The Perla Law Firm will be at South Euclid Senior Center on Thursday, June 15 from 11:30am to 1:30pm. Come by to ask questions and learn more about estate planning and probate, family law, long term care and all things elder law! Guides of Estate Planning, Estate Administration and Medicaid Planning will be available to take home with you.… Read the rest
Under Ohio law, if a beneficiary (a person entitled to inherit property) under a Last Will and Testament, with the power to control a will withholds it from probate for one year after the death of the testator (the person whose will it was) intentionally and without reasonable cause, the property devised (to be inherited) by the beneficiary will pass as if the beneficiary had predeceased the testator.
What that means in a nut shell is that if you are holding onto a Last Will and Testament, of your mother or father for instance, and he or she dies and you don’t deposit the Will with probate court within… Read the rest
You own your home and want to ensure that it passes to particular loved ones upon your death but you’re not sure the best way to do it. This blog post will break down your options for you.
First, it is important to look at your deed and determine how the property is held. Often married couples have a survivorship deed. With a survivorship deed, upon the death of one spouse, the real estate transfers to the surviving spouse outside of probate. One need only record an Affidavit of Surviving Spouse with Death Certificate to effectuate the transfer. If the home is in your individual name, or you own a partial… Read the rest
An advancement is a gift given during life to a future heir with the intent that the gift be treated as part of the heir’s inheritance. For example, a Mother has a Last Will and Testament stating that $50,000 will go to her daughter and $50,000 will go to her son. While living, Mother gives a $20,000 advancement to her son. Upon Mother’s death, the son will receive $30,000 and the daughter will receive $50,000. As the son received $20,000 of his inheritance during life, he will receive $20,000 less upon his Mother’s death.
An advancement is only effective if it is declared in a contemporaneous… Read the rest