Contrary to popular belief, estate planning isn’t just for high-net-worth individuals. It isn’t reserved for senior citizens, either. No matter your age or how much you own, a well-thought-out estate plan can help protect your assets and loved ones and give you peace of mind as you approach retirement.
It’s never too early to start working on your estate plan. Our experienced legal team at the John Hoffman Law Firm can assist you in all aspects of estate planning. We offer a free 15-minute Discovery Call to discuss your case. When you’re ready, go ahead and schedule your free call using our easy online calendar.
“Estate planning” is the process of arranging for the management and disposal of your estate after you pass away or become incapacitated during your lifetime. Your estate includes everything you own, including cash, bank accounts, your home and other real estate, your car, retirement accounts, insurance policies, stocks, bonds, and more.
The word “estate” often brings to mind images of grand buildings and sprawling country estates, but this is a very narrow and somewhat misleading view. If you own something in your name, regardless of its value, you have an estate and can benefit from having an estate plan.
Estate planning isn’t just for older people, either. While it’s never too late to draft an estate plan, you should start working on yours well before retirement for maximum peace of mind.
Estate planning is a multi-step process. We will advise you on the optimal estate plan for your and your family’s needs, but estate plans generally consist of the following elements:
Here are just a couple of reasons you should have an estate plan:
With an estate plan, you have a much higher degree of control over the management and distribution of your assets after you pass away. At the very least, you should have a will. If you die without a will, also known as dying intestate in legal terms, the court will distribute your property according to Ohio state law.
Probate is a legal process in which a special probate court verifies the validity of your will and oversees the distribution of your inheritance. Probate proceedings are public and can be costly and time-consuming.
However, you may be able to avoid probate for a portion of your estate by transferring assets into a trust. Only property titled solely in your name is subject to probate in Ohio. Trusts and other probate avoidance strategies can save you a lot of time and money and safeguard your privacy.
Here are some estate planning dos and don’ts:
Estate planning needn’t be stressful. At the John Hoffman Law Office, we can advise you on a wide range of estate planning, asset protection, business succession, and related matters.
Book your free 15-minute Discover Call with an estate planning lawyer in Akron, OH.
John Hoffman Law serves people with legal needs throughout Northeast Ohio in Summit and Medina Counties.
Attorney John Hoffman is ready to help you with estate planning and medicaid planning. Let John Hoffman Law put our experience and diligent legal representation to work for you. Contact us today to learn how John Hoffman Law can help you.