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What everyone should know about estate planning and making sure your final wishes are carried out.

By: Lisa A. Wafer, Attorney at Law with Saia & Piatt, Inc.

Have you ever thought about getting your Will done, but you were not sure where to start?

“What documents do I need? A Will?A Living Will? What’s the difference?”

So, it all became too confusing and you just put it off…again.

Although you must consider many factors when formalizing your final wishes, this does not have to be a daunting task. This article explains the functions of some of the basic estate planning documents so that you can understand where to start, and what you need to think about before finalizing your Will.

Last Will and Testament

Your Last Will and Testament is the document that dictates how your estate (assets including real and personal property) will be distributed 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.

Ohio law requires that certain formalities be followed in order for a Will to be valid and enforceable. The Will must be signed by two people who are not receiving bequests under the Will.

A Testamentary Trust

A Testamentary Trust converts your assets into a trust fund for the benefit of minor children who survive you. This is a secure way to ensure your minor children are provided for. You can also designate that certain portions of the trust not be distributed to minor children until they reach older age, such as 25, so that they do not squander the money at an immature age.

A Testamentary Trust is a good estate planning tool for young families and people with minor children.

A Living Will

A Living Will is different than a Will. A Living Will is the 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.

Power of Attorney

A Power of Attorney assigns someone you trust to handle your affairs if you become unable to do so. The Power of Attorney allows you to appoint someone to do as much or as little as you would like while you are living, but incapacitated, such as managing your checkbook, paying bills, etc.