Creating an estate plan helps protect your family in case you become incapacitated or pass away. Even younger people should undergo the estate planning process, especially when they own property or have children.
Review the important aspects of an estate plan and explore the legal protections that make sense for your personal and financial situation.
Writing a will
A Last Will and Testament is typically the main component of your estate plan. In this legal document, you specify who should receive your assets when you die. If you have minor children, you can also name a guardian who will care for your children if neither parent can do so.
If you live in Ohio, you can create a valid will in writing if you are 18 or older. Without a will, Ohio state law will govern the distribution of your property.
Establishing durable power of attorney
A legal power of attorney names a trusted person to make decisions for you if you cannot do so. This person agrees to abide by the wishes established in this document. You can create a medical power of attorney for health-related decisions, such as end-of-life care, as well as a financial power of attorney that gives someone the power to pay your bills and otherwise manage your finances, in the event you are unable to do so yourself.
While a will and power of attorney provide a starting point for your estate plan, you likely have other considerations that require specific solutions. For example, you may own a business, have substantial real estate holdings or have a special needs child who will need long-term care. Phillips & Mille has two Certified Elder Law Attorneys that are ready to assist you with your estate plan. Call us at 440-243-2800 to see what we can do for you.