Tag: cleveland estate planning lawyer

Making a Charitable Bequest

A gift to a charity can be made in a Will or Trust. If you already have a Will or Trust, a charitable bequest can be added by means of a codicil to a will or an amendment to a trust.

 

Prior to making any gift, it is important to know the correct name of the organization to ensure that the money goes to its intended beneficiary and to avoid confusion.

 

Bequests come in different forms.

 

Specific Bequests: A specific bequest is a gift of a particular item. For example,” I give my diamond engagement ring to Charitable Organization.” If you dispose of your diamond ring before death, than this… Read the rest

The 4 Major Pitfalls of Not Having a Last Will and Testament

There are four major downsides to not having a valid will upon death.

1. Inheritance

Without a valid will setting forth who will inherit your estate, ie. your house, money, prized coin collection, etc. the property will be distributed according to Ohio law and not your wishes.  Remember, if you want to be the one to decide who inherits your estate, you must have a valid will.  So what makes a valid will in Ohio? In a nutshell, it must be in writing, signed at the end by you, and signed by two competent witnesses who saw you sign your will.  Although it may be simple enough to execute a valid will, the content… Read the rest

The Basic Estate Plan that Every Parent Should Have

It is certainly true that no one likes to think about death or dying.  But it is also true that everyone dies, and unfortunately some leave this earth far too soon.  Estate Planning is not morbid.  It is responsible.  We don’t avoid buying health insurance because it reminds us that we may get sick.  In the same way, we should not avoid estate planning.  After all, estate planning is an insurance policy for our loved ones.    

Remember, estate planning isn’t for you, it is for the people you leave behind.   

There are several key questions that you need to ask yourself.

1.)    Who would I want to care… Read the rest

How do I Know if I Need a Power of Attorney or a Guardianship?

Ideally, a person should execute a durable financial power of attorney and a health care power of attorney, and possible a living will as well, while the person is still competent, appointing an individual to make decisions on his behalf in financial and health care matters once the person is no longer able to do so.  However, if a person does not execute financial and health care powers of attorney and becomes mentally impaired and unable to take proper care of himself or his property, then a guardianship becomes necessary.  Mental impairment can be the result of mental retardation/developmental… Read the rest