North Canton Lawyer for Wills, Trusts, & Estates
It’s surreal to think planning p for your own death, but there are many reasons to consider your options for estate planning. Wills, trusts, and other documents can help your loved ones understand your intentions for distributing assets to beneficiaries. There are also multiple tax advantages under certain circumstances. Plus, an estate plan streamlines the estate administration process, saving time and money. A well-executed estate plan can even deliver significant benefits during your lifetime.
At Fout Law, we provide a personalized approach to wills, trusts, and estates that’s custom tailored to your needs and those of your loved ones. Many people assume they don’t need estate planning services because they’re not “rich” enough, but there are numerous advantages regardless of the size of your estate. Teresa Fout is a skilled attorney that can take complicated estate planning concepts and explain them in terms that ensure you fully understand your options.
Estate Planning Options
- Wills: Through a will, you can name an executor to collect and manage your assets upon your death, and can designate the beneficiaries to receive them. Without a will, Ohio law steps in to distribute your property according to the rules on intestacy. The end result may be giving assets to people contrary to your intentions.
- Trusts: A trust is a legal structure you create to manage your assets during your lifetime, and then distribute to trust beneficiaries upon your death. The advantage of a trust is that you can include terms to maintain control over the assets even after you die, especially if there are beneficiaries who are young, have special needs, or haven’t yet developed prudent financial skills.
End of Life Considerations
- Financial Power of Attorney: By executing this type of power of attorney, you can appoint someone as agent to act on your behalf in financial matters if you’re mentally or physically unable to do so. Your agent can manage your real and personal property without having to go to court to be appointed as guardian, which can be time-consuming and expensive.
- Power of Attorney for Healthcare: This document appoints an agent to make decisions regarding your medical care and treatment if you cannot due to some mental or physical condition. Without this durable power of attorney for healthcare, your loved ones would need to have a judge appoint a guardian. Again, the legal fees and delays can be considerable.
A Knowledgeable Attorney for Your Wills, Trusts, & Estates Needs
It’s a mistake to think you don’t need an estate plan, so consult with our legal team at Fout Law about all the ways you can benefit from wills, trusts, and other estate documents. We can review your circumstances, explain how different estate planning options will help you reach your goals, and assist with preparing the necessary documents. Please contact our North Canton, OH office at 330-437-7455 or visit our website for more information. We’re happy to answer your questions or schedule a consultation with a lawyer.
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