As people get older, marry, have children and even start having grandchildren, working with an estate planning lawyer becomes more important. This is a specialized area of the law that provides support for individuals in planning for the future as well as legal support and representation for those who have been designated as administrators or executors of estates.
In Newton Falls, your first visit with an estate planning lawyer will be a general information session. This will allow the attorney to understand the scope of your estate and to make recommendations as to the options to consider based on your wishes. Often these will need to be considered, and then with a follow-up appointment they can be finalized.
In some situations, a client may come to an estate planning lawyer will a specific request. They may have a current will but need advice on modifications to the will based on changes in their financial situation, changes in beneficiaries, or even to look at options to help to reduce the tax implications of the way the estate has been divided.
Wills, Trusts and Annuities
There are several different options rather than simply willing money or assets to a beneficiary. In the case of minor children, or even adult children, it is possible to set up an annuity or a trust.
Your estate planning lawyer in Newton Falls can discuss the pros and cons of each option based on the specifics of the estate. In some cases, an annuity or a trust that pays out over years or even a lifetime for a beneficiary can help to reduce tax considerations as well as provide a steady income stream rather than a lump sum payment.
Living Wills and Powers of Attorney
A living will and a power of attorney are two different considerations. The power of attorney designates an individual to take responsibility in making decisions should an individual become incapable of doing so for themselves. This can include limited control, or it can include full financial and medical decision-making authority.
A living will is a directive to medical professionals as to care for end-of-life events. This is often a very important consideration as it takes the burden of making the decisions as to life support, resuscitation and even treatment methods off of the family when specific health issues occur.
Talking to an estate planning lawyer is the first step in deciding how to set up your will and estate. It is never too early to start planning, and it will provide security for the family while ensuring your wishes are honored with regards to your estate and beyond.
As a top estate planning lawyer, John C. Grundy has the experience and expertise to help you develop the documents needed for your estate.
