Creating an estate plan is one of the best things that you can do for yourself and your loved ones. Drafting an estate plan ensures that your final wishes are adhered to regarding the distribution of your estate and that your heirs are provided for after you are gone. In the Bay Village area, the highly qualified estate planning attorneys at Kryszak & Associates have helped many clients with their estate planning needs and can help you provide and protect your family after you are gone. To learn more about estate planning from an Ohio legal expert, call or contact our office today to schedule a free consultation.
A comprehensive estate plan can ensure that your legal, financial, medical, and inheritance wishes are adhered to in the final stage of your life and beyond. While most people just think of a will when they consider creating an estate plan, there are many instruments that can protect you and your estate. Some of the most common estate planning documents our attorneys help craft for our Bay Village clients include the following:
A will is a document that dictates your wishes for the distribution of your estate after your passing. It includes all assets in your estate, including real estate, cars, jewelry, collectibles, family heirlooms, clothing, and all other personal property that belongs to you. Your will dictates how these items will be distributed among your heirs and names an executor to distribute the estate after you are gone.
A power of attorney form names a person to make all legal and financial decisions on your behalf if you become disabled or otherwise unable to communicate your wishes. You should only name someone whom you trust completely as your power of attorney as this person will have complete authority over your bank accounts, investments, and other financial tools. A power of attorney form is incredibly helpful for clients who have concerns about dementia in their elder years or are routinely away and cannot make decisions about their estate on a regular basis.
A living will is an instrument that explains your desires for all medical decisions and treatments. This document is provided to doctors, hospitals, and other healthcare providers in situations in which you are not able to communicate your medical wishes on your own. A living will can include what medical procedures you do and do not want, treatments, medications, resuscitation forms, and other specific requests regarding your medical care.
A health care proxy is similar to a power of attorney, except that this person has the authority to make healthcare decisions on your behalf if you are not able to. If you also have a living will, your health care proxy is obliged to follow the directives in that document. Otherwise, he or she is allowed to make medical decisions believed are in your best interest.
If you would like to speak with an experienced Bay Village estate planning attorney today, call the office or contact us at Kryszak & Associates now to schedule a free evaluation of your estate planning needs.