Wills and Estates
Everyone should have a will. A will is a legal document that you execute with the help of an attorney setting forth how your estate is to be handled when you die.
A will conveys your last wishes to your family. You determine who inherits your property, and who does not. If you do not have a will when you die, you property is divided according to Ohio law, with your spouse getting a portion and the rest going to you children. If you do not have a spouse or children, your estate will go to you next living relatives Most people want to have a say in who inherits their assets, even if the value is not great. You can include things in your will such as where your children should go if they are still minors when you die, saying who you believe is best suited to take care of them. You can leave money and personal property in a will as well as real estate. You can leave your assets to family, friends, or charitable organizations. You also designate who is best suited to handle your affairs as the executor of your will. This person is charged with making sure everything goes to the persons or organizations you intended.
A Trust is another estate planning instrument. It is document you execute for the financial security of your family. However, a trust is not right for everyone. It is important when thinking about a trust to consider the value of all of your assets and the tax consequences of transferring them to your family. You can set up a trust to pay for education, medical expenses and other items of need. Your attorney can meet with you and determine if a Trust is right for you.
Ohio Law provides that a person can execute a living will to specify their wishes in regard to being put on life support. This document can be done at any time for very little cost. It is important to let your family know how you want this to be handled. The standard of care is that if 2 or more physicians agree that you have no hope of recovery, they will not keep you alive by artificial means. You can specify if you want kept on a feeding tube or not. It is important to note that if you are in need of temporary life support in order to recover from an illness, that treatment will not be withheld because you have a living will. Many people believe that by executing a living will they will not receive necessary medical care. This is simply not true. This document helps your family with decisions that no one wants to make. It assists them by letting them know your end of life plans. It is security for you to know that your wishes will be honored and your family will not have to make those decisions for you.