Managing Your Assets and Financial Affairs

Estate PlanningThe purpose of estate planning is to provide for the management of your assets and financial affairs in case of your incapacity while alive and to provide for the transfer of your assets upon your death. There is a great variety of documents and methods that can be used to accomplish your goals and objectives during life and at the time of your death.

Documents every person should have while they are alive:

  • Financial Power of Attorney is a legal document appointing someone you trust to act as your agent regarding personal, financial and business matters. It terminates upon your death. 
  • Health Care Power of Attorney is a legal document which authorizes another person to make health care decisions for you if you do not have the capacity to make informed health care decisions for yourself. 
  • Living Will is a binding legal document you can complete now which declares what your wishes are regarding the use of life-sustaining treatment, if you should become terminally ill or permanently unconscious.
  • Hipaa Release is a legal document you sign authorizing your doctors, hospitals, medical insurance and other medical providers to provide information about your medical condition to the persons you designate on the form.

Documents for transferring assets upon death:

  • Last Will and Testament is a legal document that sets forth how you would like your probate property distributed at your death. Probate property are assets that you own in your name alone, without a co-owner or without a beneficiary. The administration of a Will is supervised by probate court.
  • Trusts created during life are called Living Trusts and trusts created as part of a person’s Last Will and Testament are call Testamentary Trusts.  Testamentary trusts are supervised by probate court while Living Trusts do not require probate court supervision.
  • Proper Beneficiary Designations will supersede or "trump" the terms of a Will and Trust. 
  • In most cases, Joint Accounts belong to the surviving owner without the need of going through probate.
  • Designating an asset to be Payable on Death or Transfer on Death will transfer ownership of the asset to the designated beneficiary upon presentation of a death certificate and will avoid probate.

Contact the Bruce Favret Law Office today (513) 871-8076 to schedule your consultation. We can answer your questions and explain the law as it relates to your unique situation.

cincinnati ohio lawyerBruce Favret, Probate & Estate Planning Attorney At Law - Cincinnati Ohio. 
Schedule Appointment: (513) 871-8076