Probate is the legal process by which property owned by a person is transferred to that person’s heirs upon his death. Many people wish to avoid probate for a number of reasons. The most cited reasons are time- a full administration typically takes between 6 months and a year, money- between court costs and attorney fees the estate and ultimately the heirs can take a considerable financial hit, and the desire for privacy- probate proceedings are public record.
There are a number of different legal mechanisms available to avoid probate. The following is a list of a few that you may wish to consider.… Read the rest
Under Ohio law, there are a number of individuals who can challenge the actions of an agent. An agent is the individual appointed in the power of attorney document to perform financial transaction on behalf of the principal, the person who made the appointment.
… Read the rest
- The principal or agent;
- A guardian acting for the principal;
- Executor or administrator of the principal’s estate;
- A person authorized to make health-care decisions for the principal;
- The principal’s spouse, parent or descendant;
- An individual who would qualify as a presumptive heir of the principal;
- A person named as a beneficiary
Oftentimes attorneys draft a power of attorney for a principal without speaking to the agent who is being appointed. To put it simply, a principal is the person
making the appointment of a third party, the agent, to act on his behalf in regard to financial transactions. Because of that disconnect, agents oftentimes
have no idea of their responsibilities when acting as an agent under a power of attorney.
An agent has a number of mandatory duties under Ohio law. First, an agent must act in good faith- simply put honestly. Second, an agent must act within the scope of his authority granted. … Read the rest
Recently, a case was decided in the First District Court of Appeals of Ohio that should make administrators and executors as well as creditors of an estate take notice.
There is a law in the state of Ohio that says that all claims from creditors must be presented within six months of the decedent’s date of death. The question that many attorneys pondered was what would happen if an administrator or executor wasn’t appointed until more than six months after the decedent’s date of death? Could the estate avoid paying the creditor?
That question was answered recently in In re Estate of Greer… Read the rest
While the Divorce if Pending
In the stress and turmoil of a divorce proceeding, many
forget about revisiting their estate plan.
If you died today, would you be happy with the distribution of your
property based on your current Last Will and Testament or Trust? Or if you have
no Trust or Last Will and Testament, would you want your spouse inheriting your
probate estate? Would you want your spouse making your health care decisions for
you were you to become incapacitated? If you have a financial power of attorney
that gives your spouse authority to make financial transactions on your behalf,
are you… Read the rest