Metz, Bailey & McLoughlin, LLP: Westerville Estate Planning AttorneyFindLaw IM Template2024-03-13T14:22:24Zhttps://www.metzbailey.com/feed/atom/WordPressOn Behalf of Metz, Bailey & McLoughlin, LLPhttps://www.metzbailey.com/?p=494152024-03-13T14:22:24Z2024-03-13T14:21:28ZThe executor does not want the responsibility
An appointed executor may refuse to take the role for reasons such as feeling incapable or not wanting the responsibility. In that case, they may renounce their role before probate procedures by writing and filing it to the court. The court will then appoint a new executor of the will – unless the decedent has named an alternate executor.
Dispute over the value of the estate
Arguments may arise when it comes to estate and assets. Family members, beneficiaries and other loved ones may disagree on how much specific properties are worth. Between sentimentality and varying appraisal strategies, issues can make it challenging to agree on valuation.
Issues with the will
A few problems can emerge when it comes to a will. One is when an interested party contests the will, and another is when the decedent has multiple wills. The court may call for a special hearing to determine the valid will.
Irresponsible executor
Estate executors have many responsibilities, so it is crucial to pick the right one who is trustworthy and competent enough to uphold the role. Legal conflicts can occur if there are concerns about an executor's actions or motivations.
Having assets in multiple states
If a person leaves behind property in multiple states, the probate process can be longer and even more complicated, opening the door to confusion and conflicts. Under these circumstances, people can misinterpret state laws or overlook property.
Probate can be complex and intimidating, and it pays to be ready for surprising circumstances like the ones listed above. You can familiarize yourself with the laws and seek legal guidance and financial resources to understand better the probate process and the problems that can emerge.]]>0On Behalf of Metz, Bailey & McLoughlin, LLPhttps://www.metzbailey.com/?p=494122024-03-05T14:29:13Z2024-03-05T14:28:20Zguardianship of their children. A business owner will focus on succession planning to ensure their enterprise thrives beyond their tenure. Singles might concentrate on philanthropic efforts, medical care decisions or distributing assets among friends and family members.
Your values and beliefs also play a pivotal role in your estate planning. You might have strong feelings about medical interventions at the end of life, which you can articulate in a living will. You might have a cause close to your heart that you wish to support through charitable giving. Your estate plan becomes a blueprint for expressing these values by ensuring the people you appoint to act on your behalf respect them.
What is the goal of your estate plan?
Before you can create an estate plan, you must know what exactly you want to happen to you and your estate in the case of incapacity or death. Once you identify the goal of your estate plan, you can personalize it. Here are some of the most common goals associated with estate planning:
Protect and provide for your loved ones
Protect and preserve your assets
Protect your right to decide for yourself and to choose who will make decisions for you if the need arises
Incorporating the right tools to address your specific goals
You have many estate planning tools available, but it is essential to understand that each comes with its own set of rules and processes. A will can specify the distribution of your estate and guardianship arrangements for your children. Trusts can be set up to manage your assets on behalf of your beneficiaries according to your specified terms. Powers of attorney can designate individuals to make decisions on your behalf if you are unable to do so yourself.
By knowing what you want to achieve with your estate plan, you can develop a comprehensive strategy that covers all your bases.]]>0On Behalf of Metz, Bailey & McLoughlin, LLPhttps://www.metzbailey.com/?p=494012024-02-21T13:32:33Z2024-02-21T13:31:39Zthe estate can avoid probate altogether.Skipping or speeding up probate typically applies to small estates or straightforward scenarios, allowing quick asset transfers. These alternatives can save time and money by removing unnecessary components of the process.
Avoiding probate
This option may only take effect in specific instances, including the following:
The estate's value does not exceed $40,000 and the surviving spouse is the only inheritor.
The estate's value does not exceed $5,000
The estate's value is equivalent to the amount of the deceased's final costs
If these situations do not apply, the estate may need to go through probate or its shortened alternative.
Shortening the probate process
There is a sped-up version of the probate process that applies to the following scenarios:
The value of the estate does not exceed $35,000
The value of the estate does not exceed $100,000 and the only inheritor is the deceased's surviving spouse
This probate alternative can significantly simplify the process.
