It may shock some of our readers, but many Millennials are hitting 40 very soon. They have houses, kids and over 20% of them are caring for their parents or other older family members. They have arrived, and like their counterparts before them, it is time to create an...
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Dayton Bankruptcy Law Blog
What are the options if an attorney-in-fact misuses funds?
Generally speaking, it is a good idea for an Ohio resident to use a power of an attorney to appoint what is called an attorney-in-fact. Basically, the attorney-in-fact, or agent, has broad power to handle the person’s, called a principal’s, finances and business...
How to revoke a will in Ohio
A valid will is a one of the most basic pieces of estate planning. A will clearly lays out how assets and debts should be distributed after the death of the will holder, known as a testator. However, as most everyone knows, life is unpredictable, and sometimes a will...
Common reasons people challenge wills in probate
One of the most basic and at the same time most important documents of an estate plan in Ohio is a will. This document states people’s wishes for who will receive their property when they pass away, but the will still needs to go through the probate process to...
Are trusts immune from litigation and disputes?
There is a lot of talk about the importance of avoiding probate by creating a trust. Whether to prepare a will, which involve probating an estate in Ohio’s courts, or a trust, which would get administered outside of court, is a choice that will depend on an...
A guardianship over a loved one may be necessary
Ohio allows several estate planning devices so that people can prepare for a possible disability. Residents of the Dayton area may, for instance, use a durable power of attorney to appoint a loved one or other trusted person to make important financial decisions...
Estate administration tips
Being an estate executor can be complicated and time consuming. But having a plan can help make these duties go smoothly. Executors An executor is the estate’s personal representative and is legally responsible for protecting the deceased person’s home, savings and...
What happens if an Ohio resident dies without a valid will?
Like other states, Ohio has what are called intestate succession laws which spell out what will happen to a resident’s property should she die without leaving a will. These laws only apply to a Dayton resident’s probate property. In other words, even if someone leaves...
Understanding quitclaim deeds
A quitclaim deed may be used as part of an estate plan. It allows a person to transfer the rights he or she has in property to another person. A deed is a legal document and it must contain a description of the property, the names of the parties and the signature of...
Fiduciary duty in estate planning and administration
In estate planning and estate administration matters, the term fiduciary duty is used often. This is because the person who is designated to carry out the terms of a will or trust has an important responsibility. Fiduciary duty for wills and trusts In a will, the...