Legal Definitions in Probate

If you are dealing with a probate matter or you are preparing your estate plan, you are likely to encounter several terms that are unfamiliar to you. This is to be expected if you have not been required to handle probate matters. It can be a little overwhelming as attorneys, court staff, and judges begin using legal terminology that you may not fully understand.

As experienced Dayton, OH probate attorneys, we understand. Below are some common legal terms used in estate planning and in the probate process. If you have additional questions, we urge you to contact our office to speak with one of our Dayton probate attorneys.

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Prince’s Estate: Who Are the Heirs?

When Prince died on April 21, it was a shock to many of his fans and those in the entertainment industry. However, a bigger shock was about to hit the news feeds — Prince died without a will.

How could someone that had achieved the fame and fortune of Prince die without a will. Wasn’t he surrounded by mangers, attorneys, accountants and other profession who would have advised the entertainer to have a comprehensive estate plan? You would think so, but for whatever reason, Prince did not have a will when he died, according to court papers filed by his family.

It is difficult to believe someone who was constantly dealing with contracts and other legal matters related to his music and his career would not take steps to ensure his estate was protected upon his death. Prince made one of the worst possible mistakes when it comes to estate planning — not having a will. Unfortunately, many people make this same mistake as well as other estate planning mistakes that cost their family time, money, and unnecessary stress.

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What will happen to my pet when I die?

Some people refer to them as “fur-babies” while others call them their “four-legged children.” However you refer to your pets, one thing is clear: our pets are part of our family. The thought of our pets being placed in a shelter upon our death or incapacitation is one we cannot tolerate. However, if you do not make provisions for your pet in your estate plan, that is exactly what could happen. Our attorneys can discuss several ways you can provide for your pet to ensure he or she has a long, healthy life, even if you are unable to be here to share it. [Read more…]

Why Buying Cheap Costs You More

The old saying, “You get what you pay for,” is true in most areas including legal services. Good legal services are not cheap, it’s that simple. And cheap legal services are too expensive and risky in the long run. Attorneys with experience charge higher fees because their experience is of great benefit to their clients. An attorney with little to no experience can make costly mistakes—mistakes that may not be able to be corrected and that could eventually cost the client much more than the fee to hire an experienced attorney in the first place. [Read more…]

Estate Planning for Unmarried Couples

Estate planning for unmarried couples can be a bit tricky because Ohio’s marriage laws and probate laws do not afford the same protections for unmarried couples that they do for married couples. Therefore, unmarried couples must take steps to ensure that their partners are protected when they die. Otherwise, the partner may not be eligible to inherit property from the deceased partner according to Ohio probate laws. [Read more…]

David Bowie’s Estate: Why an Estate Plan Is Important

When news outlets first published the details of David Bowie’s estate plan, it surprised many people that a man who was almost bankrupt in the 1970s left $135 million to his family and several close acquaintances. Not only is this an example of how careful planning and a few great business deals can reverse financial fortune, this story also demonstrates why an estate plan is important.

What can I learn from Bowie’s estate plan?

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Top 7 Estate Planning Tips

Estate planning can be an uncomfortable reminder of mortality, but it is a necessary milestone that all competent adults must complete in order to preserve their hard-earned assets and property for future generations. The following are our top seven tips for anyone considering implementing an estate plan or making changes to an existing portfolio.

Tip 1: Jump right in

As mentioned above, estate planning can be uncomfortable, and there will definitely be discussions concerning end-of-life decisions, dividing property among children, and pre-planning for mental incompetency. However, putting it off any longer will not do you or your children any good in the long run.

If you are nervous about the process, rest assured a competent estate planning attorney will be able to help ease you through the conversation and will have the final documents ready for execution in a matter of weeks.

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Top 5 Estate Planning Myths

With the dawning of do-it-yourself estate planning and online services, myths and misunderstandings abound. While these services can be helpful in some limited scenarios, it takes a truly knowledgeable estate planning attorney to separate fact from fiction.

As you review the top five estate planning myths described below, consider whether you have fallen prey to some of these misguided notions, and be sure to contact Lovett & Lovett Co., LPA for estate planning help today.

Myth 1: Estate planning is one-size-fits-all

One of the most frustrating aspects of DIY estate planning techniques is the notion that all plans—and clients—are the same. By contrast, each individual and family requires a custom-drafted estate plan to meet the individual needs and wishes of that particular individual. While some estate plans are relatively simple and straightforward, others are not (by a long shot).

As you consider your estate plan, remember that what may seem like a simple idea at first may develop into a much more complex matter later, and well-drafted documents are an essential component in avoiding hassle and conflict down the road.

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Top 10 Estate Planning Mistakes

Estate Planning MistakesVery few people like to think about their death; however, it is something we all must think about and plan for if we want to protect our assets and provide for our families. The estate planning attorneys of Lovett & Lovett Co., LPA want to help you avoid these common estate planning mistakes by offering you sound, competent estate planning advice right now. Contact our office if you have questions about estates or if you want to begin the estate planning process. [Read more…]

Pros and Cons – Nursing Home vs. Assisted Living Facility

Nursing Home PlanningWhen the time comes for you or a family member to move into a facility because you require assistance with your personal care and/or medical care, making the decision between an Ohio nursing home and an Ohio assisted living facility can be difficult. A nursing home and an assisted living facility both have pros and cons. Sometimes, the pros and cons of each choice depend on the unique facts and circumstances of your situation.

Our Ohio nursing home attorneys can help you and your family as you try to decide between a nursing home and an assisted living facility by reviewing the pros and cons of each type of facility. We can also help you plan for the eventual move to a nursing home or assisted living facility to protect your assets and take advantage of the benefits provided by Medicaid. [Read more…]