There is a common misconception that estate planning is only for the extremely wealthy. In reality, most people and their loved ones will benefit from having a plan in place. You can ensure your final wishes are respected and take the steps necessary to care for those you love. Let the Law Offices of Christopher R. Orr help you with this critical process.
The Importance of a Will
A will is a foundational building block of most estate plans. It outlines a variety of your final wishes, including who will inherit your assets or care for your minor children after you are gone. Even when you have a trust, a will is an important tool to ensure your wishes are followed in unexpected circumstances.
Without a valid will, Ohio law determines how property is divided through something known as intestate succession. This is not ideal for many, as it frequently leaves out close friends, unmarried partners, or charitable causes you may have wanted to support. Creating a will ensures that your wishes are respected.
Understanding Trusts
Like wills, trusts are a common estate planning tool. When you formally transfer legal ownership of your property to these entities, you could enjoy certain benefits, including a reduced tax burden and protection from long-term care spenddowns. There are many different types of trusts, and the legal, administrative, and tax issues involved can feel overwhelming. Our attorneys can help you find the right option and work with you to ensure these instruments are built properly for your situation.
A revocable living trust allows you to retain control over your property during your lifetime while setting up a plan for how it should be managed after your death. Other types, such as special needs or pet trusts, can protect beneficiaries or address specific important elements for you and your family. There are many benefits to using a trust, including avoiding probate, keeping private matters out of the public record, and reducing the cost of distributing your estate.
Powers of Attorney and Healthcare Directives
One of the most important benefits of estate planning is preparing for the possibility that you may one day be unable to make decisions on your own. A financial power of attorney gives someone you trust the legal authority to manage your affairs when you choose, whether that is right away or only if you become incapacitated. This includes paying bills, managing investments, or handling real estate matters on your behalf. Without this document, your family may have to go through a lengthy guardianship process to gain control over your finances.
Planning for your medical decision-making when you are incapacitated is also vital. A healthcare power of attorney is a legal document that names someone to speak on your behalf when you cannot. They are given the authority to make decisions in your place, and the document can provide them with clear guidelines for communicating your wishes. They can also prevent disagreements among family members during stressful times by offering a clear picture of your final wishes. Properly executed directives provide control of your life when it matters the most.
Estate & Trust Administration
After a person passes away, the estate must often go through a process known as probate, during which debts are settled and assets distributed. When a person with a trust passes, the trust is able to be administered and assets transferred outside of probate.
Having a comprehensive estate plan simplifies this process for your loved ones. When you put the appropriate plan in place, you can simplify the probate process for your heirs.
Planning for Peace of Mind
More than anything, a strong estate plan offers you peace of mind. Reach out to the Law Offices of Christopher R. Orr as soon as possible to learn how we can help.