Tuesday, 29 November 2011

Meaning, Procedure and Benefits of Will in Life

A will            
Is a document where we define distribution process of estate or a property, Also we can say that in simple words a document in which we can declare the equally share of the property to each  member of the family. An estate or property means (land, bank accounts, stocks) etc.
If you die without making a will and belong from Ohio state then all the assets and your property are distributed by the Ohio estate law. When a person dies without making a will, their property must be shared according to the state rules. These are called the rules of intestacy. A person who dies without leaving a will is called an intestate person. Only married or civil partners and some other close relatives can inherit under the rules of intestacy.
Heirs mean’s people who receive your property may be your relative when you die without a will. They will use your property according to the law orders by your state. Only close members or close relatives can use your property. You can not pass your will to close friend. If you have no any member to handle your property. Then this type of property will hire by the state government.
Yes, it is really necessary if you want to give your property to family member or someone special outside your family, or a person who care’s you and you want to give some special gift after your death. For this you have to make a will and mention the name you want to give shares in your property. Mention the name of the executor (who will carry out your will).Name the guardian of your children after your death he will care of your estate till when children are able to handle your property. A will in which you mention your property, your bank balance, stocks etc…

Who can make a will
 Anyone 18 or above Ohio law permit to make his own will. Because according to the law at the 18 age every person can take his own decision. Sound mind and memory means you understand the act of making a will, the general extent of your property, your relationship with your family and to whom you are giving property through the will.
What must to make a will?
Your will must be in writing, handwritten or typed. Date and sign is must on the last page in front of two competent witnesses when you write your will. The witnesses must be at least 18 years of age and also sign the will.
 Keep Your Will
Keep your will in a safe place and found easily after your death. Leave a copy with the attorney who wrote it for you and also tell your executor about the will and give him one copy of your will. Keep will safe in your bank account.
What type of property can be mentioned or distributed by a will?
Any land or personal property like your (home) and another property. Insurance, bank accounts, shares stocks, transfers on death deeds.
Can I change my will and how?
Yes, you can change your will according to the law rules. For this you can hire a lawyer or consultants he will guide you in proper manner. He will tell you the whole process how we can change our will. What are the requirements to change the will? Better option is hire a lawyer.

Copy of a will is valid for your new will. Date and sign is necessary that you signed in front of two witnesses. So this way you can make your new will.
If you want to make a will and need more information or want to now the process then see our site and get  hire a better lawyer who will guide you in each steps while making the process of will.

Thursday, 3 November 2011

Cusackawoffice: Rules While Making Will

Cusackawoffice: Rules While Making Will: A will is a document in which one can write his or her wishes or plans regarding property after death. It is important for everyone to m...

Rules While Making Will

A will is a document in which one can write his or her wishes or plans regarding property after death. It is important for everyone to make  will so that your property will use by your loved ones or any name that you mention in your will or then all your possessions will be distributed in the way you set out in your will. While making a will there is a need to know rules and regulations. The following are the rules which every one should follow while making a will:
·         Person’s will must be in written
·         Person  must be over 18
·         Person  must be of sound mind
·         Two witnesses must sign the will in your presence
·         Person’s signature or mark must be at the end of the will.
·         Person’s witnesses must see you sign the will but they do not have to see what is written in it.
These are legal requirements and if they any of them are not met, the will is not valid. You can also change your will after you make it by adding the change in your will. For making a will persons should also follow proper format. After making your will you should signed it or also by your witnesses. Usually, these signatures are underneath a line in the will that states "Signed by the testator in the presence of us and by us in the presence of the testator". This statement is called "an attestation clause”. At last I would like to say go and make your will with proper rules and formats.

Wednesday, 12 October 2011

Real Meaning Of Estate Planning

Estate planning is a plan which works after the death or before the death of a person. Estate means your whole –property or your assets like cash, plots, house and saving accounts, insurance, jewellery households etc.  It has several objectives and goals like guardians for minor children if any or etc.
Some important tools for estate planning include:
1)      Before death
Power of attorney
2)      After death
For estate planning the person must be of sound mind and at least 18 years old and it can be done only when person is free from emotional stress and also in a normal condition. An estate plan aims to preserve the maximum amount of wealth possible for beneficiaries and flexibility for the individual prior to his death.

Steps for planning:
Establishment of relations
Collection of information
Determination of information
Planning for transfer
Implementation of plans
Review of plans

Objectives of estate planning:
For transfer of property to parents, children, friends, etc
Planning in case of disabilities like mentally sick,
Due to the lack of maturity and discretion in minor persons (below 18 years) used planning to avoid misuse that may happen
For selection of trustee and guardian for business or for family

Limitations of estate planning:
It creates misunderstanding among family members
It is time consuming process
Goals of persons may not be fulfilled properly

Friday, 7 October 2011

Ohio Trust Services and Estate Tax

Ohio Trust
 The Ohio trust is located in Cincinnati, which existed from 1830 -1857. This trust is like an excellent tool which is used by qualified estate planners and  legitimate professionals so that their clients to achieve certain objectives, controlling the disposition of assets, avoiding probate, reducing paperwork costs, an economic depression, saving estate taxes, and preserving family wealth for future generations. The principles are valuable in all social and personal relationships as well as at work. Ohio trust provide legal counseling, substantive guidance of an attorney. The trust promoters give full consideration to protecting the estate in the case of incompetency, legitimate attorney; licensed to practice law in your state this trust is properly funded. There are four dimensions of this trust are Sincerity, Reliability, Competence and Care.
Estate Tax
Estate taxes arise when the death of a person results in property or belongings being passed on to another individual or entity. According to the economic growth and tax relief reconciliation Estate tax set a exemption and it is apply only to estates whose gross estate value exceeds a set amount and it is applied at graduated rates. Proper estate planning strategies are helpful because the estate tax can be quite high, careful estate planning is advisable. In Estate Tax the includible property may consist of cash and securities, real estate, insurance, trusts, annuities, business interests and other assets.

How A Good Estate Planning Protect Your Family

Estate planning is a very important process in maintaining and efficiently transferring your property if you are or become disabled or upon your death. Cusacklaw office guides you in planning process that you use to protect your assets and gifts to your beneficiaries from the claims of third parties including beneficiaries' inheritance, creditors or former spouses.
With proper estate planning, you can limit tax legal responsibility. In fact, it is geared for that which in turn helps you to leave more money to those that you want to have it, and the groups you want to have it.  The objective of this discussion is to review some of the myths and realities of estate planning.
What Do You Know About Estate Planning
Estate planning can be a very difficult task if you do not know where to start and are not prepared for what is ahead of you. Cusacklaw office helps on make things easier for your family left behind and allow you to leave personal mementos to special people in your life. Making sure your beneficiaries get your assets as quickly as possible, is made possible by a well drawn estate plan. So get some good recommendations for who others have used for their estate planning.
The ability to target worthy causes of your choosing
Often people choose other groups or organizations to be part of their estate planning. Having an estate plan gives you the assurance you want to make sure the right amounts go to the causes that you want them to. Some examples of groups that some people give to are educational groups, religious groups, and charitable organizations.
Helps to address incapacity, should that become an issue.
There are features included in estate planning like living wills and power of attorney that can turn out to be invaluable if needed. This is necessary if you become ill or incapacitated, and need others to make important decisions for you.
To help keep a business going
 People like this option if they have a significant holding in a business or if you just own your own business. A good estate plan can help address how you want your share to be handled.
We helping people become educated about estate planning. We have more information for those who must go through http://www.cusacklawoffice.com