North Ridgeville Estate Planning Lawyers
Most people, especially those who own property and have a spouse or children, could benefit from the creation of an estate plan. At the law offices of Kryszak & Associates, Co., LPA, we know that you may have many questions about planning for the future. Our legal team is here to provide you with the competent answers you’re looking for, and help you to create an estate plan that works for you and provides for your family.
Important Documents in an Estate Plan
When you work with our North Ridgeville estate planning lawyers, we’ll work hard to make sure your estate plan is comprehensive. Important elements that we think should be included in all estate plans include:
- Will. Your will is used to make decisions about how you want your estate handled upon your death, including how you wish for your property to be distributed amongst your beneficiaries. A will can also be used to name a guardian for any minor children that you have. Keep in mind that a will, and assets named within a will, must still pass through the probate process.
- Living will. Not to be confused with a last will and testament, a living will, also called an advanced directive, is used to spell out your wishes for end-of-life care. For example, a living will may address whether or not you wish to be put on life support, preferences in regards to palliative care, and more. As found in Ohio code, in order for a living will to be valid, it must be created by an adult who is of sound mind, be signed and dated, and be signed in the presence of a witness.
- Power of attorney. There are both financial and healthcare power of attorney documents, both of which should be part of your estate plan. These documents allow for another person, of your choosing, to take over and act on your behalf should become incapacitated and unable to do so. For example, if your power of attorney is your spouse, your spouse could make decisions about the type of medical care you receive if you could not communicate your wishes.
- Trust. A trust is a type of financial arrangement in which assets in a trust are managed by a trustee, who is responsible for carrying out the terms of the trust and distributing assets to beneficiaries. There are many different types of trusts, each of which offers unique benefits. For example, trusts can be used to mitigate taxes and avoid probate.
Create Your Estate Plan Today
If you do not already have an estate plan in place, you should not delay in creating one. A good estate plan ensures that your loved ones are provided for, and that your wishes are carried out when you are no longer around or able to communicate your preferences. An estate plan can be amended at any time, but creating one now offers peace of mind.
To learn more about creating an estate plan in North Ridgeville, call our estate planning attorneys today, or send us a message online.