Category: Estate Planning/Wills and Trusts

Divorce and Estate Plans | Hesch Law

Don’t forget to make the necessary revisions to your estate plan

Getting a divorce can be a complicated and emotionally draining process, involving many changes to your life and to the plans you’ve made for the future. Your Last Will and Testament and other estate planning documents may not be on your mind during this difficult time, but you cannot afford to neglect them. As you get through the divorce process, it’s important that you make the appropriate modifications to your will, trust, and other estate planning documents.

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Financial Power of Attorney (POA)

A Power of Attorney (POA) is a useful and necessary document for handling financial matters for someone else. When circumstances dictate that you are physically or mentally unable or incapable of handling your own financial and legal affairs, it’s a good idea to have a Power of Attorney in place. A POA appoints someone you trust to act as your attorney-in-fact, sometimes referred to as your ‘agent,’ in your stead.

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Living Will

If you’ve been admitted to a hospital or seen your doctor recently, chances are you were asked if you have a living will. Living wills can also be called Advance Directives or Medical Directives, depending on what state you are in. A living will is a document that details your desire to have life-sustaining treatment withheld if you are ill and there is no hope for recovery. If you want doctors to do everything they can to keep you alive, there is no need for any action on your part, as this is standard medical practice.

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Health Care Power Of Attorney

A fundamental right that we have is the ability to make decisions regarding our own bodies, particularly when it applies to medical treatment. But who will make decisions regarding your medical treatment if you are unconscious or incompetent? How do you ensure that your health care wishes will be honored?

A health care power of attorney can provide you with the peace of mind that you will be taken care of in the way you desire.A health care power of attorney is a document that designates a specific person to speak for you, should you be unable to communicate on your own.
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Ohio Legacy Trust

In March 2013, the Ohio Legacy Trust Act went into effect. What’s noteworthy about this type of trust is the degree of protection it can shield trust assets from future creditors. In situations where people have a typical revocable living trust, potential creditors can still reach the assets in the trust. With an Ohio Legacy Trust, the assets are much more shielded.
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Trusts and Trustee’s Duties

A trust is created when the person creating the trust (grantor/settlor) assigns control of property to another person (trustee) to manage for the benefit of other people or entities (beneficiaries). A trustee is a person chosen to be legally responsible for managing, investing and distributing trust assets in accordance with the wishes of the person who created the trust (settlor). Many people who have been assigned the duties of a trustee seek professional trustee assistance to help understand trusts and manage trust assets.

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Special Needs Trust

Typically, a physical or mental disability may qualify a person for government benefit programs, such as Social Security or Medicaid. Since these programs are administered only to those who financially qualify, gifts or inheritances must be planned very carefully so they will not interfere with the disabled beneficiary’s eligibility for government benefits. Setting up a special needs trust is one way to help pay for the challenges associated with raising a disabled child, while still preserving government benefits.

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Revocable And Irrevocable Trusts

Understanding The Difference Between Revocable And Irrevocable Trusts

A trust creates a legal entity designed to protect, grow, and distribute estate assets. There is a common misconception that trusts are only useful for wealthy people. However, there are different reasons for setting up a trust even if you do not have a lot of wealth. Some of the more popular reasons for creating a trust are for providing for the care of minor children and avoiding probate upon death. Before determining if a trust is necessary for your estate plan, it is important to understand who are the parties involved with a trust and the difference between revocable and irrevocable trusts.

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Checking Accounts and Estate Planning | Hesch Law

For purposes of the probate court, there are two different types of property. The first is “non-probate” property, which includes assets like life insurance policies, 401(k) plans, joint deeds of trust, and other assets with named beneficiaries or automatic survivorship rights. The unique feature about this non-probate property is that it passes to a beneficiary outside the court system when the owner of the asset passes away. All other property is considered “probate” property. Probate property must pass through the probate court upon death of the owner. It is important to understand that property as simple as a checking account can end up as either type of property, depending on the structure of the account.

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Young Couples Estate Planning

Most people view estate planning as a process only involving elderly wealthy people. However, estate planning can have the same effect on younger couples as it does with older couples. Many younger couples either neglect or postpone any type of estate planning because they feel as though they haven’t accumulated enough wealth for a plan to be necessary. However, young married couples, especially those with children, should have a plan to help ensure that their loved ones are cared for in case of an emergency.

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