Estate and Trust Planning Services
Are you prepared for the future?
According to a recent survey, as many as two-thirds of American adults don’t have even a will.
You may think not having an estate plan is the same as having no plan at all. But passing away without a will or trust, also called dying “intestate,” leaves your family at the mercy of the state’s plan and can cost thousands in court fees or unplanned distributions.
We explore the basics of estate and trust planning, and the reasons to seek out the services of an experienced estate planning attorney.
What Are Trust and Estate Planning Services?
Estate planning is the implementation of a plan for how an individual’s assets will be managed and distributed after their death—usually through the creation of legal documents like wills and trusts. In many cases, the process also involves creating an asset protection trust plan to minimize any possible financial burden and naming an individual to make medical or financial decisions on your behalf should you become incapacitated or unable to make them yourself.
What Are Some Types of Estate Planning Documents?
Your comprehensive estate plan will consist of at least one legal document. While estate planning usually takes the form of a will or trust, there’s no one-size fits all solution—an estate planning law firm will help you determine the right strategy for your specific situation.
Your estate planning attorney may recommend an estate plan like:
- Wills: The simplest form of an estate plan, a will spells out how your assets will be dispersed and names an executor (a person tasked with administering the will’s instructions). Note that a will, aka last will and testament, does NOT avoid the probate court. All wills must be administered through probate court.
- Revocable Trusts: A document that lays out how your assets should be divided while also giving you control over your estate even after you have passed. Trusts are considered the “gold standard” for estate planning because unlike a will, they can establish guardianship, do more to protect assets, and aren’t required to pass through probate.
- Asset Protection Trusts: A tool used to protect assets, in particular your home, from a nursing home. This type of trust is usually implemented once a person is over sixty-five years of age.
- HIPPA authorizations: Grants loved ones the ability to obtain your health care records on your behalf.
- Guardianships: Establishes a guardian to oversee the legal and financial affairs of an individual or their children when that person is no longer able to care for or protect themselves.
- Living will: Different from a standard will, a living will details your health care preferences in the event that you are incapacitated and unable to live without assistance from medical devices.
- Financial Power of Attorney: Gives your loved ones the ability to make financial decisions on your behalf should you become unable to.
- Healthcare Power of Attorney: Gives your loved ones the ability to make healthcare decisions on your behalf.
Because it can help avoid probate court and better protect your assets, we generally recommend a trust over a will.
Do You Need a Trust?
Who Should Create an Estate Plan
Contrary to popular belief, estate planning isn’t just for the wealthy. An estate plan is important for anybody with an estate—which is almost everyone!
Your estate is made up of everything that comprises your net worth, and includes:
- Real estate and land
- Belongings and collectables
- Financial investments
- Life insurance policies
When to Create an Estate Plan
It may sound surprising, but most experts recommend setting up an estate plan as soon as you enter legal adulthood! The right estate and trust planning attorney can make the process easy. A will (the bare minimum estate planning document) typically takes only a few hours to set up—so there’s no reason to wait.
How Often Should You Review Your Estate Plan?
It’s generally recommended that you review your estate plan at least every five years, or when major life events occur.
These can include:
- Marriage or divorce
- The birth of a child or grandchild
- A child entering adulthood
- Purchase of real estate or other major assets
- Receiving a large inheritance
How to Prepare For Your Meeting With an Estate Planning Law Firm
Making the right plan for your family’s future is an important step. When preparing to meet with an estate planning law firm, it’s best to:
- Identify your goals, whether you’re focused on protecting your assets, providing for loved ones, or reducing your estate tax burden (or all of the above).
- Make a list of your assets, including real estate, possessions, investments, insurance policies, and anything else that comprises your net worth. Your financial advisor or tax advisor may be able to help.
- Talk with your loved ones about the arrangements you plan to make, especially if you are listing them as a guardian or administrator.
Northern Ohio’s Estate Planning Law Firm
With a combined 60+ years of experience in the Ohio legal community, Baron Law LLC has the expertise to help you make sure your assets are protected. And whether it’s free seminars, community college classes, or journal articles, we always remain plugged into our community—we have offices in Independence, Westlake, Beachwood, and Columbus Ohio.
A comprehensive estate planning strategy involves the whole family. At our firm, we bring your family members and loved ones into the process, and keep them informed at every stage.
Partner with Baron Law, LLC estate planning lawyers to get started on a comprehensive plan for your future today.
Fill out our contact form below or call us (216) 573-3723 to set up an appointment.
