Middletown, Ohio Legal Blog

Outstanding medical bills are addressed during probate

Some people may have the unfortunate experience of having a loved one in a hospital up until the end of his or her life. While this type of scenario is unavoidable for many Ohio residents, it can leave surviving loved ones wondering what will happen with the outstanding medical bills after the person's passing. Like other remaining debts, medical debt is addressed during probate.

The executor of the estate will have the responsibility of handling the remaining bills and creditor claims of the estate. If the estate does not have enough assets to cover all of the claims, the executor will pay the claims in order of priority. In some cases, medical bills accumulated within the last 60 days of a person's life could have a higher priority than other debts, but it can depend on state law and other factors.

Price and timing are important real estate matters to consider

House hunting can bring about many feelings. When the process first starts, it can seem exciting, and many Ohio residents may think their perfect home is just around the corner. Of course, after a time, the process can seem stressful and overwhelming, and it can seem as if that perfect home does not exist. As a result, when individuals find a house that they believe is the one they want, it is important that they understand certain real estate details.

First, the price of the property is a major detail to consider. If a house has multiple offers, individuals may need to work on understanding the comparable prices in the area and what offer they feel comfortable making. In some cases, a seller may ask too much for a property, and it can be detrimental to the buyer to simply accept that price right away.

Negotiations for commercial real estate are vital

It is tricky to navigate the buying or leasing of property in any capacity. It can become more difficult depending on the type of real estate needed. For example, Ohio business owners looking for commercial space to lease need to carefully consider details that residential buyers would not. Particularly, the commercial lease is vital.

When it comes to leasing commercial property, it is wise not to sign the lease right away. Even if individuals believe that they have found the perfect space, it is important to go through a negotiation process to ensure that the terms of the lease are not unfavorable. However, these negotiations can take time, so parties may want to ensure that they are not in a pinch and need their space right away and instead have time to properly negotiate.

When should someone update an estate plan?

When you finished creating your estate plan, you may have felt a well-earned sense of relief. Many people do not ever get around to making their estate plans, so if you have come this far, you may be in a better situation than many other people are. However, you are not done estate planning forever.

Estate plans work best when they are up-to-date. When an estate plan reflects current laws, your current situation and your current wishes, it should work as you intend it to work. However, life is full of changes. Estate planning laws can change, but your life can also change. When these changes occur, it can be beneficial to update your estate plan, so it always reflects current laws, your current situation and your current wishes.

Does the death of a beneficiary complicate probate?

A number of problems could arise when trying to settle someone's estate. Acting as an executor can be a complex role, and any Ohio resident acting in this capacity may have questions when an unexpected event happens during the probate process. For example, an executor may not know what to do if a beneficiary dies before the process is completed.

In most cases, this type of incident is not overly complicated to address. If a beneficiary is in line to acquire assets from an estate but the assets have not yet been distributed, those assets may not go back to the original estate. Instead, the intended assets would pass to the estate of the deceased beneficiary. This is particularly true if the beneficiary was named to receive a specific asset or a specific amount of money.

Can having an idea start a business?

When it comes to having an idea, it could turn into something great or sometimes fizzle out. If people do not put the time and effort into growing their idea, it is more likely that nothing will come from it. However, if Ohio residents want to start a business, it is important that they are willing to put work into making their idea work.

Not all ideas for potential businesses are a great as they seem. Fortunately, individuals can do their research to determine whether their idea is one worth pursuing. For instance, if there is a need to fill in a particular industry and the idea could fill it, it may be worth looking into further. Consumers are often looking for ways to meet various needs, and providing a product or service that is not yet available could be beneficial.

Want to start a business? Weigh the pros and cons

Making a major change in life is never easy. Weighing the pros and cons is important for any significant decision, but even more so when the decision relates to making a career change or taking a financial risk. For Ohio residents who want to start a business, weighing the pros and cons and putting in the work are necessary.

When it comes to looking at the pros and cons, prospective business owners may want to first start by evaluating their business idea. In some cases, an idea may seem good in theory, but when the practical aspects are considered, there may be too many cons. While this may seem disheartening at first, it may give parties the chance to look at their idea in a new way to determine how they could make it work or how they could go a different path to achieve their entrepreneurial goals.

Purchasing real estate takes a lot of consideration

Buying a home is one of the biggest purchases that Ohio residents will make. As a result, it is important that they understand what they are looking for and what the process of purchasing real estate can entail. First-time homebuyers may especially need to pay attention to certain aspects before moving forward with signing the paperwork.

First, it is important that individuals understand how much they can afford. Taking this step at the beginning could prevent individuals from falling in love with a home only to find out later that they cannot afford it. It is also important to remember that the price tag on the house is not the only expense to worry about. Closing costs, inspection fees, realtor fees and ongoing maintenance of owning a home should all be considered.

Why do many business owners not have a succession plan in place?

Running a business can be hectic, requiring you to constantly put out whatever fires pop up every day. The time-consuming nature of the job, however, is causing owners to overlook a key component of their long-term viability: succession planning.

According to a CNBC report, one survey found 80% of business owners without a succession plan in place blamed their busy schedule. In addition, 40% said taking time to work toward a succession plan simply wasn’t worth it, with the day it will be needed still far in the future. That might be a mistake.

Mishandling an estate can cause problems during probate

When it comes time to settle a person's estate, the executor has a serious responsibility. If he or she makes any mistake during the probate process, it is possible for serious issues to result. Those issues could range from the executor being personally liable for correcting those mistakes to having to handle litigation from disgruntled beneficiaries or other parties.

Undoubtedly, Ohio executors want to ensure that they handle the decedent's final affairs correctly. They may be eager to get started to ensure that they do everything properly, but being too hasty in some actions could cause problems. For instance, if the executor receives bills for the estate, such as credit card bills or utility bills, it may not be a good idea to pay those immediately. A deceased individual's creditors have an order of priority in which they must be paid. Paying others too soon could cause financial issues for the estate.

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