If you are the only member of your family living in Ohio, this post is for you. Whether it is because everyone else moved away or you are a transplant, the result is the same – you don’t have family members living here. So what does that mean for you when you decide it’s time to create your will and trust?
WHAT IS THE LAW HERE IN THE STATE OF OHIO?
Let’s talk first about the law here in Cincinnati regarding having out-of-state people serving as your executor. The State of Ohio has a statute prohibiting out-of-state people from serving as executor unless they are an adult child or the state the out-of-state-person resides in has reciprocity with Ohio. Here is the rationale: The Ohio court doesn’t have jurisdiction over out-of-state people, so if they don’t do what they are supposed to, the judge could have a difficult time enforcing an order. It makes sense when you think about it. So if you have adult children living out of state, you can have one of them serve as your executor; otherwise, in most cases, you need another option. I typically recommend to my clients in this position that they appoint a good friend or other relative, and if none are available, a trust company or bank with a trust department offering fiduciary services.
WHAT ABOUT REVOCABLE TRUSTS?
A word about revocable trusts is warranted here. The above law does not apply to revocable trusts, which are not probated and subject to probate court jurisdiction. Thus, you can have an out-of-state relative serve as the trustee of your revocable trust.
WHO TO CHOOSE?
While we are on the topic of executors and trustees, I’d like to remind you that when you assign or ask an individual to take on the role of executor or trustee, you should first ask yourself if this individual will be capable of carrying out all the duties required of them. And remember, over the years, things change, and they may no longer be able to handle it all. So you should first confirm they are ready and willing to perform those duties, and it’s a good idea to reconfirm periodically. That will allow them the opportunity to decline, and you can update your estate plan accordingly.
COMPLIMENTARY ESTATE PLAN REVIEW
Life brings changes. It is one of the many reasons I offer a complimentary review of my client’s estate plans every three years, just so we can ensure all the individuals, whether executors, trustees, or beneficiaries, are current. As an experienced estate planning attorney knowledgeable about the myriad of state and federal laws, I’m happy to work with you to ensure your affairs are in order, up-to-date, and legally acceptable. Please call me at 513-399-7526 to schedule a time or visit www.davidlefton.com