Considerations For Your Estate Plan
Although you must consider many factors when
formalizing your final wishes, this does not have to
be a daunting task. Click on the links below to view
the functions of some of the basic estate planning
documents so that you can understand where to start,
and what you need to think about before finalizing
your Will.
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Preparing your last will and testament is an important step in planning the
distribution of your estate (assets including real and personal property)
following your death.
Drafting a will allows for you children, your spouse, other family members,
and pets to be provided for after your death.
If you do not have a valid will, Ohio law determines how your assets will be
distributed upon your death, and the law may not distribute your assets in
the manner you wish. Individuals and families experiencing life changing
circumstances, such as divorce, marriage, or the birth of children, should
bear this in mind. For instance, Ohio law provides that, in the absence of a
will specifying otherwise, the assets of a married person are distributed
entirely to his or her surviving spouse. If this person is going through a
divorce and/or wants to ensure his or her children or someone other than his
or her spouse receives assets, a will is necessary to accomplish this goal.
Furthermore, Ohio law requires that certain formalities be followed in order
for a will to be valid and enforceable.
Our Firm will help you to prepare a valid will recognized by Ohio law. We
understand the many considerations you have when you prepare a will, and we
will make sure your will is prepared so that your wishes are fully honored.
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A living will is different than a will. A living will is a
document that allows you to establish, in advance, the type
of medical care you would want to receive if you become
permanently unconscious, or if you were to become terminally
ill and unable to tell your physician or family what kind of
life-sustaining treatments you want to receive. In addition
a living will allows you to specify your wishes regarding
anatomical gifts (organ and tissue donation).
A living will is used only in situations where you are
unable to tell your physician what kind of health care
services you want to receive. Before your living will goes
into effect, you either must be: (1) terminally ill and
unable to tell your physician your wishes regarding
health-care services; or (2) permanently unconscious. To be
considered permanently unconscious, two physicians (one of
whom must be a medical specialist in an appropriate field)
must decide that you have no reasonable possibility of
regaining consciousness.
Regardless of your condition, if you are able to speak and
tell your physician your wishes about life-prolonging
treatments, then the living will wouldn’t be used -- your
physician would just talk directly with you about your
wishes.
We care and respect each individual’s choices with respect
to his or her end-of-life care. Our Firm will help you
understand the paperwork associated with a Living Will so
that you can make informed choices about your end-of-life
care. And, we will explain the choices clearly and concisely
so that you can understand and make the right choices for
yourself.
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A trust exists when one person gives property to another person to hold and
manage for one or more other persons. Under the Ohio Trust Code, a revocable
trust (sometimes also known as a "living trust") is a trust that the grantor
can change or revoke during his or her lifetime. Through the terms of the
revocable trust, the grantor keeps all the benefits of any property placed
into it for the rest of his or her life. The grantor also can be the
trustee, but the grantor's spouse or a trust company also often serves as
trustee. A revocable trust can be funded with any property such as bank and
brokerage accounts, stocks and bonds, a home and other real estate. Some
revocable trusts may not be funded initially, but rather at a later time or
at the grantor's death. An attorney can help advise when a trust should be
funded and with what property. The terms of a trust are described in writing
in a document often called the declaration of trust or trust agreement. This
document is signed by both the grantor and the trustee.
You may wish to create a revocable trust to accomplish one or more purposes.
First, you may wish to fund a revocable trust in order to avoid probate. If
you, acting as a grantor, register your property in the name of the trustee
of a revocable trust, that property generally is neither probate property
nor subject to the jurisdiction of the probate court after you die. Second,
a trust can provide estate management for your family after your death.
Finally, you may wish to create a trust to reduce or defer estate taxes.
Our Firm will help you to evaluate whether a trust is right for you and your
family. We understands that each person’s circumstances are unique and must
be carefully evaluated when deciding whether to form a trust. We will make
sure you understand all of your options and assist you in choosing the
estate planning options that best suit your needs.
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A “power of attorney” is a legal document that authorizes
another person to act on behalf of a person. A power of
attorney can grant complete authority or can be limited to
certain acts and/or certain periods of time. In Ohio, there
are laws that define several kinds of legal documents by
which a person may name other people to speak for them,
including health care decisions and guardianship.
A power of attorney is an important document to execute so
that your wishes about your health care and end -of- life
care be followed.
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When an Ohio resident dies owning probate property, a legal
proceeding called probate is begun (1) to determine the last
valid will of the decedent, if any; (2) to determine the
nature, extent and value of the decedent's assets that are
subject to probate; (3) to establish the valid debts of the
decedent; and (4) to establish the method of distribution of
the assets to the heirs or beneficiaries of the decedent
after payment of applicable debts, taxes and expenses. This
legal proceeding can take as little as a few months and as
long as several years. Many different factors account for
the length, expense and complication of the probate process.
Our Firm can evaluate your particular circumstances and
assist you planning for efficient ways to minimize the
probate process of your estate.
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The Law Offices of Saia & Piatt can evaluate your
particular circumstances and assist you planning for
efficient ways to help protect your estate and maximize your
control.
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