Estate Planning Attorney Lorain
Estate planning serves several functions. While most consider it an end-of-life investment in the future of their family, estate planning safeguards your interests while you are still alive. This leaves some folks believing that they do not need to worry about their estate plan until they are of retirement age. Nothing could be further from the truth. Not only is it impossible to predict the future, but having a functioning estate plan in place provides several other benefits as well. We will discuss how Lorain residents should approach their estate plan with our attorneys.
Helping Lorain residents establish their estate plan
Every estate plan begins with the four core estate planning documents. Our role as your attorney is to review your finances, assets, and discuss your wishes to help you craft an individually-suited estate plan that meets all of your needs.
- Last will and testament – Also known as just a will, the last will and testament is a legal document providing instructions on the distribution of your assets after you pass. It further determines who will be the executor of your estate. Those who pass without a will have their assets distributed according to an algorithm determined by the State of Ohio. A last will and testament can provide further instructions on executing a trust. Even those who hold assets in trusts, however, will need a last will and testament.
- Durable (financial) power of attorney – When you give someone power of attorney, they have the authority to make financial decisions on your behalf. This includes paying bills, making financial decisions, and making legal decisions on your behalf. If you become incapacitated, you will want to establish someone who is authorized to make decisions for you. Spouses and adult children are likely candidates.
- Living will – A living will establishes what sorts of medical interventions you do or do not authorize under specific situations. As an example, a living will generally dictates whether the use of artificial life support should be used to keep you breathing when you cannot do so on your own. A modern use of the living will also address psychiatric interventions.
- Health care power of attorney – Living wills establish your desires in writing. However, if you want to place a close relative in the position of making health care decisions on your behalf, you have to do so in writing. A health care power of attorney is authorized to make medical decisions on your behalf. They cannot, however, override a living will.
Find a Lorain, OH Estate Planning Attorney Today
Today, estate planning is more than just the four core estate planning documents. It involves the use of trusts which have tax benefits for the living, and make distribution of assets easier after you pass. Call Kryszak Law Firm, Co., LPA today to schedule an appointment and discuss your needs in greater detail.