Here are three compelling reasons to address your estate plans – all of the best probate attorneys surely would agree:
Have A Strong Estate Plan
The stronger and clearer your estate plans are, the less work your loved ones will have to do after you pass away.
When you pass away, your family and loved ones will have plenty to deal with. They will be planning memorial services. They will be writing statements for your eulogy. And, more than anything else, they will each grieve in their own distinct and patient ways. You do not want to add logistical concerns to their burdens. If you plan your estate wisely with one of Cincinnati’s top probate attorneys, they will not need to think about your estate at all.
You will want to craft a full and robust estate plan, and communicate that plan. Let your loved ones know where documents are stored. Let them know each official document that will be relevant. The Will is obvious, but direct them to your durable power of attorney, trust forms, and all other estate plans they will be accessing.
Protect Your Investments
Your investments should be protected. The best probate attorneys can help you transfer your assets in the most frugal way possible.
Your financial plans during your lifetime are one thing. You can manage your accounts. If you become ill or injured, though, you want to make sure your assets do not slip away. Medical expenses can do this if you do not have the proper paperwork in place. Plan ahead and avoid any unnecessary expenditures.
The best offense in these cases is a strong defense. Having places where you can protect your assets often means diverting them away from your primary accounts. Putting trusts in place, and letting the trusts hold many of your assets, can prevent medical creditors from using those assets to cover hospital and specialist bills. Trusts can be used for your children’s accounts, but they also can be used to safeguard your funds while you are still alive.
Consider A Trust
For your children’s sake, it may be best that they do not receive their full estate inheritance all at once.
You can structure your trust so that it releases a set percentage to each child once a year, so that the money helps protect them. A single lump sum could lead to a frivolous purchase, while a 15-year trust distribution could support them in their careers. Planning ahead could make your savings have a much more productive and supportive presence in their lives.
Having that sort of long-term, multi-year distribution can help your children view those funds as you do – as investments. You can keep a benevolent presence in their lives after you depart, by continuing to bolster and help them financially.
Contact The Probate Attorneys at Donnellon, Donnellon and Miller
If you are in need of legal assistance with a probate matter, contact our Cincinnati based law firm to speak with a probate attorney today. Call 513.891.7087, or use our online contact form.