Estate Planning in Powell, Ohio
Many people don’t know that if they pass away without having an estate plan, it is what’s known as dying “intestate?” That means the state of Ohio determines what happens to your assets. Most troubling is that if you’re a parent of minor children, the state also decides their guardianship. Rather than letting the state of Ohio make these crucial decisions, seek the help of a trusted Powell, Ohio, estate planning attorney.
Jarvis Law Office understands that estate planning isn’t the most comfortable topic, and we make the process as painless as possible. Once our Powell estate planning lawyer finishes, you will feel a sense of relief. It’s much easier to face the future when your estate plan is in place.
What’s Involved In An Estate Plan?
Our Powell, 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
Regardless of your estate’s scale, your lawyer might propose that you draft both a will and a trust. A will enables you to plan your estate’s distribution after your death, including who will inherit your assets and care for your minor kids. Your will must be probated before your beneficiaries can claim your assets. Since wills are only applicable after your death, you can alter or revoke them at any time. Your Powell, Ohio, estate planning attorney can assist you in writing a fresh will or updating an existing 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 don’t go through probate, so your assets don’t 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 Powell estate and elder care planning attorney can advise you on the type of trust you need, if applicable.
Healthcare Power Of Attorney
Your estate planning attorney in Powell, Ohio, can assist you in drafting a healthcare power of attorney. You are allowed to assign someone to make decisions for you if you can’t. This person will act on your behalf if you become incapacitated.
It’s crucial to have a healthcare power of attorney ready now, even if you’re currently healthy. In case anything happens, all the paperwork will be settled, preventing your family from having to petition the court for decision-making power.
Also, creating this document now lets you name your decision-makers and beneficiaries. Choose someone you trust to act in your best interest and respect your wishes when selecting who will take over decision-making.
Support Children With Special Needs
Your estate planning lawyer in Powell, Ohio, can aid in providing for a child with special needs. Parents often set up a special needs trust. This means children with special needs can receive financial contributions and other forms of help without losing access to essential governmental benefits. There’s a fine line between supporting your child and unintentionally causing the loss of these vital benefits. Consult with an estate planning lawyer in Powell to ensure that your child has sufficient resources for now and in the future.
Asset Protection
Wishing to shield your assets for your heirs? The estate planning and elder care lawyers in Powell, Ohio, can help you devise an asset protection strategy. This could mean establishing a business entity, creating a domestic asset protection trust, or tailoring a strategy to suit your specific asset protection needs. After a thorough review of your situation and discussing your goals, the attorney can recommend the most beneficial strategies for future steps.
