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The Importance of Estate Planning

You may have heard of estate planning, but do you know what it entails? It may sound complicated, but an estate plan just refers to the documents that almost every individual needs, regardless of how complex their financial and familial affairs are. The purpose of these documents is to help avoid problems that may arise in the event of your death. Without an estate plan, these problems are often resolved by courts and state law — a sometimes less-than-ideal situation for the surviving family members. A properly-prepared estate plan will let you decide for yourself ahead of time important choices like the care of surviving minor children or pets, division of assets, and who will ultimately be the executor of your estate. Here are just several ways estate planning will benefit you and your family, from the American Bar Association:

  • Get your property to beneficiaries quickly. You can opt to have insurance paid directly to your beneficiaries.
  • Plan for incapacity. This is important if you want to decide in advance what happens if you become physically or mentally incapacitated and life support is in question. You can also choose someone who will make medical decisions for you in the event of incapacitation.
  • Minimize expenses & ease the strain on your family. Good estate planning can keep the cost of transferring property to beneficiaries as low as possible, leaving them more money. It also takes the burden from your grieving loved ones if many of the big decisions, such as funeral arrangements, are prepared ahead of time.
  • Give to your favorite charitable cause and/or establish a trust fund. Have a charity you wish to help out? Or a grandchild whose education you want to assure? Philanthropy and trust funds can be a part of your estate plan, too.

Need assistance planning your estate? Skinner & Associates works with Ohio residents through the estate planning process to create a plan that may include a Will, Living Will, Healthcare and Financial Powers of Attorney, and a Transfer on Death Affidavit, if applicable. If you’re looking for a unique and useful Christmas gift for a loved one, consider an estate planning package from Skinner & Associates. Contact us for more information!

The information at the Skinner & Associates, LLC website is intended for general informational purposes only and not as specific legal advice. Use of this site is not intended to and does not in any way establish an attorney-client relationship. Visitors to this site should seek professional legal counsel regarding their specific matters. Attorneys at Skinner & Associates, LLC would be pleased to speak with interested parties, but we can only represent clients where we are licensed to practice, and where no other bar to representation exists. If the information provided by this website does not comply with the legal or ethical requirements of a particular user’s state or country, we may be unable to represent you.

Although we are a general practice law firm, we may be considered a debt relief agency because we help people file for bankruptcy relief under the Bankruptcy Code.

What is a Guardianship and Why Does It Matter?

A guardian is a person who is legally responsible for another individual who is unable to manage his or her own affairs. The guardian is appointed by a judge and is able to make a variety of important decisions on behalf of the individual. They are called on to protect the individual and their property. Depending upon the specific terms of the agreement, as well as a state’s rules overseeing this designation, a guardian might be able to make legal, financial, and health care decisions on behalf of the individual. You might be asked to handle the following if you are appointed as a guardian.

  • Oversee and make investments
  • Take care of day-to-day expenses
  • Oversee real estate transactions
  • Handle Social Security benefits
  • Obtain and oversee Medicaid benefits
  • Speak on loved one’s behalf regarding medical concerns
  • Handle insurance claims
  • Oversee distribution of pension benefits

Who Needs a Guardian?

The standards for determining the need for a guardian can vary from state to state. In general, it will be ordered if the individual is unable to make decisions on their own behalf. It must be proven that they are unable to act in their own best interest. A guardian is appointed in the absence of a power of attorney (this includes financial and medical powers of attorney).

Who can be a Guardian?

While the best case scenario is to appoint a family member in the role of guardian, the
State may select a friend, neighbor, or even a public or private agency to take
on this role. This further speaks to the importance of making these important
decisions in advance whenever possible.

Legal Proceedings

A guardianship can be requested by any party who believes it is in the individual’s best interest. This party will likely hire an attorney to file the petition. After this happens, a hearing will be held to determine what is in the best interest of the individual.

If you are looking for more information about guardianship proceedings, contact the trusted professionals at Skinner & Associates. They have six offices to serve clients in Reynoldsburg and throughout central Ohio.What is a Guardianship in the Columbus OH area