Estate Planning
Whether you realize it or not, all Ohioans have an estate plan. Either one you create, or one that the state creates for you. Estate planning is more than just a will. Done right, you can organize your assets to help avoid family fights, avoid costly court fees, and give your family a clear plan for your medical decisions if you are incapacitated or near the end of your life. The attorneys at Alexander, Wagner & Kinman will work with you to create the plan that is best for you.
Will
Generally speaking, a will is a legal document that coordinates the distribution of your assets after death and can appoint guardians for minor children. A will is important to have, as it allows you to communicate your wishes clearly and precisely. While having a will is important, an effective estate plan also consists of other important documents.
Living Will
A living will declaration is a legal document that states your instructions about the use of life-sustaining treatment if you become terminally ill or permanently unconscious. A living will:
Health Care Power of Attorney
A health care power of attorney is a legal document authorizing a person you trust to make health care decisions with or for you.
Financial Power of Attorney
Different than a health care power of attorney; generally, a financial power of attorney gives one person certain rights to act on another’s behalf.
Revocable ("Living") Trust
We can help you determine if a trust is right for you. Probate avoidance is one major purpose for creating a trust; however, others include privacy, more efficient administration of your affairs after death, ongoing financial management of trust property, and ultimate disposition of the balance of trust property.
To discuss the plan that is right for you, contact the experienced attorneys at Alexander, Wagner & Kinman for a free consultation.
This information is intended to provide broad, general information about the law and is not intended to be legal advice. Before applying this information to a specific legal problem, readers are urged to seek advice from a licensed attorney.
Whether you realize it or not, all Ohioans have an estate plan. Either one you create, or one that the state creates for you. Estate planning is more than just a will. Done right, you can organize your assets to help avoid family fights, avoid costly court fees, and give your family a clear plan for your medical decisions if you are incapacitated or near the end of your life. The attorneys at Alexander, Wagner & Kinman will work with you to create the plan that is best for you.
Will
Generally speaking, a will is a legal document that coordinates the distribution of your assets after death and can appoint guardians for minor children. A will is important to have, as it allows you to communicate your wishes clearly and precisely. While having a will is important, an effective estate plan also consists of other important documents.
Living Will
A living will declaration is a legal document that states your instructions about the use of life-sustaining treatment if you become terminally ill or permanently unconscious. A living will:
- becomes effective only when you are unable to communicate your wishes and are permanently unconscious or terminally ill;
- says whether you want life-support technology to be used or not to be used;
- authorizes doctors to follow your instructions about the medical treatment you want if you become terminally ill or permanently unconscious;
- can be changed or revoked by you at any time, but cannot be changed or revoked by anyone else; and,
- specifies under what conditions you would want artificial feeding and fluids to be withheld.
Health Care Power of Attorney
A health care power of attorney is a legal document authorizing a person you trust to make health care decisions with or for you.
- For example, your agent could make decisions regarding surgery, physical therapy, medications or nursing home care.
Financial Power of Attorney
Different than a health care power of attorney; generally, a financial power of attorney gives one person certain rights to act on another’s behalf.
- For example, if your ailing aunt gives you her financial power of attorney, you can act on her behalf to take care of her financial matters while she is ill.
Revocable ("Living") Trust
We can help you determine if a trust is right for you. Probate avoidance is one major purpose for creating a trust; however, others include privacy, more efficient administration of your affairs after death, ongoing financial management of trust property, and ultimate disposition of the balance of trust property.
- Trust property can include cash, stocks, bonds, real estate, CDs, brokerage accounts, insurance policies and personal property. By transferring property to a trust, you convert “probate” property (governed by your will) to trust property (governed by the trust).
- For example, trusts are often created by parents for the benefit of their children. The trustee has discretion to pay the children’s college expenses and, if funds remain, pay the balance to the children as they mature.
To discuss the plan that is right for you, contact the experienced attorneys at Alexander, Wagner & Kinman for a free consultation.
This information is intended to provide broad, general information about the law and is not intended to be legal advice. Before applying this information to a specific legal problem, readers are urged to seek advice from a licensed attorney.
