HOW ARE ESTATE PLANNING DISPUTES ARE SETTLED IN OHIO?
A lot of people feel reassured about wills. It is more likely that a will end up in court than any other legal agreement. A family feud can lead to a permanent split. This can delay the sale of estate assets for many years and may result in professional fees that could consume a large portion of the inheritance.
Preventing Estate Disputes
1) You can work together with your parents and siblings to avoid estate disputes.
2) Ask your parents to discuss the terms of their will while they are still living so that you can address their concerns.
3) Remember to remind your parents that they must update their wills if you have a name change, a new child, or any other family changes.
4) As many estate disputes revolve around family mementos or heirlooms, ask your parents to write down their wishes for the disposition of non-monetary assets. Your parents can use a power of attorney to help them write their wishes in a memorandum. This will list the assets and the recipients.
How to settle estate disputes
Avoid litigating immediately if you are involved in an estate dispute. This is the most expensive resolution. This could take many years and be a public record. It is more cost-effective and cordial to try to reach an agreement through direct talks under the supervision of a professional mediator. If mediation fails, the parties can work with their lawyers to try to reach an agreement outside of court. Arbitration, another option outside of court, allows the parties to reach an agreement through their attorneys.
Family and friends often feel helpless when a loved one becomes older. This time is difficult because there are many things to think about, including housing, daily living skills, and medical needs. It is important to ensure that your loved ones are well taken care of both mentally and physically.
Sometimes, someone with substantial assets dies without a trust or will, and their estate goes to probate. Another scenario is when a friend or caretaker connivingly swindles large amounts of money from an elderly person who is unable to work due to their diminished mental capacity. It is important to seek out the advice of elder law attorneys with a focus on asset protection in order to avoid such terrible situations.
An FLLC (Family Limited Liability Company) is a great way for an elderly family members to safeguard their wealth. In general, grandparents or parents will transfer assets to an LLC. Family members can be given or sold at the time and place that they choose. A lawyer with experience in asset protection can implement the FLLC, which is a powerful tool for wealth transfer planning.
There are other ways to protect the wealth of family members, such as an irrevocable trust or a spousal gift. It is a good idea to consult a lawyer to determine the best type of wealth protection for your family. Rathburn & Associates can help you or your loved ones if they reside in the Greater Columbus region. Participation should only be restricted to the beneficiaries of an estate and not include spouses. It is always easier to resolve disputes when there are fewer people involved. Contact us today if you need reliable legal counsel for trust management or family estate administration.
What does POWER OF ATTORNEY MEAN?
Sometimes, a person cannot make decisions about their finances, health, or legal affairs. The courts recognize that people with cognitive impairments, traumatic brain injury, or diminished mental abilities due to dementia need someone to represent them to manage their affairs. The legal authority to act on behalf of another person is called the power of attorney.
For the elderly, power of attorney is essential. While we live longer in this country, our ability to think critically may decrease as we age. An older adult may act in an unwise way if they are unable to make informed decisions. People who have chosen a trusted friend or relative as their agent can feel secure, which allows the elderly to rest easily.
Important to remember that even those who aren’t close to their loved ones or friends have options for power of attorney. Sometimes, elders outlive their family and friends. In these cases, they can appoint an agency or individual to act for them. It is important to decide about granting someone power of attorney.
Rathburn & Associates is here to help you, or your loved ones obtain power of attorney. Family members often worry about the care of their elderly loved ones. We take pride in protecting their rights. Get in touch with us today to find out how we can assist you.