February 11, 2010
So you are planning on getting married. Congratulations and best wishes! But before you say “I do” to your new spouse, please consider the following important estate planning tools. Your future, as well as the future of your children and grandchildren, depends on it.
Prenuptial Agreement- Counter to popular opinion, prenuptial agreements are not just for the rich and they’re not just in case of divorce. Prenuptial agreements can be used to ensure that property passes to children or other chosen heirs and not a new spouses, in the event of death, among other useful advantages.
Last Will and Testament- Without a will setting forth who will inherit on the event of your death, Ohio law dictates that your spouse will inherit much if not all of your probate property (unless a valid Prenuptial Agreement states otherwise).
Living Trust- Although Ohio law does not allow a spouse to entirely disinherit a spouse as far a probate property is concerned (without a valid Prenuptial Agreement), because a spouse cannot elect against non-probate property, you can effectively disinherit a spouse by transferring property into a Living Trust.
Keep in mind that if you haven’t yet tied the knot, a Prenuptial Agreement is your most powerful planning tool. If you are already married and would like your inheritance to go elsewhere should you predecease your spouse, a Living Trust may be your best option. Contact attorney Elizabeth Perla at (440) 333-2503 to discuss your pre or post marriage planning options.
January 19, 2010
An Application must be filed in Probate Court in the county where the prospective ward (the person needing the guardianship) resides. The applicant/prospective guardian must be a resident of the state of Ohio. Each county has its own set of forms for this process. However, all applications include a statement of a guardian’s willingness to perform the task and an evaluation of the ward’s mental and physical condition by a physician, psychiatrist or licensed psychologist. A bond must also be posted by the applicant/prospective guardian. In addition, the prospective ward and all next of kin must be notified of the guardianship application and the date and time of hearing. An investigation must then be conducted by a court appointed investigator, who will interview the prospective ward and make a recommendation to the Court. Then a formal hearing will be conducted, which the applicant/prospective guardian must attend, to determine whether the guardianship is necessary and whether the applicant/prospective guardian is appropriate.
Attorney Elizabeth Perla can help guide you through the guardianship process. Contact her at (440) 333-2503 .
January 19, 2010
Ideally, a person should execute a durable financial power of attorney and a health care power of attorney, and possible a living will as well, while the person is still competent, appointing an individual to make decisions on his behalf in financial and health care matters once the person is no longer able to do so. However, if a person does not execute financial and health care powers of attorney and becomes mentally impaired and unable to take proper care of himself or his property, then a guardianship becomes necessary. Mental impairment can be the result of mental retardation/developmental disabilities, mental illness, substance abuse, dementia, or other causes.
Contact attorney Elizabeth Perla at (440) 333-2503 today to ensure your necessary estate planning documents are in order and/or to walk you through the guardianship process.