Navigating probate adequately
Sometimes, there is no other option but the traditional probate process. Unfortunately, it can be complex and challenging, putting the deceased's surviving family members in a tough spot. The difficulty of the process can also vary, depending on the estate's size, asset types and other unique circumstances that can affect the situation. When navigating the process, it can be helpful to seek legal guidance. Doing so can help prevent any misunderstandings and address conflicts along the way.]]>0On Behalf of Metz, Bailey & McLoughlin, LLPhttps://www.metzbailey.com/?p=493982024-02-19T10:36:41Z2024-02-19T10:36:41Za "small estate" under Ohio law, it may be possible to avoid the formal probate process altogether, which can significantly shorten the time frame. On average, the probate process in Ohio can take anywhere from six months to a year to finish. However, the duration of the probate process can vary widely depending on several factors.
The factors that can influence the length of the probate process
The court oversees the probate process to ensure everything is done fairly and according to the law. If there is no will, the court has rules for who gets what, and often, the absence of a valid will can considerably prolong the process. Here are other factors that can influence the length of the entire probate process:
The size and complexity of the decedent's estate
The number and type of assets to be distributed
Disputes or contests over the will or estate
The number of beneficiaries and their relationship to the deceased
The existence of minor beneficiaries or beneficiaries with special needs
The accuracy and completeness of the required documentation
The involvement and competency of the executor or estate administrator
The need for appraisals or expert opinions on certain assets
Any claims made against the estate by creditors or lawsuits
The use of any trusts or other non-probate transfers by the deceased
If the decedent made specific arrangements before their death to bypass the probate process, the beneficiaries may be able to receive their inheritances much quicker. This is why estate planning is so important. It can help surviving family members receive their share of the estate directly and avoid the unnecessary financial hardships that come with probate. It can also allow the decedent to choose the right person to administer their estate and oversee the probate process]]>0On Behalf of Metz, Bailey & McLoughlin, LLPhttps://www.metzbailey.com/?p=493922024-02-12T19:13:05Z2024-02-12T19:13:05ZKeep beneficiaries updated
Life changes such as marriage, divorce, births or deaths in the family may necessitate updates to your estate plan, as well as your beneficiary designations. Failing to make the proper updates can result in assets going to unintended recipients, or may even eliminate beneficiaries you wished to include in your estate plan.
Use specific language
When designating beneficiaries, be specific and provide full names rather than using general terms like "spouse" or "children." Detailed language prevents ambiguity and ensures clarity about who should receive the assets.
Consider contingent beneficiaries
In case your primary beneficiary is unable to inherit the assets, having contingent beneficiaries ensures that distribution of assets occurs according to your wishes.
Review your estate plan regularly
In addition to making changes when necessary, you must also regularly review your beneficiary designations. For instance, you may want to conduct a review of your estate plan every three years or so. Regular reviews ensure that your designations remain up-to-date and in line with your current circumstances.
Beneficiary designations offer key benefits, such as helping you avoid probate. They also ensure a timely transfer of funds from accounts to your loved ones after you are gone. As a result, you must make certain that designations remain accurate to ensure optimal peace of mind for you and your loved ones.]]>0On Behalf of Metz, Bailey & McLoughlin, LLPhttps://www.metzbailey.com/?p=493672024-02-27T19:00:31Z2024-02-08T20:09:25Z ]]>0On Behalf of Metz, Bailey & McLoughlin, LLPhttps://www.metzbailey.com/?p=493582024-01-30T01:55:52Z2024-01-30T01:55:52Z1. Ensure the honoring of your wishes
By preplanning your funeral as part of your estate plan, you can ensure that your final wishes unfold exactly as you desire. From the type of service to the music played, you have the opportunity to specify every detail. This alleviates the burden on your family members, who might otherwise struggle to make these decisions during a difficult time.
2. Provide financial relief for loved ones
Funerals can be expensive, averaging $7,195 in Ohio, and the costs often come unexpectedly for grieving families. By pre-planning and setting aside funds for your funeral, you can ease the financial burden on your loved ones. This allows them to focus on mourning and honoring your memory rather than worrying about how to cover the expenses.
3. Minimize family disputes
Family disagreements can arise when there is uncertainty about funeral arrangements. By clearly outlining your preferences in your estate plan, you can minimize the potential for conflicts among your relatives. Your documented wishes serve as a guide, reducing the likelihood of misunderstandings or disagreements during an already emotional time.
