Estate Planning and Probate

Do I need a will, living trust, power of attorney, or living will?

Everyone should have a will. Whether other documents are necessary depends on your personal situation. Decisions in this area could save or cost you and your estate substantial sums, to say nothing of causing or avoiding problems for your family and heirs.

Does Ohio offer a transfer-on-death instrument for transferring my real property upon my death?

Yes, the state recognizes a transfer-on-death affidavit to transfer the property, and we can prepare that for you as a part of your estate planning.

I own real estate. How can I avoid having to probate real estate should I die?

There are several ways this can be accomplished. You can have the real estate titled in survivorship form, either by warranty deed (joint and survivor) or by a survivorship deed. It is important to have specific survivorship language in the deed. If you hold property in this form, upon your death it will pass to the survivor outside of probate. Additionally, Ohio recently passed legislation creating an affidavit to transfer property on death to named beneficiaries. This document is recorded with the county recorder but does not pass title. Only upon your death do the named beneficiaries gain title. This transfer-on-death affidavit also enables the property to bypass probate.

What papers are best kept in a safe place but not in a safe deposit box?

Those that may be needed very shortly after death, such as a will, armed forces discharge certificate, or funeral instructions. Wherever kept, others such as your family, executor or attorney should be aware of where your valuable papers are kept. Having a will that can’t be found is like having no will at all.

Does Ohio have estate tax?

Right now estates that are over $338,000 are subject to estate tax of 6-7% on the portion above that amount. Recently the Ohio legislature passed a law which will do away with estate tax for those dying on or after January 1, 2013.

How can I minimize estate taxes upon my death?

Depending on your assets and life situation, there are a number of things you can do to minimize death taxes. Many estates are small enough so as not to be impacted by estate taxes. For large estates, the creation of living trusts, charitable bequests and other actions taken during your lifetime can reduce or eliminate estate taxes.