Is There Anyone Who Doesn’t Need Estate Planning?
Estate planning is of vital importance for everyone. While some people mistakenly believe that estate planning is only important if you are old or if you are rich, this is simply untrue and these myths can be damaging. You need to get the right legal help with estate planning because the issues that you address during the planning process can affect your future and can affect your family’s future.
Zimmer Law Firm can provide comprehensive assistance with the estate planning process to clients throughout Ohio. We understand the different legal tools that can be used to make your plans and we work hard to help you identify and accomplish goals for addressing end of life issues and securing your legacy. To find out more about the ways in which our legal team can assist you with estate planning, give us a call at 513.721.1513 today to get your planning process started.
Is There Anyone Who Doesn’t Need an Estate Plan?
The only person who would not need an estate planning is someone with no assets, no family, and no concern about what kinds of medical care he or she will receive in case of incapacity.
Your estate plan is about much more than just deciding who leave money to. This is an important part of your plan if you have acquired wealth and want to leave it to people you care about or charitable causes you believe in. However, distribution of assets is only the tip of the iceberg when it comes to the things that an estate planning lawyer can assist you in doing.
An Ohio estate planning lawyer can help you to consider what happens if you become incapacitated. If you cannot communicate your wishes for your medical care and you cannot live independently, you will need to have some type of plan in place or else you and your family could face significant problems. Your family could be forced to pull the plug on machines keeping you alive or could be forced to make decisions on whether to administer extraordinary medical assistance without knowledge of your preferences. Guardianship proceedings to gain control over assets and over the decision making process could also become necessary if you have no estate plan.
Without an estate plan, your assets are vulnerable to being lost over the course of your life, including if you need Medicaid to pay for a nursing home but you have too many assets to qualify. Your assets could be reduced due to estate tax, and your family could be waiting a long time to inherit them, as the will has to go through the probate process.
Your assets could also be distributed according to intestacy law and could go to people you wouldn’t have wanted to receive them. Family fighting could also result if you do not have an estate plan and your loved ones cannot agree on who should receive heirlooms or other items you left behind.
What Should Be Part of Your Estate Plan?
Since an estate plan includes so much more than just a will, it is easy to see why everyone should work with an Ohio estate planning lawyer in order to make a plan. The specifics of what should be a part of your plan are going to vary based on what your goals are, and what family relationships you have.
For example, if you are the parent of a child who is not yet 18, your plan needs to include provisions for who should be the child’s guardian and plans to provide for the child financially. If you have a loved one with special needs, your plan may need to incorporate a special needs trust. If you want to protect assets in case you need Medicaid nursing home coverage, other tools like irrevocable trusts may need to be used.
Zimmer Law Firm can help you to determine what needs to be a part of your plan and can help you to use the right legal tools to achieve your goals for asset protection, incapacity planning, and legacy planning.
Getting Help from An Estate Planning Lawyer
Zimmer Law Firm provides assistance to clients from all walks of life in the estate planning process. To find out more about what is involved in making an estate plan, download our FREE estate planning peace of mind checklist. You can also give us a call at 513.721.1513 to speak with an experienced member of our legal team and learn what an Ohio estate planning lawyer can do for you.