Estate Planning in Lancaster, Ohio
Are you aware that if you die without having established a solid estate plan, itโs considered dying โintestate?โ This means the state of Ohio will dictate what happens to your assets. Even more troubling is that if youโre a parent of minors, the state will decide their guardian. Donโt let the state make these crucial choices for you, contact a reliable and knowledgeable estate planning attorney in Lancaster, Ohio.
Jarvis Law Office understands that estate planning isnโt the most comfortable topic, and we make the process as painless as possible. Once our Lancaster estate planning lawyer finishes, you will feel a sense of relief. Itโs much easier to face the future when your estate plan is in place.
Whatโs Involved In An Estate Plan?
Our Lancaster, Ohio, estate planning lawyer will customize your service. Common components include:
- Wills
- Trusts
- Healthcare directives
- Powers of attorney
- Living wills
- Guardianship
- Incapacity planning
- Probate administration
Your estate plan will protect you today and in the future. Contact an estate planning attorney today for more information.
Wills And Trusts
No matter how big or small your estate is, your lawyer may suggest preparing both a will and a trust. A will offers a roadmap for your estate after your death, outlining who gets your assets and who looks after your dependent children. Your will must undergo probate before your heirs can inherit your assets. Wills are only activated upon your death, so you can adjust or nullify them whenever you choose. Your Lancaster, Ohio, estate planning attorney stands ready to help you compose a new will or revise an old one.
A trust also lets you choose who will receive your property after you pass away and how they receive their inheritance. Trusts have various benefits, including privacy. Unlike wills, they donโt go through probate, so your assets donโt have to become a matter of public record. Numerous types of trusts serve different purposes, including the ability to protect your assets from the extraordinary cost of long-term care or to shield assets from creditors. Your Lancaster estate and elder care planning attorney can advise you on the type of trust you need, if applicable.
Healthcare Power Of Attorney
Your Lancaster, Ohio, estate planning lawyer will also facilitate the creation of a healthcare power of attorney. This document allows you to designate someone who will make decisions on your behalf if youโre unable to do so. This person will then act for you if you become incapacitated.
Itโs important to draft a healthcare power of attorney now, even if youโre in good health. Then, if something unexpected occurs, all the legal paperwork will have been taken care of, sparing your family from having to seek court intervention for decision-making authority.
By drafting this document now, you can name decision-makers and beneficiaries. When choosing who will assume decision-making, select someone you trust to act in your best interest and honor your wishes.
Support Children With Special Needs
A Lancaster, Ohio, estate planning attorney can assist you in taking care of a child with special needs. Most commonly, parents form a special needs trust. As such, children with special needs can obtain financial help and other types of assistance without losing out on key government benefits. Itโs a fine balance between assisting your child and inadvertently causing them to forfeit these valuable benefits. Seek guidance from a Lancaster estate planning attorney to ensure your child is well-equipped now and in the future.
Asset Protection
Interested in safeguarding your assets for the succeeding generation? Your estate planning and elder care lawyers in Lancaster, Ohio, can map out an asset protection plan for you. This might involve setting up a business entity, putting together a domestic asset protection trust, or drafting a tailored approach to cater to your asset protection needs. After examining your situation and talking through your objectives, the attorney can suggest the most appropriate strategies for moving ahead.