The importance of proper estate planning cannot be overstated. Without a well-crafted estate plan, not only will you likely have no say in what happens to your remaining assets, but you will not be effectively protected in your most vulnerable years.
It is never too early to begin the estate planning process. Our Lorain estate planning attorneys have helped create personalized plans for many clients throughout Northeast Ohio. We can help you create the fully customized estate plan that best protects your unique needs and that is also flexible so as to allow for needed changes in the future.
An Ohio Living Will Declaration
Using an Ohio Living Will Declaration, you can provide specific instructions for what should happen to you in the event that you become incapacitated. More specifically, this document should be used to detail the extent to which you want to be placed on life support and other types of advanced medical care in the event you become terminally ill or permanently unconscious. If you want input on this important issue, you must complete this document.
Healthcare Power of Attorney
A healthcare power of attorney is another estate planning tool that is used to protect your long-term medical care. This power should be given to another trusted person, who will then become responsible for your medical decisions if you are unable to make them on your own. To be clear, if there is a conflict, a Living Will Declaration always overrides the decisions made by the person who has your healthcare power of attorney.
Durable Power of Attorney
A Durable Power of Attorney is a financial and legal power that you should give to another person. Once again, this power becomes active if you become incapacitated. Setting up a Power of Attorney is extremely important because it gives another trusted party the ability to handle your finances and legal issues. If you do not set this up, serious confusion and disputes can arise.
A Last Will and Testament
Last, but certainly not least, you should create a Last Will and Testament. This legal document, which should conform to all of the requirements of Ohio state law, will help you pass on your assets to your heirs. You must designate a responsible party as the executor of your estate, and then that party will be responsible for estate administration and taking your will through the probate process. If you pass away without a will, then you are unlikely to have any say in what happens to the assets you leave behind.
At Kryszak & Associates, Co., LPA, our Lorain estate planning lawyers can help you craft a fully customized plan that properly protects the best interests of you and your family. To set up a confidential review of your case today, please call our offices at 440-934-5330 or 1-888-934-5330.