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Client Review
Daniel Baron reviewed our Trust, Wills and HPOA. He provided good feedback as to what needed updating and any necessary additions to the documents. We didn’t have a FPOA which thanks to him we now have. He was able answer any questions we had and proved to be very flexible to accommodate our schedules when […]
Estate Planning Solution of the Week: Health Care Proxy
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Changes in Ohio Power of Attorney Laws
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What is a Trust?
Cleveland, Ohio Trust Attorney What is a trust? What is the difference between a revocable trust and an irrevocable trust? Why might my estate plan include either one? Simply put, a trust helps manage your assets and provides clarity for the future. A trust is a tool that may be used to achieve your financial […]
Estate Planning – Trends Following the American Taxpayer Relief Act.
Estate Planning – Trends Following the American Taxpayer Relief Act. A recent survey concluded that sixty percent of Americans are afraid they will outlive their retirement. Thus, there has been a moving trend that people are more concerned about wealth preservation compared to wealth transfer. For example, a fifty year-old man in the top income […]
Ohio Bypass Trusts – Cleveland, Ohio Attorney
Cleveland, Ohio Trust Attorney Ohio Bypass Trusts Bypass trusts, or “credit shelter” trusts, have historically been an important estate planning tool that shields probate assets against estate taxes. Most often, a bypass trust is found in your spouse’s will. Each spouse directs that if you are the first spouse to die, then your solely owned […]
Debt after Death – What Every Family Member Should Know
Cleveland, Ohio Probate Attorney Debt after Death – What Every Family Member Should Know You come home one day to find a letter from a credit card company demanding $5,000 for the debt of your late husband. The credit card company demands payment and threatens to take legal action against you if the debt is […]
Can Lawyers Draft Wills for Out-of-State Residents?
Cleveland, Ohio Estate Planning Attorney Perhaps for most estate planning attorneys, the relationships built among clients can last for decades. Because of the duration of the relationship, it’s not unusual for an estate planning attorney to receive requests for legal assistance from clients who have changed their residence to a state in which the attorney […]
Living Trusts vs. Testamentary Trust
Living Trusts vs. Testamentary Trusts Cleveland, Ohio Estate Planning Attorney Dan Baron: If you’re planning for your Ohio estate plan, then you’re probably lost among the many estate planning terminologies. However, there are numerous estate planning methods to provide safety and security for your family. There are many ways to achieve this including living trusts, […]
Estate Planning – Protecting your Children Through Testamentary Trusts
From Cleveland, Ohio Estate Planning Attorney Dan Baron: Estate planning attorneys will tell you that testamentary trusts are a great way to protect your children and plan for your estate. Below are 10 things to know about testamentary trusts and how they might fit into your estate plan. To learn more, contact Cleveland, Ohio estate […]
How Does a Minimum Required Distribution Affect My Retirement?
Cleveland, Ohio Estate Planning Attorney If your retirement portfolio contains a Simple Employee Pension (“SEP”), or Simple IRA, you need to know how the minimum distribution system works. Cleveland, Ohio estate planning attorney Dan Baron provides the following remarks. One major attraction to IRA’s and other estate planning tools is the ability to accumulate funds […]
Creating a Business Succession Plan – Cross Purchase Agreements
Creating a Business Succession Plan – Cross Purchase Agreements Whether you’re planning for retirement or tragedy, having a business succession plan is imperative for business owners. Big business or small, planning for the financial stability of your partners and employees can mean the difference between business as usual and leaving your spouse bankrupt. Moreover, understanding […]
What is a Charitable Remainder Trust?
Unique Estate Planning Methods to Secure a Lifetime of Income, Save Taxes, & Benefit the Community Most people planning for their retirement have a misconception that charitable giving is only for the wealthy. However, there are several estate planning tools that can benefit your favorite charity while also earning you steady stream of income. One […]
Building a Charitable Contribution in your Estate Plan
Estate Planning Charitable Donations Have you ever considered incorporating a charitable donation into your estate plan? Aside from the tax benefits, including charitable giving into your estate plan is a wonderful way to extend your legacy and show your generosity. And contrary to public belief, charitable giving in your estate plan is not just for […]
Can a Beneficiary Force a Trustee to Provide Information Contained in a Trust?
Cleveland, Ohio Estate Planning Attorney Can a Beneficiary Force a Trustee to Provide Information Contained in a Trust? In addition to the blog below, do you have questions regarding estate planning or trust administration? Call Cleveland, Ohio law firm Baron Law LLC. An attorney at Baron Law will be able to assist you and provide […]
Will Vs. Trust: Which Do I Need?
Learn the main differences between wills and trusts and how an estate planning attorney can help you select the right type of each that will work together to accomplish your goals.
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