Senior citizens and other older Americans have unique legal needs. As noted by the Ohio Department of Aging, elder law is a specialized practice area that is focused on the issues facing older adults. Planning is critically important. With the right legal structure in place, you can protect yourself, your family, and your assets. Here, our Ohio estate planning attorney explains how you can protect your estate using elder planning.
Elder Planning is About Preparing Estate for Tomorrow
In law, an ‘estate’ is defined broadly as all the property, assets, liabilities, and legal rights controlled by a person. Do you know what happens to your estate when you pass away in Ohio?
If you have no legally valid plan in place, your estate will be handled under our state’s intestacy laws (Ohio Revised Code § 2105.06). In other words, you will have no say over what happens. Elder planning is about arranging your legal affairs in a manner that puts your estate in the best position to do what is best for your future, your family, and your finances.
Protect Yourself and Your Estate: The Elder Planning Documents You Should Have
What does an elder plan entail? It depends on a number of different factors, including your financial position, your family structure, and your goals. Every person in Northeast Ohio should have an elder law plan that is customized to meet their unique needs. Here are some of the key legal documents that will typically be in place as part of a comprehensive elder plan:
- A Will: You need a will. It is the core legal document that protects your estate. If you do not have a will, you will not have control over what happens to your estate.
- A Trust: While not always needed, your estate may benefit from a trust. There are many types of trusts and they are designed to achieve specific purposes. A trust can help protect your assets, including from the risks posed by high long-term care costs.
- Beneficiaries Designations: Valid beneficiary designations—such as on a life insurance policy or 401(k)/IRA will make sure that your heirs are able to smoothly inherit assets.
- Powers of Attorney: POA documents give a trusted person the ability to act on your behalf if you cannot make your own financial or legal decisions.
- Health Directives: If you have specific wishes related to health care, an advance directive can provide clear instructions for doctors and make things easier for your family.
Schedule a Confidential Consultation With a Northeast Ohio Estate Planning Lawyer
At The Law Office of John C. Grundy, our Ohio estate planning attorney is an experienced, reliable, and future-focused advocate for people and families. Get in touch with us by phone at 330-637-9030 or contact us directly to arrange a completely confidential initial consultation. From our Cortland office, our law firm provides estate planning and elder planning services throughout all of Northeast Ohio.