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?
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.