by state law. In other words, an operating agreement... Continue Reading →
So what happens if you pass away without any type of succession plan for your business?
What happens when parents pass away leaving a minor child? Unfortunate situations may arise when surviving relatives fight for the custody of a minor child. Or maybe worse, if there isn’t a friend or relative willing to take the role, the child may end up in foster care while the Court determines what to do.... Continue Reading →
What happens when a person owns stock at the time of death? The executor/administrator/surviving spouse/kids don’t get on the phone with the banker the exact moment the decedent passes away in order to address assets owned in the decedent’s individual name. A person owning a stock in his/her individual name is very common. There is... Continue Reading →
There are several good questions that arise when putting a home in a revocable living trust. Here are three common questions and answers: Question: I think I have a due on sale clause, do I need to be concerned about transferring my house to a trust? Answer: Probably not. It makes sense why a lender... Continue Reading →
What happens if probate proceedings are never initiated for the transferal of title from the decedent to the heirs/beneficiaries? “Probate” is a court-supervised process that is designed to help transfer title, but sometimes it’s unclear when probate court is absolutely necessary or when it’s required. These unclear circumstances can occur when an estate is insolvent,... Continue Reading →
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