Often people come to our office seeking a basic estate plan. While there is no such thing as one size fits all in estate planning, there are basic documents that everyone should consider.
Last Will and Testament-
As discussed in the previous post, http://www.perlalaw.com/blog/the-4-major-pitfalls-of-not-having-a-will/ failing to execute a valid will has a number of draw backs. Wills give you the opportunity to set out who will inherit your estate. Without a valid Will, your estate will be distributed according to Ohio law rather than your wishes. A valid Will also gives you the … Read the rest
An Application must be filed in Probate Court in the county where the prospective ward (the person needing the guardianship) resides. The applicant/prospective guardian must be a resident of the state of Ohio. Each county has its own set of forms for this process. However, all applications include a statement of a guardian’s willingness to perform the task and an evaluation of the ward’s mental and physical condition by a physician, psychiatrist or licensed psychologist. A bond must also be posted by the applicant/prospective guardian. In addition, the prospective ward … Read the rest
Ideally, a person should execute a durable financial power of attorney and a health care power of attorney, and possible a living will as well, while the person is still competent, appointing an individual to make decisions on his behalf in financial and health care matters once the person is no longer able to do so. However, if a person does not execute financial and health care powers of attorney and becomes mentally impaired and unable to take proper care of himself or his property, then a guardianship becomes necessary. Mental impairment can be the result of mental retardation/developmental… Read the rest