Estate Planning in Medina County: Protecting Your Legacy with Wills and Trusts

 Posted on April 11, 2023 in Estate Planning

Planning for the future can be a daunting task, but estate planning can help give you peace of mind knowing that your assets will be handled according to your wishes. Wills and trusts are two important estate planning tools that can help you ensure that your loved ones are taken care of after you pass away. 

Setup Your Will for Your Estate

A will is a legal document that outlines how you want your assets to be distributed after you die. Without a will, your assets will be distributed according to state law, which may not align with your wishes. A will allows you to name an executor, the person who will manage your estate and ensure that your assets are distributed according to your wishes. You can also name guardians for your minor children, establish trusts for their care, and even leave specific items or amounts of money to certain individuals or charities.

It is important to regularly review and update your will as your circumstances change. This can include changes in your family situation, such as marriage, divorce, or the birth of a child, or changes in your financial situation, such as the acquisition or sale of assets.

Trusts for You and Your Family

A trust is a legal entity that holds and manages assets for the benefit of one or more beneficiaries. Trusts can be established during your lifetime or created through your will. Many different types of trusts can be used for various purposes, including protecting assets from creditors, minimizing taxes, and providing for the care of minor or disabled beneficiaries.

One of the benefits of a trust is that it can help you avoid the probate process, which can be time-consuming and expensive. Probate is the legal process of validating a will and distributing assets to heirs. Trusts can help ensure that your assets are distributed more quickly and efficiently, and can also provide privacy for your family.

Estate Planning in Medina County Ohio

In addition to wills and trusts, estate planning can include a variety of other tools and strategies to help you plan for the future. This can include:

• Power of attorney - This legal document allows you to appoint someone to make financial and legal decisions on your behalf if you become incapacitated.

• Health care directives - Also known as a living will, this document outlines your wishes for medical care if you are unable to make decisions for yourself.

• Beneficiary designations - This allows you to name beneficiaries for retirement accounts, life insurance policies, and other assets that pass outside of your will.

Working with our experienced attorney can help create an estate plan that meets your unique circumstances and goals. We will help you navigate these complex legal issues and properly execute your plan.

Contact a Medina County Wills and Trusts Attorney

Estate planning can be a complex process, but it is an important step in ensuring that your loved ones are taken care of after you pass away. Wills and trusts are two essential estate planning tools that can help you accomplish your goals. Contact The Law Offices of Andrew M. Parker, LLC at 330-725-4114 to arrange a private appointment with one of our knowledgeable Medina County wills and trusts attorneys. We offer free consultations in most cases.

Source: 

https://codes.ohio.gov/ohio-revised-code/chapter-2107