Why Estate Planning is Important for Everyone
Even if you’re not wealthy, estate planning is important. We don’t like to think about it, but everyone faces the possibility of serious illness and even death. In order to protect your loved ones and yourself, you need several important legal documents in place. Having these documents before you need them lies at the heart of what estate planning {“type”:”block”,”srcClientIds”:[“83c76020-5b3a-48ae-b02c-1204ca71192e”],”srcRootClientId”:””}involves.
When a loved one gets sick or passes away, there are many decisions that need to be made, and these decisions have real financial consequences.
How an Ohio estate planning attorney can help.
An Ohio estate planning attorney can help ease these difficult times. They make sure you have the needed legal documents in place to make sure that your desires are met in the event you can’t make decisions for yourself.
An estate planning lawyer (sometimes called a probate law attorney), can help you get all of the following legal documents in place to protect you, your family, and your assets.
- Trust – a trust is a complicated document allowing one person to control and protect assets for someone is often vulnerable; there are many purposes for trusts, but they can do the following:
- Avoid probate: allow your loved ones to receive assets quickly and cheaply after you die without the expense and publicity of going to probate court
- Protect younger people: trusts can be set up to protect young adults or disable persons so that they can use money with a safe guiding hand;
- Protect people who disabled so that they can receive public benefits and still have access to other funds for allowable purposes
- Last Will and Testament: this type of will (not to be confused with a Living Will) directs the transfer of assets to heirs after someone dies. Although assets transferred via this will are supervised by the probate court, it is a necessary document to ensure that your assets and money are passed on to the people about whom you care.
- Durable Power of Attorney: when you are sick and unable to manage your finances, this document gives a loved one the ability to manage your money, pay your bills, and make sure you do not lose a home or car because you in the hospital.
- Health Care Power of Attorney: Sometimes you are so sick that you cannot give your doctors directions on how to provide your care. This document gives that power to someone you trust.
- Living Will: Unlike the Last Will and Testament, this document allows people you trust to make end-of-life decisions for you when you cannot.
- Payable on Death or Transfer on Death: these documents are an inexpensive way to directly transfer assets to your loved ones when you pass away. They avoid probate and are sometimes an affordable and simple solution to ensuring that your assets are given to those about whom you care.
When is the best time to contact an estate planning attorney?
The best time to seek out the help of an experienced probate law attorney is as soon as possible. Even if you’re young and healthy, the peace of mind you’ll gain knowing you’ve taken the necessary steps to protect your loved ones is priceless.
Our Ohio probate law office is here to help.
Every family situation is unique and deserves a custom legal approach. Integrity Law has been helping families in the Cleveland, Ohio area for over 20 years to protect themselves and their families. We’ll listen to your situation and offer the best legal solutions to meet your immediate and future goals. Call our office for a free consultation to start your estate planning today.
