Creating an estate plan can be beneficial both for you and for your loved ones who will inherit your estate when you pass away. Not only does an estate plan make clear the final wishes for the assets of your estate, but it can also solidify decisions for your care as you enter your twilight years. An estate plan can create peace of mind, eliminate surprises in inheritance, and establish responsibilities among your heirs. For more information about creating an estate plan in the Medina, Ohio area, speak with an experienced estate planning attorney at Kryszak & Associates today.
The document that most people think of when they consider an estate plan is a final will and testament. However, there are multiple items that go into a comprehensive estate plan that will ensure that all of your final wishes are upheld as you enter your final stage in life and beyond. Some of the most common components of an estate plan in Ohio are the following:
A last will and testament is a document that dictates who inherits your assets after you pass away. This includes all real and personal property of your estate, including any homes, jewelry, cars, art, furniture, collectibles, bank accounts, retirement accounts, and more. The executor of the estate, who will manage the administration of the estate after you pass, is also named in a will.
A power of attorney form is a powerful document that gives another person the ability to make legal and financial decisions on your behalf if you become unable to do so due to a disability or another situation that leaves you unable to communicate those choices. It is important that you only name someone that you trust completely to serve as a power of attorney over your affairs.
A living will is a document that lists all of your medical decisions in case a scenario occurs in which you are unable to communicate those choices due to injury, illness, or other disability. This can include medications you do or do not want, treatments, procedures, life support, and more. A healthcare provider is bound by the decisions for your care as dictated by a living will.
A healthcare proxy is similar to a power of attorney, but this person is responsible for making your healthcare decisions if you are unable to do so yourself. If you have a living will, the healthcare proxy is bound by those decisions, and this person can be the same or different than the person named as power of attorney. If no living will exist, the healthcare proxy will make decisions believed to be in your best interest for your health and well-being.
While no one likes to contemplate their mortality, creating an estate plan is one of the best things that you can do for yourself and your family. Call the office or contact us today at Kryszak & Associates to schedule a consultation in the Medina, Ohio area with a knowledgeable estate planning attorney who can discuss how best to create an estate plan that fits your specific needs.