Helping You Prepare For The Future With An Estate Plan
Everyone needs an estate plan. While it may sound like something for the rich or the elderly, the truth is that an estate plan helps all people protect their assets and their loved ones, regardless of their wealth or age.
If you’re considering estate planning but do not know where to start, The Flowers Law Firm is here to help. Attorney Corey Flowers has years of experience in assisting individuals and families throughout Cuyahoga and Summit counties to prepare for the future.
Skilled Estate Planning Services You Can Trust
There are many aspects to creating a thorough estate plan. It may seem overwhelming if you’re going at it alone, but with the help of an estate planning lawyer, you’re sure to navigate the steps more easily.
Mr. Flowers can guide you through:
- Determining how to distribute your assets
- Explaining the differences between probate and nonprobate assets
- Designing an estate plan to help avoid probate
- Assisting you in preparing trusts
- Establishing powers of attorney
He can also help with navigating the probate process after the death of a loved one, including will contests and other estate litigation.
What Should Be Included In Your Estate Plan?
Estate plans can be “simple” or more complicated and include a variety of different documents and tools. These tools each serve a different function in protecting your assets and your wishes for the future. The most common elements to include in an estate plan are as follows:
- Last Will and Testament: Your last will testament is a legal document that outlines how you want to distribute your probate assets after your death. This can include providing a list of your assets and the heirs who will inherit that property. A last will and testament also includes other details such as naming an executor, the person who will administer your estate), and naming guardians for any minor children or other legal dependents. .
- Powers of attorney: There are generally two types of powers of attorney: a health care power of attorney and a financial power of attorney. A power of attorney gives authorization to another individual, or “agent,” who can make medical and/or financial decisions on your behalf if you are unable to do so yourself.
- Trusts: A trust is a legal contract that names you or another individual as the “trustee,” to hold onto assets for you, the “grantor.” Trusts can also be used be used to protect or “shelter” assets in the event you or a loved needs to go into a nursing home and a Medicaid application is needed
- Guardianship: If you have minor children, a guardianship allows you to name a trusted relative or friend to take care of your child if you are no longer able.
- Beneficiary Designations: A beneficiary designation for a specific asset (such as real estate, financial accounts, or a car) means that each such asset will pass to the named beneficiary outside of the terms of your last will and testament and outside the supervision of the probate court.
- Living Will Declaration: Most clients get hung up on the term “will” in living will declaration and confuse this document with a last will and testament. Attorney Flowers wants you to focus on the word “declaration”. A living will is a declaration that you do not want to be kept alive artificially in certain end of life circumstances, such as if you are in a permanent vegetative state.
Every estate plan is different. It’s crucial to work with a knowledgeable attorney who can answer your questions and learn about your specific goals and needs. Mr. Flowers will develop an estate plan that includes the necessary tools to provide you with the security you need for the future.
How Can You Avoid Probate Court?
Probate is the legal process that happens after someone dies to validate and administer the contents of their will. Probate will still occur if the deceased individual does not have a will. In that case, they are considered “intestate,” and their estate will be distributed according to intestate laws, meaning passing down assets to the closest family, typically a spouse or children.
The probate process is often long and complicated. Assets may get tangled up in court for months or years after the death of a loved one. For this reason, many Ohio residents try to avoid the chances of probate when building out their estate plan. There are different tools that can be used to avoid probate, such as revocable living trusts, joint asset ownership and payable-on-death designations.
Understanding these different methods of avoiding probate can be complex. This is why you need an estate planning lawyer to assist you. Mr. Flowers understands how probate court can impact a family’s ability to receive their inheritance. He will take the time to help you create the appropriate tools in your estate plan to ensure that your family won’t have to suffer through the lengthy probate process.
Experienced Estate Planning Representation
For over a decade, attorney Flowers has helped people throughout Cleveland and Akron successfully plan for their futures with a strong estate plan. He can help you do the same.
Contact The Flowers Law Firm today at 330-598-0599 to get started. Or send an email through the online form.