Creating the most effective estate plan means establishing a solid relationship and providing professional and compassionate guidance. Learning about your family gives the critical insight necessary before reviewing assets and determining how to allocate them, ensuring that they are passed on to the next generation according to your wishes. Your custom estate plan can seamlessly transfer wealth and property by focusing on your goals.
In addition to protecting and transferring assets, it’s possible to plan for medical emergencies, long-term care, guardianship needs for minor children and/or aging adults, and if necessary, special needs planning for disabled adults. Powers of attorney let you designate who you trust to make healthcare and financial decisions when you’re unable. Incorporating elder law services planning helps to ensure that the whole family can feel at ease, knowing that everyone will be well cared for later in life.
Five Basic Documents for Your Estate Plan
- Wills define who will be the executor of your estate, how to manage assets, pay debts, and distribute property as specified.
- Trusts have named trustees to manage, protect, and distribute specific assets or pieces of property outside of probate court, saving time and money while affording more privacy. Customized trusts include a revocable living trust and an irrevocable living trust.
- Advance directives outline your wishes for medical care in specific circumstances while also helping to relieve the stress a family can experience during difficult and emotional times regarding end-of-life care.
- Healthcare powers of attorney designate someone who is trusted to handle healthcare decisions on another person’s behalf, carrying out the instructions outlined in a living will or other advance directives.
- Financial powers of attorney name an agent to act on another’s behalf for matters relating to finances, potentially avoiding the stress and expense of guardianship proceedings.
Each of these documents is a vital tool in estate planning. They make sure that your family knows what your wishes are should you pass away or who should be making the medical and financial decisions on your behalf should you or a loved one become incapacitated due to an accident or illness.
Your Needs are Unique
Each person has a different set of challenges in their life. For example, some families have children with special needs. Other people own property in multiple states. Seniors worry about losing their homes to long-term care expenses. People in need of Medicaid and veterans’ benefits struggle with the application processes. Estate plans are designed to help solve problems specific to your needs, helping meet your or your family’s goals.
As an attorney, John’s focus is on estate planning and elder law services for clients in Lake County and the surrounding areas. Admitted to the Ohio Bar in 2002, John has an extensive history as a public servant and is a trusted member of the community.