Every year, changes may occur to estate laws in Ohio that will affect estate planning. You should review the new requirements annually to see if they affect your estate plan. There are several key changes in legislation that are expected to take place.
In recent decades, there has been an increasing use of technology to create, store and share legal documents. Electronic wills are being created and distributed as valid forms of estate planning. In various states, courts have had to authorize the validity of web-based wills and estate documents. Although electronic wills are not accepted in all courts, more legal jurisdictions are accepting this document format.
In Ohio, a will must be in writing to be valid, which includes one that is electronically written on a computer. However, a digital copy of a will is not permitted in court. The Uniform Electronic Wills Act was created in 2019 to allow the electronic execution of a will and has been adopted by numerous states.
The right of publicity
State law has extended the right of publicity to beyond a person’s death. This means that no one is allowed to use, exploit and profit from a person’s name, image or likeness during life or death.
Gift and estate tax increase
Starting in 2022, the gift and estate tax exemption will increase to $12.06 million per person. A married couple is allowed to spend a maximum of $24.12 million without paying a tax.
Prepare for the new year’s changes
Everyone has a unique approach to planning their estate. However, new tax and estate laws are being passed every year. Any law can change the way that you plan to execute your will, choose your beneficiaries or complete any other task for your estate plan.