An irrevocable life insurance trust is created to own and control a life insurance policy while the owner is still alive, and to manage and distribute the benefits that are paid out at death. An irrevocable life insurance trust can help ensure that your assets are distributed according to your wishes.
Property owners are required to keep a safe environment for their visitors. If you are harmed or injured on someone else’s property, the property owner may be liable to you through premises liability. Common examples of these types of accidents are a slip and fall at a restaurant or a postage carrier falling in your driveway. This article will discuss how to determine whether a property owner is liable when a person is injured on their property.
Most Americans have some type of debt. The obligation to pay debts does not necessarily go away when a person dies. While most debts are paid by the deceased’s estate (money and property owned by the decedent at their death), you may be responsible for paying off remaining debts. You should discuss questions about your debt payment obligations and rights with an estate administration attorney or probate attorney.
As parents age and their physical and mental capacities diminish, it's natural for their adult children to step in and take care of them. Sometimes, their caregiver crosses a line into financial exploitation. In this article, we'll discuss the signs that your elderly parent is being manipulated by their caretaker, and what you can do about it.
There are many reasons why you may want to update your estate plan. If your life, or the law, has changed since you signed your last will and testament or trust agreement, you need to update your document. You can make updates to a revocable living trust by way of an amendment or a complete restatement of the trust agreement. If you have a will, you can make small changes or updates with a codicil. Making too many revisions can make a document confusing. So, when is the best time to completely re-do your estate plan?
Meat Loaf, born Marvin Lee Aday, passed away in January of 2022 at the age of 74. There is no questioning that this rock and roll icon left a hole in the music industry at his death. And there are still unanswered legal questions about the fate of Meat Loaf’s estate. Here is what we know, and what we don't know, about Meat Loaf's estate plan and legacy.
The point of creating an estate plan is to be able to use it when you pass away and/or become incapacitated. By creating an estate plan, this couple avoided the costly probate process.
A life estate, sometimes called a right of occupancy, is a legal agreement that allows a property owner to split their ownership interest. They may use and enjoy the property during their lifetime, and automatically transfer the ownership to another individual at their death. This person is called the remainderman.
If you can no longer manage your affairs, you will need somebody who can act on your behalf. A financial power of attorney (POA) is a legal document that allows someone else to make financial decisions for you if you can't on your own. A springing financial POA gets its name because it 'springs' into action only when you become incapacitated.
In Ohio, your child cannot take your home without your permission while you're still alive. Naming your child as the recipient of your home in your will does not give them any right to your home while you are still living. A will has no real legal significance until you die. It does not change title (ownership) to property during your lifetime. There are, however, some special estate planning tools in which a homeowner gives up their right to the property in exchange for other benefits.
