When it comes to estates, fiduciary duties are a way to make sure that assets get into the right hands. These are important rules executors follow to make sure everything happens properly. However, sometimes people do not follow these rules, leading to breaches and the need for fair compensation. Mismanaging assets A common breach comes from the misuse of estate assets. This may include poor handling of funds, such as using estate funds for personal expenses or making risky investments that hurt the value of the estate. Having conflicts of interest Conflicts of interest happen when an executor ..read more

Settling the estate of a person who just died is called probate. Because this is a complex legal process, and people don’t always prepare an estate plan to streamline distributions and decisions, issues can and do arise. The executor does not want the responsibility An appointed executor may refuse to take the role for reasons such as feeling incapable or not wanting the responsibility. In that case, they may renounce their role before probate procedures by writing and filing it to the court. The court will then appoint a new executor of the will – unless the decedent has named an alternate ex ..read more

Estate planning allows you to prepare for any unexpected events that may occur in the future. Every person’s estate plan is unique and tailored to their specific goals and circumstances. For instance, a parent will prioritize the well-being and guardianship of their children. A business owner will focus on succession planning to ensure their enterprise thrives beyond their tenure. Singles might concentrate on philanthropic efforts, medical care decisions or distributing assets among friends and family members. Your values and beliefs also play a pivotal role in your estate planning. You might ..read more

We would like to officially announce that attorneys Josh Plieninger and Andrew Winkel have become partners of Metz, Bailey & McLoughlin, LLP. Council for the City of Westerville also approved the transition from Bruce Bailey to Andrew as the Law Director for Westerville on Saturday, February 3rd. Josh and Andrew’s contributions to the firm and the community have greatly aided in the growth and success of our firm, and we are excited for the future of the firm with them as Partners.   The post Josh Plieninger and Andrew Winkel have become partners of Metz, Bailey & McLoughlin, LLP ..read more

Probate is often an essential process to help administer estates based on state law. Aside from adequately distributing inheritances, it can also help organize and settle any debt or tax payments the deceased left before they passed. In Ohio, some laws can shorten the probate process based on the situation and the estate’s size. In some cases, the estate can avoid probate altogether. Skipping or speeding up probate typically applies to small estates or straightforward scenarios, allowing quick asset transfers. These alternatives can save time and money by removing unnecessary components o ..read more

Probate in Ohio is a process the court uses to ensure that when someone dies, their estate assets go to the legally entitled parties. Usually, the person who has the decedent’s last will and testament initiates it. The court will review the will first and determine if it is valid. Afterward, the named executor or appointed estate administrator will gather all the estate assets and pay any financial obligations before distributing the remaining assets to the beneficiaries. Ohio law provides for a simplified probate process for smaller estates. If an estate qualifies as a “small estate” under Oh ..read more

Beneficiary designations are an important aspect of estate planning. When it comes to retirement accounts, life insurance policies and other assets, these designations spell out who should receive funds. Because it is easy to overlook issues affecting beneficiary designations, you must take certain actions to keep your estate plan on track. Keep beneficiaries updated Life changes such as marriage, divorce, births or deaths in the family may necessitate updates to your estate plan, as well as your beneficiary designations. Failing to make the proper updates can result in assets going to uninten ..read more

We would like to officially announce that attorneys Josh Plieninger and Andrew Winkel have become partners of Metz, Bailey & McLoughlin, LLP. Council for the City of Westerville also approved the transition from Bruce Bailey to Andrew as the Law Director for Westerville on Saturday, February 3rd. Josh and Andrew’s contributions to the firm and the community have greatly aided in the growth and success of our firm, and we are excited for the future of the firm with them as Partners.The post first appeared on Metz, Bailey & McLoughlin, LLP: Westerville Estate Planning Attorney ..read more

When considering your estate plan, it is important to think beyond just financial matters. One aspect often overlooked is funeral preplanning. While it may not be a pleasant topic, including funeral arrangements in your estate plan can bring numerous benefits for both you and your loved ones. 1. Ensure the honoring of your wishes By preplanning your funeral as part of your estate plan, you can ensure that your final wishes unfold exactly as you desire. From the type of service to the music played, you have the opportunity to specify every detail. This alleviates the burden on your family membe ..read more

When it comes to planning for the future, selecting the right executor for your estate is an important decision that requires careful consideration. An executor plays a pivotal role in the handling of your final wishes regarding your estate and your heirs. Because of the responsibilities involved, there are certain qualities you must look for when selecting an executor for your estate. Trustworthiness matters most One of the many qualities to look for in an executor is trustworthiness. This individual will be responsible for managing your assets and distributing them according to your wishes ..read more