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Mount Vernon, Ohio Estate Planning

Let the experienced attorneys at Sheppard Law Offices ensure your estate plan is in accordance with your goals and wishes. An effective estate plan includes Wills, living wills, trusts, and powers of attorney, and they are a fantastic way to organize your affairs and minimize disputes in the event of death. Get your estate in order today and see just how much of a relief it is to have a plan for everything. Contact a leading estate planning attorney from Sheppard Law Offices today to schedule your free consultation.

Wills, Living Wills, and Powers of Attorney

The most common documents we draft to help clients plan their estate are Wills, Living Wills, and Powers of Attorney. A Will does not become effective until the Will Maker passes away.  The Will has no legal significance until death occurs. That is contrary for Living Wills and Powers of Attorney. These latter estate planning documents take effect immediately upon executing the documents.  They help the person who signed them right away. The Will outlines who the executor should be and how the Will Maker’s affairs should be handled upon his or her death.  The Living Will provides the Agent with the authority to make a decision as to withdraw or withhold artificial nutrition and hydration if the Principal is in a permanently unconscious state.  The powers of attorney help the principal to have the Agent have authority to make financial and health care decisions while the Principal is not able to do so for himself or helf, but death is not impending.

Although the Will and Living Will sound similar, a Will and a living will serve distinctly different purposes.

Do I Need a Will?

In nearly all cases, everyone should have a basic estate plan, which includes a Last Will & Testament.  If you do not execute a Will before your death, your estate will pass by the State of Ohio’s Laws of Intestacy.  In the case of an intestate estate, the probate judge will use the Ohio Probate Code to determine your beneficiaries to inherit your net assets.  Beneficiaries are generally close relatives. The Laws of Intestacy direct a line of succession as to who inherits an intestate estate. So, while the state of Ohio does not obligate a person to execute a Will, failing to do so may confuse and cause conflict amongst remaining family members. For this reason, the estate planning attorneys at Sheppard Law highly suggest you implement some type of estate plan before it’s too late.

Mount Vernon, Ohio Trust Attorneys

The most common type of trust is called the Revocable Living Trust.  There are other types of trusts including irrevocable trusts, charitable trusts, and more.  The individual who sets up the trust is called the trustor.  The trustor transfers assets to a person who is responsible for handling the assets. This person is called the trustee.  While the trustor may receive income from the trust during the trustor’s lifetime, once the trustor dies, the net trust assets pass to the trust beneficiary.

There are several reasons to establish such an arrangement, but one of the most common is to avoid probate.  Court oversight is not generally required for a revocable living trust.

Power of Attorney

A power of attorney is an estate planning document whereby an individual (Agent) is appointed the right to make decisions for another party (Principal) should the Principal be unable to make decisions for himself or herself. There are two types of Powers of Attorney in the state of Ohio: Health Care Power of Attorney and Financial Power of Attorney.  The Agent is responsible for making decisions that are in the Principal’s best interest. If a power of attorney fits your goals for an estate plan, our estate planning attorneys in Mount Vernon, Ohio can help you establish one.

Leading Estate Planning Attorneys

When it comes to estate planning, nobody does it better than Sheppard Law Offices. Our experienced estate planning attorneys are here to help you draft and implement an effective estate plan so you can be sure that your loved ones distribute your assets according to your wishes. Contact us today to schedule a free consultation with one of our estate planning attorneys.

Mt. Vernon, Ohio’s Trusted and Experienced
Estate Planning Attorney

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