Akron Estate Planning Attorney
Nearly everyone has an estate. Your estate is comprised of the things that you own. For many people, this may include a car, home, bank accounts, personal possessions, other properties, and more.
Regardless of the size or scope of your personal estate, it is crucial to plan for what will happen to it in the event of your death. You will likely want your possessions and assets to go to the people or organizations that are important to you.
Providing instructions so that your wishes are appropriately carried out is known as “estate planning.” Developing a plan for your estate ensures that your desires are carried out the right way.
With the help of an Akron estate planning lawyer, you can settle your estate while paying as little in taxes and legal fees as possible. Do not wait to speak with an attorney for estate planning.
The Akron estate planning lawyers at Slater & Zurz can help you plan for the future. Contact our firm at (330) 762-0700. Our knowledgeable estate planning lawyers in Akron, Ohio, will work diligently for you.
Understanding Estate Planning
Estate planning involves drafting written and legally-binding instructions for who you want to receive your assets when you die. When you speak with a seasoned estate lawyer in Akron, they will help you draft clear and actionable instructions to keep your estate in good hands.
However, a legal specialist will ensure that your estate plan does much more than this. High-quality estate planning also involves determining what will happen if you are incapacitated for a significant period before your death.
A strong estate plan will include disability insurance options. This will guarantee you an income if you cannot work due to an injury or illness.
Life insurance provisions are also an important element of estate plans. A skilled Akron estate planning lawyer will help you craft a plan to provide for your family in the long term.
If you own a business, it is important to plan for the possibility of incapacity, disability, or death. This information can be included in your estate plan, as well.
Monetary considerations are only one element of estate planning. These documents can also determine guardianship for any minor children and give instructions for the handling of their inheritance.
If you have family members who need protection from creditors, you can draft your plan to help them as much as possible. An estate planning lawyer will discuss all of these options with you and help you determine the best approach for your needs.
Minimizing the costs to your surviving family is also a primary goal for estate planning. When you hire a skilled lawyer in Akron, they will help you draft a plan that minimizes costs. Typical expenses on a decedent’s estate include:
- Taxes
- Court costs
- Legal fees
- And more
A lawyer for estate planning will review your financial situation and help you decrease the costs to your loved ones. Some strategies include opening a living trust, ensuring that beneficiaries are named, and more.
Speaking with one of the Akron estate planning lawyers at the Slater & Zurz law firm, will ensure that your wishes are executed. Managing your estate is an ongoing process. If your situation changes, the team at Slater & Zurz can help. It is vital to update your estate plan as life circumstances change.
Everyone Should Contact a Lawyer for Estate Planning
Some people believe that only retirees need to worry about estate planning. This view is deeply mistaken.
While we all wish to enjoy a long and healthy life, this is not a guarantee. No one can accurately plan for when they will pass away. Catastrophic injuries and terminal illnesses can happen to people of any age.
Another common misconception is that only the wealthy need an estate planning attorney. While those with significant assets should develop a plan for their estate, all families can benefit from this type of protective legal document.
If a family member dies in Akron without a well-drafted estate plan in place, it can cause their loved ones to spend significant amounts of time and money. Navigating the legal requirements without an estate plan in place is very difficult.
To ensure that your family is prepared for every eventuality, speak with an estate planning attorney at Slater & Zurz. Our firm proudly serves clients in and around Akron, Ohio.
Determining If You Need a Will or a Trust
Most people are not familiar with the various differences between trusts and wills. To determine which type of document will best suit your needs, speak with a seasoned attorney for estate planning.
Trusts and wills are both effective tools for protecting your assets. However, they work differently and serve different purposes.
In many cases, people rely on both wills and trusts to ensure that their estate is handled properly. The primary distinction between a trust and a will is that wills undergo a process called “probate.”
Probate is a legal process through which a court manages the administration of the decedent’s will. This process is intended to make sure that the will is executed in a valid manner.
Trusts, on the other hand, do not go through probate. Avoiding the judicial system can save the decedent’s family time and money.
Also, trusts provide the benefit of privacy. When a will goes through probate, it may become a matter of public record.
When you consult one of the seasoned legal professionals at Slater & Zurz, we will ensure that your estate plan includes the right documents for you. We will work hard to guarantee that your wishes are carried out appropriately.
When you hire our firm, you can rest assured that your assets and property will be handled according to your wishes.
Without an Estate Plan, the Courts Decide
When someone dies without a strongly-drafted estate plan in place, the court system will oversee their assets. This is often not an ideal situation for the family of the decedent.
This is also true if you become disabled or incapacitated and your name is on the assets that you own. In this case, the court will oversee how your assets are used.
This can be very expensive and time-consuming for your loved ones. And because the court oversees it, this process may be entered into the public record. Even if you recover from your injury or illness, it can be challenging to end this process.
If you pass away without a will or estate plan in place, your assets will be distributed according to the intestacy statutes in the state of Ohio. This expensive proceeding may leave your family with only a portion of your estate.
Do not let this happen to you. Speak with one of the knowledgeable legal professionals at Slater & Zurz about building a thorough estate plan today. You should never wait until it’s too late to ensure that your property and assets are protected.
Estate planning is the process of drafting legal documents to protect a person’s assets in the event of their death or incapacitation. These documents preserve the maximum amount of assets for the decedent’s surviving loved ones.
Estates consist of both “real” and “personal” property. The term “real property” refers to the real estate that the individual or family owns. “Personal property” is comprised of everything else, such as:
- Vehicles
- Appliances and household items
- Checking and savings accounts
- And more
An estate planning attorney helps clients draft effective wills and trusts to protect their assets.
Executors are also known as “personal representatives.” An executor is a person assigned to carry out the decedent’s wishes.
If the decedent’s estate was planned through a will, the executor would offer the document to the court for probate. An executor should also:
- Take steps to protect the estate’s assets
- Appropriately distribute property to the decedent’s beneficiaries
- Pay debts, fees, and taxes associated with the estate
Executors are named by the individual when they plan their estate. Because the named executor has the right to refuse the job or may not be able to serve, it is vital to name an alternate personal representative.
Estate planning lawyers fulfill many important functions for those hoping to protect their assets. These legal experts will review your financial and personal circumstances to help ensure that your wishes are carried out in the event of your death.
Some of the most common functions of an estate planning lawyer are:
- Designating beneficiaries
- Drafting a will or trust
- Establishing power of attorney
- Reducing or avoiding estate taxes
- Reducing or avoiding probate court expenses
- And more
Planning your estate allows you to rest assured that your loved ones will have a clear plan of action if you become incapacitated or pass away.
Slater & Zurz Estate Planning Lawyers
Contact the law firm of Slater & Zurz to discuss your estate plan by calling (330) 762-0700. Our knowledgeable probate lawyers will help guarantee that your property and assets are fully protected to ensure a thriving future for your loved ones.