Estate Planning In Ohio
Did you know that if you pass away without an estate plan, you will have died “intestate?” That means the state of Ohio will choose what happens to your assets. Even worse, if you are a parent of minor children, the state will determine who will become their guardian. Instead of letting the state of Ohio make these important choices for you, contact a Central and Southeast Ohio estate planning lawyer.
Jarvis Law Office understands that estate planning isn’t the most comfortable topic, and we make the process as painless as possible. Once our Ohio estate planning lawyer finishes, you will feel a sense of relief. It’s much easier to face the future when your estate plan is in place.
What’s Involved In An Estate Plan?
Our Ohio estate planning lawyer will customize the service for you. Common components include:
- Healthcare directives
- Powers of attorney
- Living wills
- Incapacity planning
Your estate plan will protect you today and in the future. Contact an estate planning attorney today for more information.
Wills And Trusts
Regardless of the size of your estate, your attorney might recommend that you draft both a will and a trust. A will allows you to outline your intentions for your estate when you pass away. This includes who will receive your assets and care for your minor children. Your will must pass through probate before your beneficiaries receive the assets. Because wills are only valid when you pass away, you can modify or revoke the document at any time. Your Ohio estate planning attorney can help you draft a new will or update an existing one if you wish.
A trust also allows you to choose who will receive your property after you pass away. Trusts have various benefits, including privacy. Unlike wills, they don’t go through probate, so your assets don’t have to become a matter of public record. There are numerous types of trusts that serve different purposes, including the ability to protect your assets from the extraordinary cost of long term care or to shield assets from creditors. Your estate & elder care planning attorney can advise you on the type of trust you need, if applicable.
Healthcare Power Of Attorney
Your Ohio estate planning attorney will also help you draft a healthcare power of attorney. You can choose a person who will make decisions for you if you’re unable to do so. Then, that person will act on your behalf if you become incapacitated.
It’s important to draft a healthcare power of attorney now, even if you’re in good health. Then, if something happens, the paperwork will already be settled, so your family won’t have to petition the court to make decisions.
Also, by creating the document now, you’ll have the power to choose who will step in and make those decisions. You should choose someone that you trust to act in your best interest and honor your wishes.
Support Children With Special Needs
Your Ohio estate planning attorney can also help you care for a child with special needs. Most often, parents set up a special needs trust. Then, children with special needs can receive money & other forms of assistance to supplement their income without losing access to crucial government benefits. You know there’s a fine line between supporting your child and causing him or her to lose these important benefits. Consult with an attorney to ensure your child has ample resources now and in the future.
Do you want to protect and preserve your assets for the next generation? Your Ohio estate planning & elder care lawyer can develop an asset protection strategy for you. This might include forming a business entity, creating a domestic asset protection trust, or drafting custom approach to address your asset protection needs. After reviewing your situation and discussing your goals, the attorney can recommend the best strategies for moving forward.