Estate Planning

Last Will and Testament

Preparing your last will and testament is an important step in planning the distribution of your estate (assets including real and personal property) following your death.

Drafting a will allows for you children, your spouse, other family members, and pets to be provided for after your death.

If you do not have a valid will, Ohio law determines how your assets will be distributed upon your death, and the law may not distribute your assets in the manner you wish. Individuals and families experiencing life changing circumstances, such as divorce, marriage, or the birth of children, should bear this in mind. For instance, Ohio law provides that, in the absence of a will specifying otherwise, the assets of a married person are distributed entirely to his or her surviving spouse. If this person is going through a divorce and/or wants to ensure his or her children or someone other than his or her spouse receives assets, a will is necessary to accomplish this goal.

Furthermore, Ohio law requires that certain formalities be followed in order for a will to be valid and enforceable.

Our Firm will help you to prepare a valid will recognized by Ohio law. We understand the many considerations you have when you prepare a will, and will make sure your will is prepared so that your wishes are fully honored.

A Living Will

A living will is different than a will. A living will is a document that allows you to establish, in advance, the type of medical care you would want to receive if you become permanently unconscious, or if you were to become terminally ill and unable to tell your physician or family what kind of life-sustaining treatments you want to receive. In addition a living will allows you to specify your wishes regarding anatomical gifts (organ and tissue donation).
A living will is used only in situations where you are unable to tell your physician what kind of health care services you want to receive. Before your living will goes into effect, you either must be: (1) terminally ill and unable to tell your physician your wishes regarding health-care services; or (2) permanently unconscious. To be considered permanently unconscious, two physicians (one of whom must be a medical specialist in an appropriate field) must decide that you have no reasonable possibility of regaining consciousness.

Regardless of your condition, if you are able to speak and tell your physician your wishes about life-prolonging treatments, then the living will wouldn’t be used -- your physician would just talk directly with you about your wishes.

We care and respect each individual’s choices with respect to his or her end-of-life care. Our Firm will help you understand the paperwork associated with a Living Will so that you can make informed choices about your end-of-life care. And, we will explain the choices clearly and concisely so that you can understand and make the right choices for yourself.

Power of Attorney

A “power of attorney” is a legal document that authorizes another person to act on behalf of a person. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time. In Ohio, there are laws that define several kinds of legal documents by which a person may name other people to speak for them, including health care decisions and guardianship.

A power of attorney is an important document to execute so that your wishes about your health care and end -of- life care be followed.

Trusts

A trust exists when one person gives property to another person to hold and manage for one or more other persons. Under the Ohio Trust Code, a revocable trust (sometimes also known as a "living trust") is a trust that the grantor can change or revoke during his or her lifetime. Through the terms of the revocable trust, the grantor keeps all the benefits of any property placed into it for the rest of his or her life. The grantor also can be the trustee, but the grantor's spouse or a trust company also often serves as trustee. A revocable trust can be funded with any property such as bank and brokerage accounts, stocks and bonds, a home and other real estate. Some revocable trusts may not be funded initially, but rather at a later time or at the grantor's death. An attorney can help advise when a trust should be funded and with what property. The terms of a trust are described in writing in a document often called the declaration of trust or trust agreement. This document is signed by both the grantor and the trustee.

You may wish to create a revocable trust to accomplish one or more purposes. First, you may wish to fund a revocable trust in order to avoid probate. If you, acting as a grantor, register your property in the name of the trustee of a revocable trust, that property generally is neither probate property nor subject to the jurisdiction of the probate court after you die. Second, a trust can provide estate management for your family after your death. Finally, you may wish to create a trust to reduce or defer estate taxes.

Our Firm will help you to evaluate whether a trust is right for you and your family. We understand that each person’s circumstances are unique and must be carefully evaluated when deciding whether to form a trust. We will make sure you understand all of your options and assist you in choosing the estate planning options that best suit your needs.

Probate

When an Ohio resident dies owning probate property, a legal proceeding called probate is begun (1) to determine the last valid will of the decedent, if any; (2) to determine the nature, extent and value of the decedent's assets that are subject to probate; (3) to establish the valid debts of the decedent; and (4) to establish the method of distribution of the assets to the heirs or beneficiaries of the decedent after payment of applicable debts, taxes and expenses. This legal proceeding can take as little as a few months and as long as several years. Many different factors account for the length, expense and complication of the probate process.

Our Firm can evaluate your particular circumstances and assist you planning for efficient ways to minimize the probate process of your estate.