In May 2012, Ohio’s version of the Uniform Power of Attorney Act became effective, which made many older financial power of attorney forms ineffective.
A Financial Power of Attorney gives an individual of your choice the authority to make financial decisions and perform financial transactions on your behalf.
Without an effective Financial Power of Attorney in place, should you become incompetent, a loved one would have apply to become a court appointed guardian to assist you with your finances. The court process to be appointed guardian generally takes a minimum of a month and a half and … Read the rest
7 Life Changes that May Require a Change to Your Will
From the time when you make your Last Will and Testament to the time of your passing, life changes often happen that may change who should receive your property, who should administer your estate or who should act as guardian of your children. Some common circumstances which may implicate the need for a change to your will include:
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- One or More of Your Named Executors or Beneficiaries has Died: Under Ohio law, unless otherwise stated in your will, a bequest to a beneficiary who dies before you will go to that beneficiary’s descendants as provided
The story is far too common. A parent is near the end of his or her life, ill and vulnerable, and a person, often a child, takes advantage of the parent financially.
A Son Takes Advantage of His Ailing Father
In the case of Bayes v. Cornon, in the Second District Court, Senior was diagnosed with lymphoma in 2011. Shortly thereafter, Senior consulted his attorney and had a number of estate planning documents drawn up, including a Living Trust and Financial Power of attorney. The trust was drafted so that four of the five children would share in the Trust proceeds after his death. Senior appointed his … Read the rest
In Ohio, the general rule of thumb is that in the event of a divorce, a spouse will be able to retain his separate property. For a more full explanation of separate and marital property and property division, see http://www.perlalaw.com/blog/how-does-a-domestic-relations-court-in-ohio-divide-property-in-a-divorce/ However, there is a particular exception to the rule that some practitioners may overlook.
In Ohio, a spouse can convert separate property to marital property by making a gift of the separate property to their spouse. There are two essential elements to effectuate a gift.… Read the rest
Adult Protective Services (APS) investigates suspected abuse, neglect or exploitation of those 60 and older. Abuse is defined as infliction upon an adult by self or others of injury, unreasonable confinement, intimidation or cruel punishment with resulting physical harm, pain, or mental anguish. Neglect is defined as the failure of an adult to provide for self the goods or services necessary to avoid physical harm, mental anguish, or mental illness or the failure of a caretaker to provide such goods or services. Exploitation means the unlawful or improper act of a caretaker using an adult… Read the rest