In Bellefontaine Neighbors, "estate planning" refers to all of the decisions affecting how a person's property is going to be disposed of after their death, as well as the procedure of implementing those decisions when the time comes.

If you want to start the process of planning your estate, you've made a good choice, particularly if you care about what happens to your survivors after you're gone. You should be careful, however, and make sure you have the help of a legal and financial expert every step of the way. This will likely prove very helpful in the long run, preventing a lot of problems in the future.

In addition to deciding what to do with your assets after your death, your estate plan should also contain things that might become relevant during life. Power of attorney is a big one. Power of attorney is an arrangement in which you provide another person the ability to make decisions for you, if you become incapacitated. Also, effective estate planning can help reduce the effect of taxes and court fees on your final disposition to your chosen beneficiaries.

A competent estate planner in Bellefontaine Neighbors can make the procedure of planning your estate go much more smoothly, and maximize the chances of your wishes actually being carried out with legal force.

Common Features of Bellefontaine Neighbors Estates

Will: This is a legal document which transfers ownership of the testator's (the person making the will) property to named beneficiaries after the testator's death. The beneficiaries can be just about anyone the testator chooses, but smaller estates, usually only include family members, and maybe very close friends. If you want, you can place conditions on gifts (say, leaving a certain amount of money to your son, but only if he graduates college before he turns 25 - this is just an example). However, a will can't actually compel anyone to do anything, and some conditional gifts won't be enforced, typically because they involve an illegal act, or require a person to marry or refrain from marrying a specific person.

Living Will: A living will contains instructions about your medical care, generally for the purpose of informing your family and doctors of your preferences if you suddenly become incapacitated. A living will is very essential if you have any strong preferences in this area. It should be written with the advice of a doctor, so you know the precise medical consequences of your decisions, and a lawyer, so it is virtually guaranteed to be legally binding.

Power of Attorney: Power of attorney, while important, is not to be used lightly. This is because it involves granting someone else the power to make legally-binding decisions on your behalf. Usually, your spouse will automatically have power of attorney if you become incapacitated. If you are not married, however, you need to make a document explicitly granting that authority to someone you trust (a life partner or close family member, for instance).

Funeral Arrangements: You should make it very clear to the individuals handling your funeral what type of funeral you want, and what you want done with your body. You should not put these instructions in your will, because wills are often not read until days or weeks after the testator dies, by which point it may be too late to give their wishes on this subject effect.

Do I Need a Bellefontaine Neighbors Estates Lawyer?

A flawed estate plan in Bellefontaine Neighbors can result in those affected by it being confused as to your intent, which can then lead to disputes between them. A reputable attorney can often avoid this confusion by ensuring that there is as little ambiguity as possible in your will and other related documents.