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Estate Planning
The Basics
What is estate planning? Estate planning is defining your goals for you and your family, in times of disability or death, and then having an attorney execute your plan, so that your goals and your dreams are accomplished. As a member of Wealth Counsel, this firm as access to specialized education in this area of law as well as a network of attorneys that have practiced this law for many decades.
Last Will and Testament, a "Will" is the most common and well known document of estate planning. Wills are very relevant today and are an important tool in all estate plans. Your Will determines where all of your assets go upon your passing.
A Durable Power of Attorney is another well known tool. This document allows you to nominate someone to manage your assets for you. It can be designed to happen immediately or upon incapacity. Under Ohio's most recent law, you may also nominate who you would like to serve as your guardian upon incapacity.
Health Care Power of Attorney allows you to nominate who you would like to make health care related decisions when you aren't able to make them for yourself.
A Living Will allows you to tell your physicians and loved ones that you do not want to be on life support.
A Revocable Living Trust has become a very popular tool over the past decade. These trusts allow many people to maintain privacy in their estate by avoiding probate. They also allow for more control of the grantor (you) over how and when beneficiaries receive the fruits of your labor.
There are many other types of trusts that your research may turn up:
- Pet Trusts;
- A/B Trusts;
- Marital Trust;
- Bypass Trust;
- Special Needs Trust;
- Gun Trust; and
- Charitable Remainder Trust.
Feel free to ask how these types of trusts can work for you
Black's Law Dictionary, definition of Law