Graham Law has been assisting clients with their estate planning needs since 1923. We are proud of our deep roots in Southeastern Ohio and continue to provide exceptional legal services in the area of estate planning matters. Estate planning is an area of law that allows you to decide how your assets will be distributed after death as well as who will manage them if you become incapacitated. It also allows for your final wishes to be carried out with regards to things like guardianship and more. Our estate planning attorneys provide legal services in the following areas of estate law:
- Wills
- Trusts
- Power of Attorney
Did you know that if you die without a will in Ohio, the State will dictate how your assets are distributed? For example, if you die and there’s a surviving spouse and no children from outside the marriage, the spouse will inherit the entire estate. If there’s a surviving spouse and children, the distribution will depend on whether or not the children are the spouse’s biological/adopted children or not. These are just some of the stipulations listed in the Ohio Revised Code – Chapter 2105 . If you want a say in how your assets and property get divided upon your death, then you should consider getting an estate plan in order.
While it may be uncomfortable to consider what will happen to your property and assets after your death, setting out clear plans for the future can be a great gift to your surviving family members. Our Zanesville estate planning attorneys can assist with creating a clear estate plan that can help ensure your loved ones are provided for after your passing as well as your final wishes.
Considerations for Estate Planning
The purpose of estate planning is to care for your future and the future of your loved ones. This may involve setting aside money for your spouse’s retirement, as well as allocating an equitable distribution of your estate to your loved ones after you pass away. There are many ways in which to structure an estate plan, and what is best for you will depend on the particular circumstances and needs of your family.
Considerations you may wish to keep in mind when planning for the future of your estate include:
- The functions of your life insurance
- How your retirement plan interacts with your last will and testament
- What to do about any businesses you own
- Navigating your debts
- What taxes might be associated with your estate and tax implications regarding same
- Your family members’ individual circumstances regarding financial security
- Navigating your investments
- The distribution of physical and digital assets
- Guardianship of minor children
- Beneficiary designations
- Creating an inventory of assets and debts
- And possibly more
At Graham Law, we would be happy to talk through the unique circumstances of your family and see how we might be of service in helping you set up an estate plan that best suits your needs.
Are There Tax Implications with Estate Planning in Ohio?
Estate planning in Ohio involves important tax considerations that can impact the distribution of assets to heirs. While Ohio no longer has its own estate tax, federal estate and gift taxes may apply depending on the size of the estate. Having a grasp of these tax implications can be crucial when developing a comprehensive estate plan with your legal team.
Can I Include My Digital Assets When Planning My Estate?
In Ohio, digital assets, like online accounts or cryptocurrencies, can and should be included in estate planning. Estate planning for digital assets might involve providing access to passwords and designating an individual to handle your accounts in a will or trust. As our lives become increasingly digital, it’s important to account for these assets in legal documents to ensure they are properly managed or distributed after your passing.
Contact Our Zanesville Estate Planning Attorneys Today for Legal Assistance
From helping you prepare a last will and testament to navigating questions of taxation, property inheritance, and more, our team can help. Contact us today to schedule a consultation. With an office in Zanesville and Cambridge, Ohio – our legal team is ready to help no matter where you reside in Ohio.
