You own your home and want to ensure that it passes to particular loved ones upon your death but you’re not sure the best way to do it. This blog post will break down your options for you.
First, it is important to look at your deed and determine how the property is held. Often married couples have a Survivorship deed. With a Survivorship deed, upon the death of one spouse, the real estate transfers to the surviving spouse outside of probate. What that means is that when one spouse dies, the survivor won’t need to go through a court proceeding to transfer the property to the survivor.… Read the rest
After death, a Will must be filed with Probate Court if it conveys an interest in real or personal property or has been declared valid by a Probate judge. If an action to have a Will declared valid prior to death was brought and successful, than the judge who made the declaration must bring the Will before the Court after the individual’s death. An executor or heir may inform the judge of the individual’s death or the judge may learn on his own.
Generally, named executors or heirs readily file Wills with the Court. Sometimes though, the named heirs are not the individuals in possession of the Will or an… Read the rest
On January 19, 2015, Cleveland Attorney Elizabeth L. Perla of the Law Offices of Randall M. Perla spoke to residents of the Franciscan Village of Cleveland, Ohio, which offers independent living for seniors. At the talk, Ms. Perla touched upon issues of Medicaid, including the use of Medicaid to pay for long-term nursing care, eligibility for Medicaid and Medicaid planning opportunities. She also reviewed basic estate planning documents including the Health Care Power of Attorney and Living Will, Financial Power of Attorney, Living Trust and Last Will and Testament. The session gave residents… Read the rest
An advancement is a gift given during life to a future heir with the intent that the gift be treated as part of the heir’s inheritance. For example, a Mother has a Last Will and Testament stating that $50,000 will go to her daughter and $50,000 will go to her son. While living, Mother gives a $20,000 advancement to her son. Upon Mother’s death, the son will receive $30,000 and the daughter will receive $50,000. As the son received $20,000 of his inheritance during life, he will receive $20,000 less upon his Mother’s death.
An advancement is only effective if it is declared in a contemporaneous writing… Read the rest
There are four major downsides to not having a valid will upon death.
Without a valid will setting forth who will inherit your estate, ie. your house, money, prized coin collection, etc. the property will be distributed according to Ohio law and not your wishes. Remember, if you want to be the one to decide who inherits your estate, you must have a valid will. So what makes a valid will in Ohio? In a nutshell, it must be in writing, signed at the end by you, and signed by two competent witnesses who saw you sign your will. Although it may be simple enough to execute a valid will, the content… Read the rest