Experienced Ohio Estate Planning Attorney
In Lorain County and throughout northeastern Ohio, Lee S. Kolczun Co., L.P.A. provides personalized advice and assistance with estate planning documents, including wills, revocable living trusts, and all manner of powers of attorney and health care directives necessary to create a workable, comprehensive estate plan.
The will is the basic document that is central to every estate plan. Even an estate plan that relies mainly on trusts will still need a will to make sure all assets are properly distributed and nothing is forgotten. The will is also used to appoint an executor or personal representative to oversee probate administration and the distribution of the estate. In addition, through a will you can designate a guardian who will take care of any minor children who may otherwise become wards of the state if bereft of their parents.
A will is a legal document, and there are many formalities which must be followed to make sure the will is valid and will be enforced by the probate court. Lee S. Kolczun Co., L.P.A. has over 35 years experience in estate planning, and our office will work to ensure that your will is validly executed and contains all the provisions necessary to fulfill your wishes for the distribution of your estate.
While a person’s estate can be distributed entirely through a will, there are several reasons why one might consider having a revocable living trust as well. As its name implies, a revocable living trust is created during a person’s lifetime and can be altered or revoked during the person’s lifetime. However, whereas a will does not take effect until death, the trust is effective when created. Assets can be placed into the trust, where they are held for the benefit of the trust beneficiaries, who receive the trust assets after the death of the person who created the trust.
By transferring title of property to the trust, those assets are removed from the person’s estate, so they will not have to be probated. Avoiding probate means a savings in time and money to your heirs and beneficiaries, and probate avoidance is a prime reason for utilizing trusts. A living trust can also provide a plan for incapacity of the trust creator and offer certain tax advantages for the beneficiary.
An often overlooked but vital aspect of estate planning involves planning for incapacity. At any time, you could be subjected to a period of temporary or even permanent physical or mental incapacity, where you unable to care for yourself or manage your own affairs. By planning ahead and drafting the appropriate powers of attorney, you can make sure that decisions regarding your finances, legal matters and health care are conducted in accordance with your wishes by people you trust. Our firm also drafts living wills, health care directives and anatomical gift documents to help you decide and communicate your desires regarding end-of-life care, lifesaving measures and other difficult yet important matters that should be clearly established in advance to ensure your desires are met.
Experienced Legal Representation for Your Ohio Estate Planning
For sound advice and professional assistance that is individualized to your particular needs, contact Lee S. Kolczun Co., L.P.A. to speak with an experienced Ohio estate planning attorney regarding the wills, trusts and other documents that should make up your estate plan.