Estate Planning FAQ

Solomon, Steiner & Peck, Ltd. — Estate Planning FAQ

I'm still a very young person. Should I be concerned about estate planning at my age?

The decision to plan your estate, regardless of its size, is a sound one for anyone of any age. People think it's only for elderly retirees, and nothing could be further from the truth. We never know what life will hand us — and it's best to prepare for any unforeseen circumstances. Individuals, young families with small children and business owners alike can benefit.

How does an estate plan benefit my relatives?

It guarantees their future financial security, in your absence, and saves them time, money and stress during estate administration, so that complicated probate proceedings can be avoided, and your assets and property can be transferred to the beneficiaries you designate.

Am I allowed to change or refresh any or all features of my estate plan, as circumstances within my family change?

Absolutely. Just as lifestyles, finances and legal needs change, an estate plan can be revised to reflect that evolution.

I keep hearing about the importance of a last will and testament. Is that true?

A will is the cornerstone of any credible estate plan. In Ohio, anyone who is 18 years of age or older, and is of "sound mind and memory," can have a will drawn up.

Are there other elements that should be a part of an estate plan? And will the finished product reflect my specific situation and future needs?

Our law firm listens carefully to your description of your personal and family situation, so that your estate plan addresses it in a customized way. Typically, components of an estate plan include a will, revocable or irrevocable trust, power of attorney and advance health care directive. We can also advise as to the wisdom of family limited partnerships, guardianships and conservatorships, and any other feature that can work to your loved ones' advantage.

You mentioned the "power of attorney." What is that?

This is a standard estate document that appoints an agent, representative or lawyer to sign in the name of the principal.

Is this the same as a "health care power of attorney"?

This is another standardized document that permits the appointment of specific individuals who will make medical and health care decisions for you.

A senior relative of mine has seen to a "living will." What does the living will do?

The living will is a legal guide for health care professionals who should recognize your wishes regarding continuation, or not, of life-sustaining treatment during incapacitation.

Do you provide legal services for out-of-state clients who have family members in Ohio?

Yes. Our law firm offers attentive local representation for anyone outside the state whose Ohio relatives require legal protections during the estate and probate processes. This assistance saves out-of-state family members considerable time, expense, and the obligation to travel here.