Preparing For Your Family’s Future Through Estate Planning
We can’t foresee the ‘how’ or the ‘when’ but we know that eventually incapacity or death are in the cards for each of us. Putting an estate plan in place gives you peace of mind that your loved ones will be provided for and your wishes will be honored when that fateful day comes.
I believe that a good estate plan requires the personal touch, especially when planning your legacy and discussing delicate topics. I will patiently guide you through the many scenarios and decisions of estate planning, whether you are drafting your first will or updating your documents.
Customized Wills And Trusts
I am attorney Sam Thomas III. You can draw on my 25 years of legal experience to cover all the bases. Depending on your circumstances and your goals, your estate plan may include:
- A last will and testament — Your will specifies who inherits which assets or which portion of your estate. A will can also address your wishes regarding funeral arrangements, charitable bequests, guardianship of minor children, or care and custody of pets.
- Powers of attorney — If you become unable to manage your own affairs through mental decline, illness or accident, this document authorizes a trusted person of your choosing to act on your behalf.
- Living will — In an end-of-life situation, would you want life support, resuscitation and “heroic measures”? An advance directive or living will spells out your wishes to guide medical personnel and your loved ones.
- Trusts — By placing assets in a revocable living trust (or other type of trust), you can spare your beneficiaries from the delays and expense of probate. Other types of trusts can accomplish specific goals, such as a special needs trust to provide for an adult child with disabilities.
- Property deeds — I also help clients avoid probate on property transfers through quitclaim deeds or transfer-on-death deeds
What Is The Difference Between A Will And A Trust?
Wills are economical up front, but they won’t allow your loved ones to avoid probate later on. The will will have to be presented to the Ohio court to verify its validity, which can be costly and drag out the distribution of the estate.
Conversely, trusts are a bit trickier and pricier upfront. However, they can help prevent your beneficiaries from going through the probate process once you’re gone. An experienced estate planning attorney can assess your personal situation and help you determine which option is right for you and your unique needs.
How Do I Know If I Need An Estate Plan?
Every adult should have plans in place. I work with many retirees, but I also write wills for middle-aged people who have accumulated significant wealth and young couples wanting to ensure their minor children are provided for. It is also important to update your will, trust and powers of attorney after major life events such as marriage, divorce, new children or the passing of any beneficiaries.
Estate Planning With The Personal Touch
I invite you to call me today at 216-777-4199 or email me. I offer a free phone consultation to discuss my services. I can also make house calls to sit down with you to discuss your estate planning components.
Sam Thomas III Esq. & Associates, LLC, serves Beachwood and the Cleveland metro area.