estate planning law firm Archives - Seif & McNamee https://law-oh.com/tag/estate-planning-law-firm/ Ohio Law Firm Serving the Community Tue, 15 Aug 2017 14:33:26 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.1 The Consequences of Neglecting Your Estate Plan https://law-oh.com/the-consequences-of-neglecting-your-estate-plan/ https://law-oh.com/the-consequences-of-neglecting-your-estate-plan/#view_comments Tue, 15 Aug 2017 14:33:26 +0000 If you pass away without an estate plan, you may lose control over how your assets and property get passed down to your beneficiaries.

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If you pass away without an estate plan, you may lose control over how your assets and property get passed down to your beneficiaries.

The estates of individuals who die without a will get distributed according to intestate succession laws, which may or may not align with what you would have wanted.

Rather than leaving your affairs up to the opinion of an Ohio probate court, you can engage in the estate planning process to protect your property and assets and gain greater peace of mind about the years to come.

How probate works

When an individual passes away, his or her estates go through probate, a process in which a court examines the estate and issues an order for its distribution. If the deceased had a last will and testament, the court validates the will and the estate executor (named in the will) handles the distribution.

But for those who die without wills, intestate succession calls for their spouses to be the primary beneficiaries, with children and surviving parents coming after that. If none of these relatives are still living, the estate gets split up among nieces and nephews. If the person did not have any living relatives, the state would take ownership of the property and assets.

This law is not flexible in Ohio, and it does not provide any redress for special circumstances. To that end, it is critically important to determine the beneficiaries of your estate through a last will and testament, among other estate planning documents. It’s much preferred to your loved ones going through probate without a will to reference.

What gets accomplished through a will?

 

Wills determine who will receive your property, giving you full control over the way your assets get distributed after your passing. They determine how to pay any outstanding debts, along with estate taxes and inheritance taxes. They also name the executor to oversee these processes. This is important to ensure probate goes smoothly and to avoid any estate disputes from beneficiaries.

Therefore, working with an estate planning attorney offers the peace of mind you need and deserve. You can sort out all necessary details and ease the burdens on your loved ones during the time immediately after your passing—which will be hard on them as it is. A last will and testament is a complex document governed by local, state and federal laws, and a skilled estate planning lawyer will be familiar with all your legal obligations.

For further guidance on wills, trusts, advance healthcare directives, power of attorney and more, consult a dedicated Ohio estate law attorney with Seif & McNamee. Doing so will enable you to outline an estate plan that meets your needs, preserves your wealth and makes life easier for the people closest to you. We have convenient offices in Chillicothe and Waverly.

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The Value of Working with an Estate Planning Attorney https://law-oh.com/the-value-of-working-with-an-estate-planning-attorney/ https://law-oh.com/the-value-of-working-with-an-estate-planning-attorney/#view_comments Tue, 08 Aug 2017 13:27:11 +0000 Estate planning lawyers help you distribute your assets and property to your loved ones. Learn more about the pros of working with an attorney in this post.

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As you engage in the estate planning process, it can be difficult to know where to begin.

That’s why it can be so helpful to work with an experienced Ohio estate planning attorney—one who allows you to navigate complex issues related to living trusts, wills, general and durable power of attorney and advance healthcare directives, among many others.

Why hire an estate planning attorney?

Although it is possible to set up a will online, the one-size-fits-all approach is rarely appropriate for most Ohio families. In fact, you run the risk of making some key mistakes that can cost you significantly in the years ahead.

Estate planning attorneys enable you to distribute your assets and property to your loved one as you see fit. They know how to negotiate the often-complex legal framework associated with living and last wills. Some of the matters with which an estate lawyer can assist include the following:

Specifying beneficiaries in a last will

Ensuring assets get distributed per your wishes

Establishing who possesses power of attorney, which is critical if you were to become incapacitated and unable to make decisions for yourself

Creating a cohesive last will and testament, reducing the likelihood that someone tries to challenge it after your passing

Setting up your funeral and burial arrangements to reduce stress for your family members and friends

A tailored strategy for your estate planning needs

 

When searching for an estate law attorney, try to find a professional who takes the time to listen to your needs and goals, and then develops a strategy that works best for your specific situation. Any estate plan you establish should take all your life circumstances into account, including your marital status, children, total wealth and potential charitable contributions. A truly skilled estate planning lawyer will explain the options available to you and enable you to gain full peace of mind regarding the future.

Ultimately, working with an estate planner gives you and your family the assurance that you would not otherwise be able to achieve as you grow older. You may clarify exactly how you would like to distribute your assets so there are no questions or arguments among your loved ones following your death.

A qualified estate law attorney can also help you update your plan as needed based on major life changes. For example, it’s important to revisit your estate planning documents if you get divorced, enter a new marriage, have a child or experience a significant change in your income—good or bad. Working face-to-face with an attorney may also reduce miscommunication and gives you a means to discuss any potential concerns upfront.

If you would like to learn more about setting up wills, trusts or other mechanisms as you plan for the future, consult a skilled estate planning lawyer as soon as possible. It can be a great way to preserve more of your wealth and ensure you are taking care of your beneficiaries using the most effective means possible.

For answers to your estate law questions, reach out to a reputable Ohio attorney at Seif & McNamee, with conveniently located offices in Waverly and Chillicothe.

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