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Ohio business owners can benefit from establishing estate planning provisions for the protection of their families, partners and employees. In the personal context, a business owner will benefit from setting up some basic estate planning instruments that are suited to all individuals. The most well-known of these is the person's last will and testament. The will appoints a personal representative (executor) to carry out the dictates of the maker (testator). It contains provisions for disposition of the testator's assets after death. A will is equally if not more important for a business owner because it may set forth the testator's specific instructions for the business. Without a will, the assets may be distributed according to the state's intestate laws, which may conflict with the individual business owner's needs and wishes. Another popular estate planning instrument is the revocable living trust. The living trust is a versatile tool that directs the implementation of assets while the maker is alive. The maker retains control over the assets and can always change how they are used. The trust may shield assets from having to go through post-death probate. The trust corpus does not pass through one's probate estate, thus streamlining the transfer while saving time and money in the process. The power of attorney, a key estate planning tool, allows a designated, trusted person to handle one's financial affairs during incapacity. Ohio also provides for health care powers that direct one's physicians in their approach to one's final days. There are other instruments that empower a trusted designee to make medical decisions for the incapacitated patient. For the business person in Ohio, a buy-sell agreement is a powerful estate planning tool. The agreement is signed by all the business owners and contains provisions for disposition of the decedent's share of the business upon death. It is a very useful tool also in providing for an organized procedure of succession for the business owners. In some cases, there may be insurance that is in place to finance the sale of the decedent's interest and provide timely funds to the designated heirs of the decedent.   Source: lcsun-news.com, "Estate planning provides protection for business owners", Sumer Rose-Nolen, Jan. 11, 2018

Ohio has its fair share of entrepreneurs and business creators who have started or want to start a new business law enterprise. According to accomplished startup entrepreneurs, the first 90 days is the time to establish a solid foundation for the business, including the business law structure.

Acting as the executor or personal representative to someone's estate in Ohio is not an easy task that is quickly discharged. The probate of an estate may take many months before all the loose ends are wrapped up and the estate can be successfully concluded.

When it comes to planning your estate, most people want to ensure that their kids and grandkids are provided for after they pass. Leaving assets to your family can help them maintain financial security, and if you are passing along heirlooms, it can preserve memories in the family, too.

Ohio and other states are hosts to business acquisition transactions on a regular basis. Publicly-traded and privately-owned companies are involved in purchasing other enterprises as well as merging with them.

Individuals use a will to distribute their estate after their passing. However, when other parties corrupt those wishes, a will contest may be necessary.

After the testator of a will in Ohio dies and leaves assets in the form of bank accounts, getting to those accounts may be necessary early to pay for the funeral and related expenses, such as a funeral dinner. However, it will be necessary for the next of kin to show certain preliminary identification documents.

While a parent will typically want to see his or her assets go to a child, seeing those assets go instead to the child's ex-spouse in a bitter divorce is generally going to be anathema to the parent. A child's ex-spouse can get in the way of what the decedent clearly wanted, which was to keep his or her assets in the family.

A will is an incredibly important and often overlooked tool. This document can provide a wide array of protections and benefits, but many in Ohio still eschew the estate planning process, viewing it as something for only the rich or very wealthy.

An unexpected cardiac arrest, sudden illness or life-threatening accident can be the split second that changes the life you knew and a future you never planned for. When serious medical issues come up, and you and your loved ones are suddenly facing end-of-life care decisions, you may not fully understand just what these decisions entail.