Legal Definitions in Probate

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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?

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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?

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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…]

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Why Buying Cheap Costs You More

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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…]

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Estate Planning for Unmarried Couples

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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…]

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

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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 10 Estate Planning Mistakes

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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…]

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Pros and Cons – Nursing Home vs. Assisted Living Facility

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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…]

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Five Types of Trusts To Consider During Estate Planning

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Trust_Types

If you believe trust agreements are only used by individuals who are wealthy, you are mistaken. Trust agreements are flexible estate planning tools that offer several advantages to a wide variety of individuals during their lifetime and after their death.

A trust agreement can be used to place conditions on how assets are distributed from the trust; avoid or reduce estate and gift taxes; shelter assets from creditors and lawsuits; protect vulnerable beneficiaries who receive governmental benefits or suffer from a gambling, drinking, drug abuse, or mental health issue; avoid the probate process; and provide income for your loved ones.

Depending on what you want to accomplish, you can choose from several different types of trust agreements. Each type has advantages and disadvantages that you must consider. Our estate planning attorneys can advise you on which type of trust agreement you should use based on your objectives and goals. Below are five of the most common types of trust agreements used by individuals in Ohio. [Read more…]

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The Problem With Online Estate Planning

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Online_Estate_PlanningYou can find instructions to do almost anything online. “DIY” or “Do-It-Yourself” projects are popular ways to save money. You can find websites that tell you how to plan your wedding, fix a faucet, or change the brakes on your car. Unfortunately, there are some things that we should not attempt to do ourselves.

A trend we have seen in the past couple of decades is the increasing number of websites offering legal forms or document preparation services. These websites offer a low-cost “solution” for consumers who want to address their legal needs without the necessity of paying attorney’s fees. Unfortunately, the “solution” often results in a problem that costs more to resolve than to prevent, if the problem can be resolved at all. This is the case with online estate planning websites. This type of estate planning is dangerous for several reasons. [Read more…]

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