An Overview of the Purpose of a Guardianship in Ohio

guardianship estate probate court

Want To Know How To Become An Effective Guardian? The Power and Duties Of A Guardianship Explained

guardianship estate probate courtThis article will briefly discuss the basics of what a guardian is, the general powers and duties of guardians, types, and how to become an effective guardian.

Let’s get to the basics:

A guardian can be an individual person, association, or a corporation who is appointed by a probate court in situations where a person is not able to care for him or herself (and no one has custody). Most commonly, guardians are individuals appointed to care for the ward, the person for whom the guardian has been appointed, when that person is a minor or an incompetent or disabled adult. A guardian may be appointed over the ward personally, or over the estate/assets of the ward or over both the person and the estate of the person.

Only a probate court  may appoint a guardian but may consider a nomination for a guardian to act for you, a minor, or adult incompetent children. This nomination must be in writing and witnessed by two disinterested individual or be notarized. Family members are given preference under Ohio law to serve as a Guardian, but … Read More... “An Overview of the Purpose of a Guardianship in Ohio”

Estate Planning for Second Marriages

The Need For Proper Estate Planning In Second Marriages

Researched and written by Tammy Chavez, third year law student at the University Of Dayton School Of Law, and a former law Extern for our Firm.

Estate planning Plays A Crucial Role For Second Marriages

estate planning second marriagesNowadays, second marriages are not uncommon. In fact, 40% of all new marriages involve remarriages. Regardless of the reason for remarriage, estate planning is more important than ever for second marriages. Estate planning plays a crucial role for second marriages, in ensuring a person’s assets are distributed according to his/her wishes.

In order to relieve some of the confusion surrounding estate planning with second marriages, I had the opportunity to discuss this confusing topic with Holzfaster, Cecil, McKnight & Mues’ very own specialist in Estate Planning, Trust and Probate Law, Mr. Joseph Balmer.

In interviewing Mr. Balmer, he stated “three things that I always want to look at are: (1) are we looking to take care of the spouse during her lifetime while also preserving assets for the children of a prior marriage? (2) How do we need to title assets to accomplish our objectives? (3) Do we need to consider estate tax … Read More... “Estate Planning for Second Marriages”

Guardian Issues: New Responsibilities Imposed on Ohio Guardians

What Are The Additional Requirements For A Guardian Of An Estate In Ohio?

guardian estate planningWhile it has always been a great responsibility to serve as a legal guardian for another individual, last year Ohio imposed a number of additional requirements of guardians in an effort to protect the welfare and safety of those wards to whom they serve.  These protections are both financial and personal.

An individual can be guardian of the person, guardian of the estate (financial), or more likely guardian of the person and the estate of another individual.  Previously, a guardian of the person was required to protect and control the ward, provide suitable maintenance for the ward, make appropriate decisions for the ward, provide education if the ward is a minor and file guardian’s reports with the court.  A guardian of the estate was required to file an inventory with the court, deposit money in a financial institution in this state, invest funds in a lawful manner, make and file accounts annually, expend funds only upon written approval of the court and file guardian’s reports.

I addition to these requirements and in order to better protect the ward, all Ohio guardians must complete a six hour course … Read More... “Guardian Issues: New Responsibilities Imposed on Ohio Guardians”

Estate Planning: A Truly Sad Story, Prince – His Tragic Death and His Lack of Estate Planning

Singer Prince Passing Proves The Importance Of Estate Planning Documents

estate planning ohio princeAs everyone knows by now, sadly, Prince unexpectedly passed away recently. In the days following his untimely death, questions began to arise as to whom would inherit his estate, which some have estimated to be worth between 300 and 500 million dollars. Surely he had a will, experts speculated. He had an army of attorneys working for him.

As it turns out, he apparently died with no estate planning documents in place. When asked how this happened, one of his many attorneys stated “Maybe he didn’t expect to die.” Unfortunately, this is the mindset that many of us have. We never would expect to die so soon.

Lack Of Estate Planning Documents Can Result In Repercussions For Surviving Family Members

Prince died leaving 1 full sister and 6 half siblings. Under Minnesota law, as under Ohio law, the 7 of them will share equally in his estate. Is this what he would have wanted? Possibly, but he was known to have given generously to charities, having developed a foundation and having already donated millions to various charitable organizations. Sadly, none of them will share in his estate.
Prince’s … Read More... “Estate Planning: A Truly Sad Story, Prince – His Tragic Death and His Lack of Estate Planning”