Effective estate planning can involve any number of rather complex legal instruments. There are cases when people have assets that must be protected from creditors and claimants. These people and others may also be faced with estate tax exposure and of course the dynamic of the family in question can be a factor as well.
On the other hand there are some individuals who just require the basics, and we would like to highlight the core elements that everyone should have in place even if they are not in an especially complex financial or familial situation.
Vehicle Of Asset Transfer
Clearly you have to let your wishes be known with regard to the transfer of your assets. The majority of people utilize a last will, and though this is an option that is available to you other possibilities exist, such as the creation of a revocable living trust.
With this document you express your wishes regarding medical procedures. At the core of these directives is generally going to be the issue of whether or not you would want to be kept alive via the use of extreme life-support measures should your condition be deemed irreversibly terminal.
Some people are incapacitated for extended periods of time either mentally or physically. In fact, approximately half of people 85 years of age and older are suffering from dementia. To prepare for this eventuality you should execute durable powers of attorney naming attorneys-in-fact that would be empowered to act in your behalf in the event of your incapacitation.
Every responsible adult should have at least a basic estate plan in place. If you are currently unprepared, right now would be a good time to take action to set up a consultation with a good Cleveland OH estate planning lawyer.