Experienced Probate Lawyers in Cleveland
What happened to my stuff when I die? Who will take care of my kids? What will happen to my dog? Will my kids have to pay taxes when I die? These are all great questions that people find overwhelming when thinking about hiring an estate planning attorney. A solid estate plan, however, is necessary for everyone in order to preserve their legacy. Petronzio Schneier Co., LPA can help you plan for your demise and give you the confidence in making the decisions that will impact your family’s future at your death,
What Is Estate Planning exactly?
Estate planning is the practice of drafting and signing agreement and contracts that will determine how your assets and debts will be distributed upon your death or in the event you become incapacitated. Three essential documents that should be in everyone’s estate plan, such as a Last Will and Testament, a Living Will and a Durable Power of Attorney for Health Care. Additionally, you may want to understand whether a trust would benefit your estate planning needs.
What is a..
- Last Will and Testament-a document that determines how your assets will be distributed to chosen beneficiaries and how to pay any debts upon your death. This document also allows one to name a Guardian or Custodian for yo9ur children should they be under the age of 18.
- A Living Will– a document that establishes your end of life choices, including ongoing treatment and life support. This document is imperative, so your family does not have to make these difficult decisions on your behalf.
- Trust– a document that allows you to distribute assets to beneficiaries but without going through probate as a Last Will and Testament must. There are many different kinds of trusts which may benefit you depending on your circumstances and what your estate planning goals are. Trusts allow you to distribute to beneficiaries over a period of time instead of all at once as a Last Will and Testament does. You could also use a trust for a pet or to hold funds for a special needs family member.