Preplanning your funeral brings peace of mind. Knowing that you have taken care of this aspect of your end-of-life arrangements allows you to focus on living your life to the fullest without worrying about what will happen after you are gone.]]>0On Behalf of Metz, Bailey & McLoughlin, LLPhttps://www.metzbailey.com/?p=493562024-01-29T20:33:56Z2024-01-29T20:33:56ZTrustworthiness matters most
One of the many qualities to look for in an executor is trustworthiness. This individual will be responsible for managing your assets and distributing them according to your wishes. As a result, you must opt for someone who has a proven track record of reliability and integrity.
Organizational skills are a must
The executor's role involves a considerable amount of paperwork, deadlines and coordination. That is why you should select someone with strong organizational skills who can navigate through the complexities of managing an estate. A well-organized individual will ensure that the process is smooth and accurate.
Clear communication skills
Your chosen executor must convey information clearly and promptly to all involved parties. This includes keeping beneficiaries informed about the status of the estate, addressing any concerns and ensuring a transparent process.
Availability and time commitment
Your executor must also have the availability to handle the responsibilities associated with the role. Executors often need to attend meetings, manage financial matters and deal with legal concerns. Consider someone who can dedicate the necessary time to fulfill these duties without compromising the quality of their work.
Understanding of financial matters
While your executor does not need to be a financial expert, a basic understanding of financial matters is beneficial. The executor will be responsible for handling your financial affairs, paying debts and distributing assets. Someone with a reasonable grasp of financial concepts will navigate these tasks more effectively.
The selection of an executor is a decision that you must not take lightly. By taking your time, you can enjoy increased peace of mind when it comes to estate planning.]]>0On Behalf of Metz, Bailey & McLoughlin, LLPhttps://www.metzbailey.com/?p=493542024-01-10T15:59:23Z2024-01-10T15:59:23ZAgency use of social media
In their official capacities, government representatives have a duty to observe appropriate behavior and communication standards. Municipalities can establish clear guidelines and policies for those who have permission to post to an official account. These rules can ensure posts are consistent with community values and adhere to standards of professional conduct.
Policies are often most effective when they include clear and specific provisions. These can outline expectations regarding the manner and frequency of social media use. Agencies also do well to limit the expression of personal opinions and views on official accounts.
Furthermore, social media is not the proper platform for conducting official business. These sites are not secure channels of communication, even in private settings. Workers must ensure that government business follows statutes regarding data protection, documentation and retention.
Additionally, agencies must continually watch out for lapses in professionalism. One vital protection can be designating trained personnel to review posts for accuracy and cultural sensitivity. These efforts can ensure the agency’s social media feed has a positive impact on the local community.
Ways agencies can help employees use personal accounts wisely
A government employee’s social media activity can compromise the effectiveness of a department. Granted, agencies avoid interfering with a person’s freedom of speech. However, the municipality can set rules for what kind of expressions are acceptable for its workers.
Employment contracts and rules of conduct can outline policies about what public employees can say on social media. For example, a personal account should not appear to be an official account or discuss sensitive information.
Departments might find it helpful to have periodic training on social media use that coincides with human resources training. Employees can learn how to avoid posts that come across as discriminatory or as bullying.
Time has demonstrated that social media is no passing fad. Rather, it can be an effective aid for municipalities. Like other powerful tools, users who are public employees should utilize it with care to reduce the chances of harming themselves, their departments or the public at large.]]>0On Behalf of Metz, Bailey & McLoughlin, LLPhttps://www.metzbailey.com/?p=493522023-12-27T19:26:41Z2023-12-27T19:26:41Z1. Incapacity
One primary ground for contesting a will is the alleged lack of mental capacity of the testator when he or she made the will. Such lack of capacity could result from conditions such as dementia or mental illness that call their decisions into question. Wills created by individuals who were not of sound mind are not legitimate since the courts cannot know that the writers would make the same decisions in the absence of potential mental barriers.
2. Undue influence
Undue influence occurs when an individual exerts pressure on or otherwise manipulates the testator into making decisions that may not align with his or her true wishes. Threats and harassment are undue influence. Purposefully persuading an individual who may not be of fully sound mind to change his or her will is also undue influence.
3. Faulty or false document
If there is suspicion that a will is a forgery or fraud, there is reason to contest it. Wills that do not adhere to the law when it comes to writing and signing procedures are also subject to scrutiny.
According to PlannedGiving.com, 35% of American adults claim they or others they know were subject to family conflict because of a lack of a will or estate plan. Wills are important for ensuring loved ones' care after decease and the carrying out of individuals' last wishes, including the proper distribution of their assets. However, there exists the possibility of will contestation. Proper estate planning can help prevent or lower the likelihood of a successful contestation occurring.]]>0