When hammering out your estate plan, one of the documents you should consider is a power of attorney. This document's purpose is to grant someone else control over your affairs if you become unable to make decisions or care for yourself either in the short or long...
Estate planning should plan for ‘what-if” scenarios
Illinois residents who have taken the time to create an estate plan should feel a certain sense of satisfaction and confidence that whatever the future holds, there is an organized scheme in place to handle the distribution of property to their heirs and otherwise...
How to terminate power of attorney documents
After creating a power of attorney (POA), an Ohio estate owner can choose to revoke that document. For example, if the person who granted the power passes away, the document typically terminates upon their death. The individual who grants the POA could also choose to...
What items should not be in your will?
When you draft a will with your attorney, there are a few things you might think that you want to include. However, there are times when including your wishes isn't appropriate. For example, most people think that a will is where funeral instructions should go. The...
4 ways to fund a revocable living trust
There are numerous documents to consider when putting together your estate plan. While many people are aware of wills, more people in Ohio should consider the advantages of revocable living trusts. These trusts do not require probate, and they can help people better...
Avoiding three potential problems when planning an estate
Ohio residents who are going through the estate planning process should keep three potential problems in mind. Outdated plans, beneficiary designations gone wrong and a lack of digital information are all issues that can cause court-bound family feuds, conflict and...
Common estate planning mistakes to avoid
Naturally, the biggest mistake anyone can make when it comes to an estate plan is not having one at all. Surprisingly, 60 percent of American adults have made this error and have not written wills yet. When you do write a will and trust, you want to be...
Should you be thinking about updating your estate plan?
Like many people, you may have met with your attorney, developed your estate plan, then filed the documents safely away. How long ago was that? Think about the changes that have happened in your life since then. Is it time for an estate plan update? The impact on your...
Using a silent trust in an estate plan
An Ohio resident who is creating an estate plan might want to consider setting up a silent trust. This tool differs from other types of trusts because the trustee does not have the usual duty to keep beneficiaries informed about the trust. Usually, a silent trust is...
Choosing an executor
There are many aspects of developing an estate plan, such as properly drafting a will. However, one of the most important parts of creating an effective estate plan is choosing an executor. Ohio residents should give considerable thought to whom they select to serve...