Mentor Estate Planning and Probate Administration Lawyers
Estate planning is for everyone. Individuals and families, low-to-moderate incomes, average assets or wealthy. Whatever your status, you need to protect your family, distribute your assets and make certain your wishes are followed. At Hanahan & Hinton, LLC, we assist clients in planning their estates to minimize taxes and probate costs. While it may seem overwhelming, estate planning is a necessary step to ensure peace of mind that your assets will be distributed according to your wishes. After a loved one dies, the estate needs to be administrated. Many people leave both probate and non-probate assets. Our experienced and caring attorneys help you navigate the steps through these complex laws.
Estate Planning EssentialsLiving Will
Health Care Power of Attorney
Durable Power of Attorney
Caregiver Agreement
Long-term Care Insurance
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Essential Planning for the Future
Prepaid Funeral Contract
By pre-planning and prepaying your funeral arrangements, you:
Last Will and Testament
Trusts and Other Non-Probate Assets
By pre-planning and prepaying your funeral arrangements, you:
- Avoid burdening your family with the decision making during a very difficult time.
- You control the cost and the plans. Funeral homes are a business and their employees are salesmen. When friends or family are emotionally distraught, they may not make the best of decisions in planning the arrangements.
- A prepaid funeral contract is not counted as an asset in Medicaid planning.
Last Will and Testament
- Your declaration as to whom your assets will be distributed.
- You name the guardian of any minor children.
- You appoint the executor. The executor works with the attorney to determine what probate assets you own and which creditors are legitimate debts of the estate.
- Dying without a Will subjects your probate property to being distributed in accordance with the Ohio Statute of Descent and Distribution.
Trusts and Other Non-Probate Assets
- A probated asset is any asset that cannot be transferred to a designated individual upon a death, by Will or otherwise, without the intervention of Probate Court. Examples would be a deed, bank account, investment account, car title, boat title, vacation home, Series E & EE bonds or a life insurance policy IF held solely in the deceased individual’s name AND no one is named as a joint owner or designated beneficiary.
- Trusts are used for many reasons, but quite often as a means to avoid probate. Trusts never die. So assets held by the trust don’t need to have probate court involvement to be transferred to a named beneficiary. Assets held in a trust are non-probate assets.
- “Probating” an estate can be expensive. Whether attorney fees are being charged hourly or as a percentage of the size of the estate, a $100,000 estate could cost $8,000 or more in executor and attorney fees alone.
- Using a trust or beneficiary designations on assets are both effective means of avoiding probate. But be cautioned, avoiding probate is not always the best planning decision. Consult an attorney experience in probate administration and estate planning to further discuss your goals and needs.
Contact Hanahan & Hinton, LLC
To schedule a free initial consultation with an experienced Mentor Estate Planning and Probate Attorney, fill out our intake form or contact Hanahan & Hinton, LLC at 440-255-7711. We are available on evenings and weekends by appointment and meet with clients off-site as needed: at your home, nursing care facility or hospital. Our firm also accepts all major credit cards.