About Estate Planning
Documents Needed for Estate Planning
- Will which designates who will act as your Executor and what that person needs to do to take care of your legal and financial affairs and who to give the assets remaining.
A Durable or Springing Power of Attorney Form that states who you are naming to take care of your legal and financial affairs if you cannot do so; I recommend that you name 2 alternate people.
- Health Care Power of Attorney Form that names the person you would like to make sure your medical needs are addressed, question the medical staff and advocate for you when needed; I recommend you have alternate people if your first choice cannot act for you.
Learn More Before Stepping Into the Process
What to Know About Wills
A last will and testament is a document you create to instruct how you want your property distributed upon your death. Who gets the house? Who gets which antiques? Who gets a bank account? Who takes care of the pets? These are just some of the questions upon which a will answers and instructs, and just some of the information we will obtain to draft a solid last will and testament that can stand up in probate and prevent challenges to its validity.<br />Our estate planning attorney in Ohio will review your assets and discuss with you what you want with regard to your estate. Making sure your goals for today and tomorrow are met is our personal goal at Maistros Legal Services Inc..
The Purpose of a Will in Ohio
The person creating a Will is known as a testator. The testator devises property and assets to named beneficiaries in a Will. This gives testators far more control over assets – both while they are alive and after they pass away. As such, the Will serves four general but important purposes: (1) They allow property owners to control what happens to their belongings, even after they die. (2) They incentivize productivity by allowing people to control what happens to their property after death. (3) They protect the decedent's heirs, including minor children by appointing a guardian. (4) They allow you to appoint who you want to oversee the estate.
What to Know About Revocable Trusts
Revocable trusts, which are sometimes referred to as revocable living trusts, offer many benefits with the primary one being the ability to control your assets during your lifetime. Of course, the other main benefit is the ability to dissolve the trust if and when necessary. There are, of course, other advantages as well as some disadvantages that you should consider.
What to Know About Charitable Trusts
Charitable trusts are trusts that provide a great way to give back to the community. They are, however, typically irrevocable once created. You must weigh your purpose and needs against the benefits and disadvantages.
What is Trust Administration?
When trusts are created, the terms for their administration are contained within them. The person who creates the trust is known as the trustor, and the person whom the trustor appoints to administer the trust is called the trustee. The trustee administers the trust by following the terms of the trust and acting in the best interest of the beneficiary (or beneficiaries).
Trustee Duties and Liabilities
Trusts are a common tool used in estate plans. Wills are no longer the dominant method to secure property and assets for loved ones. Trusts, in fact, provide a number of benefits to the settlor or trustor – the person who creates the trust – while they are still alive, so in many ways, it makes sense to create a trust. The problem is this: appointing a trustee who will comply with the law, fulfill the terms of the trust, and always act in good faith. Appointing the right trustee is critical because they have many obligations to uphold.