| Columbus, Ohio Estate Planning Attorney|
Winkler Legal Services, LLC
Estate Planning Overview:
is the process of planning for the maintenance and care of your
assets during your lifetime, and the distribution of your assets
in accordance with your wishes when you pass away. Whether you have
a spouse and minor children, or are nearing retirement and need
to get your affairs in order, Winkler Legal Services, LLC offers
comprehensive estate planning services to meet your needs.
There is no one size fits all estate plan. Rather, an estate plan
needs to mirror your most valuable relationships and assets. These
priorities serve to assist in developing an estate plan that is
uniquely tailored to your situation. Often the concerns revolve
around providing for one’s spouse, children, and mitigating
estate taxes and costs. As your central Ohio estate planning law
firm, Winkler Legal Services, LLC seeks to first, get to know the
clients as individuals and then to understand your concerns. My
ultimate goal is to provide you, the client, with a well thought-out
estate plan that accomplishes your goals and is understandable to
you. A complete estate plan should provide you and your family peace
of mind knowing that your affairs are in order.
Why is an Estate Plan necessary?
In simplest terms, an estate plan ensures that the transfer of
your assets and property is accomplished in the most efficient and
least costly manner possible and in accordance with your wishes.
A properly executed estate plan seeks to address common problems
ahead of time such as using gifting or other transfer of property
techniques to reduce or eliminate potential estate tax issues. A
properly executed estate plan seeks to minimize the assets passing
through the probate process, which, in turn, reduces costs and provides
faster financial support to your loved ones. Although, end of life
issues are important, your estate plan needs to provide for your
current needs as well. As such, there are a wide variety of options
available to arrange your financial and personal assets in such
a manner that provides for your present and future use and support,
and for your family’s care once you have passed on. Estate
planning can be as practical as creating a simple will, durable
power of attorney and end of life planning, to creating and funding
a revocable living trust, a limited liability company or a family
limited partnership, to assist in carrying-on a family business.
The Cost of Not Having an Estate Plan:
The costs of not having an estate plan can be enormous. First,
failure to have a will means your property will be distributed according
to Ohio’s intestate laws. When someone dies without a will,
their property and assets will pass to those individuals falling
under Ohio’s default distribution and descent statute. In
essence, you are deferring to the state of Ohio to determine the
care of your family and the distribution of your assets upon your
death. Secondly, the costs of probating an estate without an estate
plan can be costly. An average probated estate can easily exceed
five thousand dollars in legal fees alone, not to mention any overlooked
tax issues and court costs. Third, without an estate plan your legacy
will forever be lost. An estate plan not only plans for financial
decisions and tax issues, but also serves to provide for your loved
ones after you are gone. Lastly, an estate plan relieves your loved
ones from being burdened with piecing together your affairs, gathering
assets, and paying your bills, an unenviable task. In other words,
it provides you and your loved ones peace of mind. Peace of mind
is priceless as compared to failing to plan.
Estate Planning encompass some or all of the following:
Will: A Will is simply a legal document that expresses
your wishes regarding how you want your assets and property to be
distributed after your passing.
General Durable Power of Attorney: A General Durable
Power of Attorney (“DPOA”) is a legal document wherein
another (the “attorney in fact”) is granted authority
to act on behalf of another (the “principal”). The attorney
in fact is authorized to manage, transact, dispose of and liquidate
the principal’s assets in accordance with the powers set forth
in the DPOA.
Living Will: A Living Will is a legal directive
for your medical care should you be unable to make decisions on
your own. Addressing whether to continue or cease life sustaining
treatment and ending artificial nourishment are some of the important
life issues addressed in a Living Will.
Healthcare Power of Attorney: Similar to the Durable
Power of Attorney, a Healthcare Power of Attorney grants someone
else the legal authority to carry-out your wishes as set-forth in
your Living Will.
Trust: A Trust is a contract which provides for
a person or entity (the “Trustee”) to manage property
for the benefit of another person (the “Beneficiary”)
according to the terms and conditions set forth in the trust. A
trust is usually funded with assets of the Grantor (the creator
of the trust), but third parties can also contribute assets if desired.
Thank you to the Ohio State Bar Association for a significant portion of content on this page.
You do not hire a law firm; you hire me, an experienced Columbus, Ohio Probate and Estate Planning & Divorce and Family Law lawyer you can count on to be there when you need.
An experienced Columbus, Ohio Probate and Estate Planning & Divorce and Family Law, Lawyer
Meet with your lawyer when and where you can.
If you would like to speak with me regarding probate administration, estate planning, trusts, wills, power of attorney, living will, divorce, dissolution, child custody, child support, establishing parental rights, legal separation, spousal support, grandparent / companionship rights, stepparent adoptions and annulment of marriages, please e-mail or call (614) 461-5708 for a FREE initial telephone consultation.
| |Columbus, Ohio, Probate and Estate Planning & Family Law Lawyer
Dirken D. Winkler
- serving clients in Central Ohio, including Delaware, Fairfield, Franklin, Licking, Madison, Pickaway, and Union counties and the cities of Bexley, Canal Winchester, Columbus, Dublin, Gahanna, Grandview Heights, Grove City, Groveport, Hilliard, New Albany, Pickerington, Reynoldsburg, Upper Arlington, Westerville, Whitehall, and Worthington. Give me a call at (614) 461-5708. I look forward to representing you.
Columbus, Ohio, Family Law Attorney Winkler Legal Services, LLC
/ Page updated
Sunday, October 8, 2017