Estate Planning

ESTATE PLANNING

According to a recent survey, only 42 percent of U.S. adults currently have estate planning documents such as a will or a trust. For adults with children under the age of 18, the figure is even lower, with just 36 percent having an end-of-life plan in place. Online estate planning documents and computer software will not meet your family's needs and could end up being costly to your family later on. 

Effective estate planning assists families in understanding what your wishes are both when you are incapable of making your own decisions and after you have passed on. It also serves to protect the assets you've worked hard to acquire by reducing future extensive legal fees and other expenses. Ravenna Estate Law will help you and your family establish an effective estate plan. A basic estate plan consists of several different documents:

• Last Will and Testament

• Power of Attorney for Financial Decisions

• Power of Attorney for Health Care Decisions

• Health Care Directive/Living Will

Other documents that may need to be considered include Trusts (both Testamentary and Living), Community Property Agreements, Separate Property Agreements, Transfer on Death Deeds, and Agreements Regarding the Status of Property.

Probate

Probate is the legal process for transferring property when an owner dies. The probate process requires determining the heirs and beneficiaries, locating assets, paying any debts and taxes, and also distributing the proceeds to the beneficiaries. Ravenna Estate Law assists the Personal Representative in the process including filing all the necessary court documents to keep probate moving forward. We assist families in all stages of the probate process.

Financial Power of Attorney

A Financial Power of Attorney allows another individual manage your finances if you become incapacitated and are unable to make financial decisions yourself. The power is granted in a document and grants someone legal authority to act on your behalf regarding financial matters. It helps make life easier on your family and friends during a difficult time.

Last Will and testament

A last will and testament is a legal document allowing the person making the will designate individuals to receive your property and possessions after you pass away. The main purpose of a will is to make sure your wishes will be followed upon the testator's death. A will also allows you to name a guardian to care for any minor children, determine what you would like to do with your remains, and designate alternate beneficiaries should your original beneficiaries predecease you.

Health Care Power of Attorney

A Health Care Power of Attorney allows you to designate someone to represent and make decisions for you in the event you are unable to make or communicate decisions about all aspects of your health care. It also gives your representative guidance to make sure that your wishes are being fulfilled.