When clients come to our firm, they often have a specific goal in mind. Some individuals want to create a plan that will protect a family member, while others are interested in protecting a minor child or planning for a second marriage. At the Law Offices of Laurie E. Ohall, we work with clients to determine the best way to achieve their goals, whatever they may be.
The attorneys at Ohall Law draft and review the following estate planning documents with clients:
- Power of attorney: A power of attorney allows you to name the person who will step into your shoes when you are unable to make decisions. There are various power of attorney documents, including those pertaining to both finances and healthcare.
- Wills: It is important to decide who will receive your assets at the time of your death. Without a will, that decision is left to the court.
- Trusts: Trusts are another way to leave your assets to your loved ones. A trust can also help you avoid probate and take care of loved ones who may not be able to handle an outright distribution of money. With a trust, a successor trustee takes over when you die.
- Special Needs Trust: A special needs trust ensures that a disabled individual (such as a minor child, an adult child, or a disabled spouse) receives support without losing any government benefits they might be receiving. The trust can then help the disabled individual with paying for things that the government benefits might not cover.
- Health care directives: A health care directive names a specific person to carry out your medical wishes. Having a person named can eliminate problems in the event of a medical emergency.
Is your estate planning in order?
Test your knowledge with our Estate Planning Basics Report Card:
- Do you have a Last Will and Testament?
- Do you have a Trust (if applicable)?
- Do you have a Durable Power of Attorney?
- Do you have a Living Will and health care surrogate designation?
- Inventory of all your assets (so loved ones can identify account numbers, if there is a safe deposit box, identify where the assets are located, etc.)
- Are the beneficiary designations on your life insurance up-to-date?
- Do you have all of creditor info written out so family members can notify of them your death (mortgage company, credit cards, utilities, etc.)?
- Have you pre-paid or pre-arranged funeral expenses?
- Are your important papers organized (birth/marriage certificates, immigration/citizenship papers, prenuptial agreements, Veteran discharge papers)?