Wills and Power of Attorney

Wills and Power of Attorney Mentor, OH

probate law

Client-Focused Estate Planning Lawyers You Can Trust

In the Spring of 2022, a reputable survey indicated that only one out of every three American adults has the most basic estate planning documents in place. As a result, if you are researching how to craft a will, how to designate a power of attorney, or how to craft a comprehensive estate plan, you are to be congratulated for being ahead of the curve.

This proactive approach to estate planning demonstrates wisdom and concern for the future of your family. Many people postpone these important decisions, often believing they have plenty of time or that estate planning is only for wealthy people. In reality, however, everyone, regardless of age or financial status, can benefit from a well-planned estate plan. Taking action now means taking control of your legacy and ensuring your wishes are carried out.

While it can be tempting to approach estate planning in a “do it yourself” capacity, perhaps by downloading some templates you have found online, it is important to understand that working with a knowledgeable attorney who understands Ohio law is an effort to be made in your own interest and in the interests of your loved ones. If you are going to take the time to safeguard your wishes in this way, it’s critical that you do so in ways that are legally valid and enforceable.

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Crafting a Will

Each state enforces its own standards concerning what renders a will valid and enforceable. As digital assets are becoming more relevant by the day, the area of estate planning law is evolving at a rapid rate. These are just two of the reasons why simply downloading some templates online is not going to allow you peace of mind when it comes to creating a will. Unless you work with an experienced Ohio estate planning lawyer, you will risk that the document you’ve created will not conform to evolving state standards.

Ohio has specific requirements for a will to be considered valid. The person creating the will (the testator) must be 18 years or older and of sound mind. The will must be written and signed by the testator in the presence of two witnesses, who also sign the document. Witnesses cannot be named beneficiaries in the will, as this could potentially create a conflict of interest and invalidate their inheritance.

If your will isn’t properly enforceable, it could be successfully contested during the probate process. If this happens, all of the instructions you’ve so carefully laid out could be disregarded. In that event, state law will dictate how your assets are distributed, who will serve as a guardian for your minor children, etc. upon your death. If you don’t want the state dictating the fate of your property – and possibly your loved ones – take the time to speak with an attorney about how to exercise your rights effectively.

A will serves several important purposes beyond simply dividing your assets. It allows you to appoint an executor who will manage your estate during the probate process, ensuring that debts are paid and assets distributed according to your wishes. For parents with minor children, creating a will is essential because it allows you to name guardians who can take care of them in case something happens to you. Otherwise, the court will have to make this decision, which may not always be in line with your wishes or values.

Designating Power of Attorney Authority

Designating at least one power of attorney is a critical estate planning measure that adults of all ages and economic standing need to take seriously. In the event that you are ever incapacitated by an injury or illness that renders you unable to advocate for your own interests, your designated power of attorney (POA) will be empowered to make decisions on your behalf. Once you regain your ability to self-advocate, your designated power of attorney’s authority will terminate automatically.

Depending on your circumstances, you may benefit from naming a general power of attorney, a medical POA, a financial POA, or multiple people to serve in various roles. Their efforts will help to ensure that your needs are properly attended to by someone you trust to act in your best interests.

Types of Power of Attorney Explained

Understanding the different types of powers of attorney is crucial for making informed decisions regarding your estate plan. A general power of attorney gives your designated agent broad authority to handle various legal and financial matters on your behalf, such as managing bank accounts, paying bills, handling real estate transactions, and making investment decisions. This is a useful tool that can help you ensure that your affairs are taken care of in case of incapacitation, which is exactly when you might need it most.

A durable power of attorney continues to be effective even if you become unable to make decisions. This makes it a crucial tool for comprehensive estate planning. A health care power of attorney gives your agent authority to make medical decisions on your behalf if you are unable to do so yourself, including decisions regarding treatments, medications, surgery, and end-of-life care. Financial power of attorneys restrict your agent’s powers to financial matters only.

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Choosing the Right Person as Your Power of Attorney

Choosing someone to act as your power of attorney is a crucial decision in your estate planning. This person must be someone you can trust completely, as they will have significant authority over your affairs. When selecting a power of attorney, consider choosing someone reliable, organized and able to make difficult decisions under pressure. They should also be willing and able to serve in this capacity, and understand the obligations involved. It is often wise to designate an alternate or successor power of attorney in case your primary choice is unavailable or unwilling when the time arises.

Learn More About Probate and Estate Administration

Contact one of our Creative Lake County, Ohio Estate Planning Lawyers Today for Free to Get Started

The process of estate planning can be – very understandably – intimidating, as it requires an individual to contemplate a time wherein they will no longer be available to care for their loved ones personally. Know that you do not need to navigate the complexities of this legal process alone. Compassionate and client-focused attorneys Jon Axelrod and Rochelle Hellier are available to assist you with all of your estate planning needs.

To begin safeguarding your interests and the interests of your loved ones, schedule a risk-free and confidential case evaluation at no cost with one of Axelrod & Hellier Law Office’s reputable Mentor, OH estate planning lawyers today. You can get started in a matter of minutes by calling the firm at (440) 944-7300 or reaching out via our website. We look forward to assisting you.

Common Wills and Power of Attorney FAQs

What are the legal requirements for a valid will in Ohio?

Ohio law has specific requirements for a will to be valid, including proper signing and witnessing procedures. An attorney ensures your document meets all current legal standards, preventing it from being challenged or deemed unenforceable in probate court.

Why shouldn’t I use an online template for my will or POA?

Online templates may not comply with Ohio’s specific laws or address your unique circumstances, such as digital assets or blended families. An invalid document can lead to costly probate disputes, causing your wishes to be disregarded and state law to decide the distribution of your assets.

What is the difference between a financial and a medical power of attorney?

A financial power of attorney authorizes someone to manage your monetary and property affairs if you’re incapacitated. A medical power of attorney (or healthcare proxy) allows someone to make healthcare decisions for you. We can help you establish one or both based on your needs.

Can I name different people for different roles in my estate plan?

Yes. It is common to appoint different individuals to serve as executor of your will, guardian for minor children, and agent under various powers of attorney. We help you designate the most trusted people for each specific responsibility.

What happens if I become incapacitated without a power of attorney?

Without a valid POA, your family would likely need to petition the court for guardianship. This is a public, often lengthy, and expensive legal process where a judge appoints someone to manage your affairs, rather than you choosing that person in advance.

How do I get started with creating my will and POA?

You can begin by scheduling a free, confidential case evaluation with our Mentor office. We will discuss your goals, explain the process, and outline your options so you can make informed decisions to protect your interests and your loved ones.

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