Every October, we’re reminded that some of the scariest stories aren’t about ghosts or haunted houses. Instead, they’re about real families caught in legal and financial nightmares. At Deliberato Law Center, we’ve seen firsthand how simple oversights in estate planning can create lasting stress, conflict, and unnecessary expenses for families. These real-life estate planning horror stories highlight why working with an experienced attorney is essential, especially when it comes to estate planning in Ohio.
The Home That Wouldn’t Sell
A family once used a Transfer on Death (TOD) affidavit to leave their home to six children. Unfortunately, one child’s spouse refused to sign the affidavit. In Ohio, because of dower rights, a spouse must sign to release any potential interest in real estate, even if the property isn’t in their name. Without that signature, the home couldn’t be sold. What was meant to be a smooth transfer turned into a three-year ordeal filled with maintenance costs, property taxes, and ultimately litigation. This is a perfect example of how a missing detail in an estate plan can lead to unnecessary delays and expenses. The lesson: Real estate transfers in Ohio are extremely complex. Always consult an estate planning attorney to ensure all legal requirements are met before relying on a TOD affidavit.
The Risky Joint Account
Another common mistake involves adding someone as a joint owner on a bank account for convenience. It might seem like an easy way to provide access to funds if something happens, but this decision can expose your assets to someone else’s creditors or lawsuits. In one specific instance, a parent added an adult child to an account to help pay bills. When the child was later sued, the parent’s money was suddenly at risk. What began as a helpful gesture turned into a financial liability. Better options could include using a power of attorney or a payable-on-death (POD) designation, which allows you to maintain control while avoiding these risks.
Costly Missteps
Serving as a successor trustee can be more complicated than it appears. One client attempted to administer a trust without legal guidance, unaware of the specific duties required by Ohio law. Trustees are legally obligated to notify beneficiaries, manage assets, and follow the terms of the trust precisely. Failing to do so can result in personal liability. In this case, the trustee’s good intentions led to significant errors and personal risk. Working with an attorney from the beginning could have prevented costly mistakes and ensured the trust was administered correctly.
Don’t Let These Stories Happen to You!
Estate planning is an area where “do it yourself” approaches often lead to unfortunate results that are often difficult to remedy. The good news is that these outcomes are entirely avoidable with proper legal guidance. If you want to protect your family from unnecessary stress and expenses, contact Deliberato Law Center today. Our team can help you create a plan that ensures your wishes are carried out without any unpleasant surprises. Give us a call today at (216) 341-3413 or fill out the form below to find out more.
