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Signing Requirements – The testator and two (2) witnesses.

Before any of the testator’s instructions can be implemented, the Will must be reviewed in probate court. A Will may cover provisions such as guardianship for their children, an agent for their children’s inherited assets, and taxes and debt management. This document appoints an executor to handle the distribution of assets to the named beneficiaries, but this authority only comes into effect after the testator dies. Last Will and Testament – A document executed by the principal (testator) with the intent of conveying clear instructions regarding the distribution of their estate after death. Leaving property or assets out of an estate plan will cause complications when the time comes for the estate to be distributed after the principal’s death. Regardless of whether one or both of these tools are used, the principal may want to confer with an attorney to make sure that no part of the estate has been left out.

Health care billing and payment matters Įach estate planning document mentioned below provides different benefits for the principal.

Benefits from governmental programs or civil or military service.

Bond, share and commodity transactions.

Signing Requirements – Signatures of principal and agent must be acknowledged in the manner prescribed for the acknowledgment of a conveyance of real property i.e., a justice of the supreme court, an official examiner of title, an official referee, or a notary public.

This document can be amended or revoked at any time by the principal. The agent’s power is limited to finances, and they cannot make health care decisions for the principal. A Durable POA contains instructions on how the principal would like the agent to handle certain assets, accounts, investments, and other financial matters. A financial agent wields a great deal of power therefore, the principal should appoint a trustworthy individual.ĭurable (Financial) Power of Attorney – A legal document that appoints a financial agent to the principal’s estate.

Appointing a financial agent is an important step because it means the principal’s estate will be looked after even if they become mentally or physically incapacitated. Unlike a health care agent, a financial agent gains power as soon as the POA document is signed.

Ī financial agent, or simply “agent” as per the Power of Attorney document mentioned below, is authorized to make financial decisions on behalf of the principal who executed the POA. Signing Requirements – The principal and two (2) witnesses.A Health Care Proxy can include limitations regarding the agent’s authority, otherwise the agent will have carte blanche in regard to the types of medical treatment the principal will receive. A health care agent is also appointed through execution of this document and they are in charge of communicating the principal’s health care wishes to medical professionals and health care providers. Health Care Proxy – A Health Care Proxy, or Medical POA, contains instructions regarding the type of medical treatment and health care a principal will receive in the event of incapacitation. The principal should appoint an individual who is close to them, who knows their values, and, more importantly, who will take these values into consideration when making any health care choices for the principal. A health care agent will gain power only if the principal becomes incapacitated that is, should they at any point be incapable of making important medical decisions for themselves.

THE ESTATE PLANNING CHECKLIST DOWNLOAD

We’ll email you the link to download the Checklist.The execution of a Health Care Proxy involves the appointment of a health care agent, a person who will make medical decisions on behalf of a principal (individual executing the document).

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Getting the right legal documents in place.

THE ESTATE PLANNING CHECKLIST HOW TO

How to choose the right attorney for your needs.In this Guide, you’ll learn the 13 steps every person needs to address in their planning, including: Our FREE “Estate Planning Checklist: The Essential Guide for Making your Best Estate Plan in Ohio” walks you through the steps you need to address to prepare the estate plan that is right for your family. Without the right information and guidance, estate planning can be a daunting task, and if it’s not done correctly, the results can be disastrous. However, knowing how to plan for your specific needs and goals requires an understanding of the issues and options. How you plan your estate can significantly impact your life and the lives of those you leave behind. Regardless of who you are, whether you are single or married, have kids or not, are young or old, and no matter your level of assets, a good estate plan is important for you.

The estate planning checklist