Blast From The Past: What Happens in Ohio if I Lose My Will?

estate planning documents beneficiary

PUBLISHER’S NOTE: This blog is as meaningful today as it was when we originally posted it on September 24, 2022. Securing an experienced Estate Planning lawyer is EXTREMELY important! We have a ton of interesting articles in our archives of the Ohio Family Law Blog. Use our Search tool to find the help you are seekjng.

A Lost or Destroyed Will Can Be Submitted To Probate…Under Certain Circumstances

estate planning documents beneficiaryWe strongly suggest that our clients protect all of their original estate planning documents by keeping them in a fireproof container. This includes their Last Will and testament. However, what happens if a will is somehow lost or destroyed?

A lost, spoiled or destroyed will can be admitted to probate under certain circumstances. The question becomes did the testator intentionally destroy the will, which makes it null and void or was it unintentionally lost or destroyed which makes it still valid. The law in Ohio used to be that if a will could not be found, the assumption was that it was intentionally destroyed as a way of revoking it. This assumption no longer exists.

Keep your Original Estate Planning Documents in a Safe Place

Upon applying to admit a lost or … Read More... “Blast From The Past: What Happens in Ohio if I Lose My Will?”

What Happens in Ohio if I Lose My Will?

estate planning documents beneficiary

A Lost or Destroyed Will Can Be Submitted To Probate…Under Certain Circumstances

estate planning documents beneficiaryWe strongly suggest that our clients protect all of their original estate planning documents by keeping them in a fireproof container. This includes their Last Will and testament. However, what happens if a will is somehow lost or destroyed?

A lost, spoiled or destroyed will can be admitted to probate under certain circumstances. The question becomes did the testator intentionally destroy the will, which makes it null and void or was it unintentionally lost or destroyed which makes it still valid. The law in Ohio used to be that if a will could not be found, the assumption was that it was intentionally destroyed as a way of revoking it. This assumption no longer exists.

Keep your Original Estate Planning Documents in a Safe Place

Upon applying to admit a lost or destroyed will, the court will set the matter for a hearing. Certain individuals must be notified of the hearing, Those include any surviving spouse, anyone named as a beneficiary under the will, anyone who would be a beneficiary  if the decedent had died without a will and anyone who would have been a beneficiary under … Read More... “What Happens in Ohio if I Lose My Will?”

Simple Year End Tax Tips

taxtips.jpgAs the end of the year approaches, the following simple tax tips can keep taxes as low as possible.

    1. Charitable gifting. Charitable donations may be used as deductions against your taxable income.  However, all charitable donations must be supported with written receipts unless under $250 in which case a bank record is sufficient.  Also, donations of services or your time are not tax deductible.
    2. Gifting in general. Each individual may gift up to $13,000 per year to an unlimited number of individuals without filing a gift tax return.  Any gifts over $13,000 per year reduce the lifetime gift tax exclusion of $1,000,000.  Once the lifetime exclusion is exhausted, gift taxes must be paid.
    3. Pay property taxes early. Real estate taxes are deductible.  For taxes due early next year, if you pay them this year, you can use them as a deduction.
    4. Sell poor performing securities. Losses can be offset against gains reducing any capital gains.  Excess losses can be deducted, but only up to $3,000 per year.
    5. Increase retirement plan contributions. Retirement plan contributions reduce taxable income.
    6. Increase business expense purchases. Purchases of business equipment, supplies, etc., can be used as taxable deductions.
    7. Maximize necessary medical expenses. The purchase of
… Read More... “Simple Year End Tax Tips”