Living Wills and Health Care Powers of Attorney... Only Part of the Story!
Setting up a living will and health care power of attorney is relatively straight forward. The Ohio State Bar Association (OSBA) provides an online pamphlet that touches on many of the issues and questions you may have regarding these important documents. Additionally, the OSBA has, in collaboration with the Midwest Care Alliance, the Ohio State Medical Association, the Ohio Hospital Association and the Ohio Osteopathic Association, developed standardized forms that contain the language required by the Ohio Revised Code in order to be valid.
However, these documents are only part of the tool set needed in an emergency or the end of life. A comprehensive estate plan will put into place all of the necessary documents and mechanisms to assure that your final wishes are honored(with respect to both your property and health care), tax implications are considered, and the time, expense, and uncertainty associated with probate are mitigated/eliminated.
It is also important to point out that a comprehensive plan is not necessarily difficult or expensive to implement. For example, a part-owner of a business with complex buy/sell agreements and high net worth, will by necessity, have a more complex plan. Someone needing to establish a special needs trust and ongoing care for a disabled family member will also require a more complex plan. Others will need a very simple plan.
My goal is to help clients develop a plan tailored to their specific requirements. If you would like to discuss your estate planning needs, please call me to set up a free initial consultation,