Common Sense Advice For Your Ohio Estate Planning Needs
Last updated on July 12, 2024
No one likes to think about worst-case scenarios. When considering what will happen to your possessions, assets and wishes when you die, proper planning makes all the difference. When done thoughtfully and carefully, estate planning can ensure that your estate is managed efficiently when the time comes. You could now have the chance to designate who will receive your belongings and plan for the unexpected should you become ill or incapacitated.
A thoughtful estate plan can be a tremendous comfort to surviving loved ones, even giving closure with this final thoughtful gesture. If done correctly, it puts less strain on those who administer the estate plan, reduces taxes owed and generally helps the process go more smoothly.
At Hurley Law, our experienced attorneys can offer seasoned guidance throughout the process of protecting and preserving your estate in the Cincinnati, Ohio, area. We understand how sensitive these issues can be, and our lawyers will treat your family like their own when guiding you through the estate planning process.
Preparing For The Unexpected
Our attorneys have a long history of working with individuals, families and businesses across Ohio on estate planning matters. Estate planning includes preparing for the possibility of a debilitating illness, injury or disability that could prevent you from making critical health care or financial decisions on your own.
We can assist with a range of estate planning considerations, including:
- Wills
- Living wills or health care directives
- Powers of attorney
- Irrevocable and revocable trusts
Estate plans are entirely dependent on your goals, as well as on the complexity of your estate. While a will is often the foundation of an estate plan, it may be in your best interests to incorporate other planning tools and documents.
We understand that an estate plan has more purposes than simply transferring your property to the next generation. You may want to consider the tax implications that your estate could have, how to preserve your legacy, the possibility of your estate going through probate court and more. Whatever your goals may be, we can assist in achieving them.
Using creative problem-solving and practical legal guidance, Hurley Law and our team of attorneys handles each case with the individualized attention you and your family deserve.
Answers To Frequently Asked Questions About Estate Planning
Thanks to our experienced estate planning attorneys, you can get detailed answers about Ohio’s estate planning laws. We provide answers to a few common questions here to get you started.
When should a person start to make an estate plan?
Estate planning is a process that benefits individuals of all ages. Ideally, everyone would begin estate planning as soon as they are 18. Starting early allows for careful consideration of asset distribution, guardianship for minors, and health care directives. As life circumstances and your assets change, you can revisit and update the estate plan to ensure it aligns with your current needs and wishes.
Who will inherit if there is no will?
In Ohio, if someone passes away without a will (intestate), the state’s laws of intestate succession will determine the distribution of assets following kinship lines. Hiring a reputable estate planning attorney early enough can ensure your asset distribution follows your preferences, rather than the state’s predetermined rules.
Is it better to have a will or a trust in Ohio?
The choice between a will and a trust depends on your circumstances. A will is a foundational document that outlines your wishes for asset distribution and guardianship. On the other hand, a trust offers added flexibility and privacy, allowing for the efficient transfer of assets without going through probate. To determine the most suitable estate option based on your unique financial needs, consult an experienced estate planning attorney.
How do I avoid probate in Ohio?
Probation can be time-consuming and costly. To bypass probate in Ohio, consider establishing a revocable living trust, gifting assets during your lifetime or utilizing joint ownership arrangements and transfer-on-death deeds. All are potential tools that you can discuss with an estate planning lawyer.
What is the difference between a revocable and irrevocable trust?
With a revocable trust, you can retain your asset control during your lifetime and modify the terms of the trust as needed. In contrast, an irrevocable trust, once established, cannot be altered, providing additional asset protection and potential tax benefits.
Talking to an estate planning attorney can help you learn more.
Sensitive Issues Can Become Contentious Issues
We recognize the sensitive nature of estate planning. Because it concerns what you care about the most, we work hard to ensure that our planning ahead will pay off when the time comes.
However, disputes surrounding wills and trusts are unfortunately not uncommon with such sensitive issues. Should a dispute arise, our experience in probate litigation can be advantageous in swiftly resolving conflicts and ensuring that your wishes are executed as desired, with minimal hurt and strife between your loved ones. Our attorneys have experience handling these sensitive situations with care. We dedicate ourselves to helping you and your family with your legal issues through that difficult period.
We will work closely with you to meet your goals and address concerns throughout the estate planning process. Call 513-318-9893 or contact us online to connect with our lawyers in Middletown. We offer initial consultations over the phone at no charge.