Building an estate plan means deciding who will receive your art collection, who will make your end-of-life decisions, who will care for your children, which portions of your estate will be liquidated, and which portions will be held in trust.
Your estate plan can also mean assigning people you trust to make key decisions. The people who receive those designations will take on an enormous amount of responsibility, which makes the choices and designations you make critically important.
When you are ready to make these decisions that will impact the rest of your life and help shape the future of your family after your death, a Cincinnati estate planning lawyer can be an advocate for you. Contact the client intake team at Bressman Law by calling (877) 538-1116 today.
Determine if You Should Create a Will and Estate Plan
Ohio Revised Code Section 2107.02 defines who is eligible to create a Will. It states that “a person who is eighteen years of age or older, of sound mind and memory, and not under restraint may make a Will.”
You should understand the difference between a Will and an estate plan. An estate plan is a much more comprehensive document than a traditional will and can actually lead to the creation of two different types of Wills—a Will and a Living Will.
- Will – A legally binding document that allows you to name the recipients of your property and assets after your death. A Will also designates someone you trust to oversee the distribution of your estate in accordance with your final wishes detailed in the document.
- Living Will – A legally binding document that lets you choose someone you trust to make decisions concerning your healthcare when you are no longer able to do so for yourself. It is important to designate this responsibility carefully to ensure the person you select adheres to your wishes.
When you are ready to start preparing these two documents that can form the foundation of your estate plan, contact the team at Bressman Law. Call (877) 538-1116 to reach an estate planning team member today.
For a free legal consultation with a estate planning lawyer serving Cincinnati, call (877) 538-1116
Your Estate Plan Can Contain Two Types of Powers of Attorney
When you start working on your estate plan, your Cincinnati estate planning lawyer might discuss two different powers of attorney you might want to include in your estate plan.
- Power of Attorney – A legal document that gives someone you trust the ability to designate decision-making powers on your behalf. The authority this person is given can be ended either by your decision to revoke power of attorney or upon your death.
- Durable Power of Attorney – A type of power of attorney that retains its validity if you become physically or mentally incapable of making decisions for yourself. This is a designation that should be made carefully and discussed and shared with the lawyer who helps you create your estate plan.
These types of powers of attorney can have great influence over your future. A Cincinnati estate planning lawyer can help you understand all the working parts of your estate plan, including these two critical designations.
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The Role of Guardianship in Your Estate Plan
An important reason for creating an estate plan is to provide for the physical and financial future of the people you care about. If you leave a surviving spouse, minor children, or adult children with physical or cognitive disabilities, guardianship becomes an important part of your estate plan.
The Ohio State Bar Association defines a guardian as someone you designate to oversee the personal and financial affairs of your spouse, children, or other family members who cannot make decisions for themselves. If you die without a will or estate plan in place, the court will step in and make these decisions for you.
An estate plan is a time to have frank conversations with the loved ones your decisions will affect. Consider this designation carefully and discuss the available options with your loved ones and with your lawyer.
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What Happens if You Do Not Create a Will or Estate Plan
If you become terminally ill without an estate plan, decisions about your healthcare and whether or not to offer resuscitative support will be made by someone other than you, which can create an emotional, tense, and difficult struggle for family members.
Called dying intestate, if you die without creating a Will or estate plan, you relinquish the right to distribute your property your way. Ohio Revised Code Section 2105.06 outlines how a person’s property might be distributed. You also leave the care of specific family members in the hands of the probate court.
The property and assets you worked hard for should go to the people you choose. The care of your minor children or special needs adult children should be up to you, not left to strangers.
When you are ready to create an estate plan that ensures everyone’s future, our team is here to help. We serve clients in Cincinnati and the surrounding areas.
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Establish Your Estate Plan Preferences Today
An estate plan is a detailed map of where your property and assets will go upon your death. It can also contain details about your preferences for your future healthcare needs, outline your retirement goals, establish future care for your children, and can help you minimize any tax debt.
A Cincinnati estate planning lawyer can help you create an estate plan that supports your goals, comforts your family, and makes your final wishes clear. When you are ready to cement your estate planning goals, or review or update an existing estate plan, our client care team is available to offer guidance and support. Contact the estate planning team at Bressman Law by calling (877) 538-1116 to start preparing your estate plan today.
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