» Estate Planning

When a person dies, their estate is managed by an estate representative. This individual handles the deceased person’s final affairs and has a legal duty to act in the best interests of the estate and its beneficiaries.

An estate representative who misuses or abuses their position for self-gain engages in “self-dealing.” Self-dealing is a serious breach of the estate executor’s fiduciary duty that undermines the integrity of the probate process and is a betrayal of trust.

Estate Executor Self-Dealing Explained

The estate representative (an estate executor if the deceased person had a Will, or an estate administrator if the deceased person died without a Will) has a fiduciary duty to act in the best interests of the estate and its beneficiaries. Self-dealing occurs when an estate representative uses their position of authority for personal gain rather than to benefit the estate.

What Are Examples of Self-Dealing by an Estate Executor?

While an estate representative has some discretion in managing estate assets, as a fiduciary, they are legally obligated to act in the best interest of the estate. Examples of actions that might cons… Read More

We increasingly live in a world of e-signatures, digital contracts, and records stored in the cloud. Buying a home, opening a brokerage account, or signing a lease can all be done electronically. This shift has been so seamless and convenient that many people naturally assume the same rules apply to legal documents. While that may be true in some cases, it does not apply to a Last Will and Testament.

A Will is one of the last paper-dependent legal documents. You can scan it, email it, and save a copy to the cloud, but when the time comes to open an estate in probate court, only the original document, signed by the testator and two witnesses, will do.

The Probate Court Only Accepts Original Documents

When it comes time to probate a Will, the court will only accept the signed original, signed by two witnesses. If you try to submit a copy, the court will likely reject the Will and proceed as if no Will ever existed.

In Cases of a Lost Will, Courts Expect an Exhaustive Search

When a loved one passes away, one of the most important items you will need to address is locating the original Will. If the original Will cannot be located, the court… Read More

An essential part of estate planning is creating the necessary documents to ensure your assets are secure during your lifetime and that ownership will transfer to the correct parties upon your death. As part of your estate plan, you may consider using a life estate deed to transfer property ownership. When a life estate deed is used, the property owner retains a “life estate,” meaning they continue to own and can live on the property for the rest of their life. The property transfers to an individual of their choosing upon their death.

A life estate deed can be a useful estate planning tool that allows a property owner to transfer property to a named beneficiary while retaining the right to use the property for the remainder of their lifetime. While a life estate deed is similar to a transfer on death deed, there are key differences that you must understand to decide which estate planning tool is right for you.

What Is a Life Estate Deed?

A life estate deed is a way to transfer property from one person (the Grantor) to another person (the Grantee, also known as th… Read More

Using a survivorship deed is a legal mechanism to pass along your real estate to the property co-owners after you pass away. While commonly utilized by married couples in Ohio, survivorship deeds can also provide a smooth property transfer mechanism for others, including parents, siblings, and close friends. It is a simple and straightforward property transfer that avoids the probate process, but it may trigger some unintended consequences. Using this estate-planning tool is a choice best made with the professional guidance of an Ohio probate attorney.

The Probate Process in Ohio

Unless you have created an estate plan that specifically avoids it, your estate–such as personal property, financial accounts, and real estate–must pass through the probate process when you pass away. The process can take months to years to complete, depending on the size and complexity of your estate as well as any disputes that may arise among your heirs. One of the simplest legal tools to avoid the probate process for real property is the survivorship deed.

How a Survivorship Deed Works

A survivorship deed is a legal instrument that allows two or more people to ow… Read More

Estate planning is all about protecting your family’s financial future. One important tool that helps married couples reduce estate taxes is portability. But what is portability in estate planning, and how can it help you and your loved ones? Gudorf Law Group, LLC has years of experience helping Ohio families take advantage of portability and other key estate planning strategies to secure their legacies.

What Does Portability Mean in Estate Planning?

Portability in estate planning refers to the ability of a surviving spouse to use their deceased spouse’s unused federal estate tax exemption. This means if one spouse passes away without using their full exemption amount, the surviving spouse can apply the remaining portion to their own estate. This can significantly reduce or even eliminate federal estate taxes for a couple, allowing them to leave more of their assets to their heirs. Gudorf Law Group regularly helps clients understand how portability appli… Read More

Death comes for us all, whether we plan for it or not. Given that harsh reality, it’s tempting to simply avoid thinking about it—after all, there’s nothing you can do about it, and you may not be comfortable talking about how to plan for death. But planning for death is one of the last and kindest gifts you can give to the people you love. Let’s talk about how to discuss your estate plan with your family, as well as your last wishes.

Discuss Your Estate Plan With Loved Ones

Having to have “the talk” is never easy, and there are various components of it: end of life questions, how you want your property distributed, and how to plan your funeral. There is often an easy, if unfortunate, introduction to the topic: the death of a friend, neighbor, or other family member.

You can begin the conversation with your loved ones by saying something along the lines of, “You know, since Mrs. Smith passed away, I’ve been thinking about the things you’ll need to know about my wishes someday. I hope that day will be a long way off, but I know it will be easier on you… Read More

Estate planning documents are only useful if the right people can reach them at the right time. You want to store your documents in a place where they will be safe, yet accessible to the people you want to be able to find them (and not others). What should you think about when deciding where and how to store your estate planning documents?

Organizing Estate Planning Documents

The first step in organizing and storing your estate planning documents is to identify just what constitutes your estate plan. An estate plan can, and should, include more than just a last will and testament. Some of the documents that might be included in your estate plan are:

• Last will and testament
• Trust
• Durable financial power of attorney
• Medical power of attorney
• Living will
• Life insurance policies

In short, these are documents that your loved ones will need to access when you are unable to communicate their location, either because you are… Read More

Many, if not most people intend their spouse to be the primary beneficiary of their estate. But there are also many situations in which it makes sense to limit a spouse’s inheritance. Maybe you have family wealth or an interest in a family business that you want to remain in your family of origin if you should die. Perhaps you and your spouse are marrying later in life, and have each accumulated significant assets on your own. You might have children from a previous marriage that you would prefer to inherit your assets; a prenup can protect your child’s inheritance in the event that you predecease your spouse. Whatever your motivation, a prenuptial agreement can be a valuable estate planning tool.

If your first thought when you hear the word “prenup” is divorce, you’re not alone. But a prenuptial agreement is nothing more than agreement between a couple before their marriage as to how they will approach issues (usually financial) during their marriage. While a prenup does deal with how the couple’s property will be treated in a divorce, it can also address what… Read More