Best Estate Planning Attorneys in Cleveland

FAQs

• What is the non-emergency contact number for the local police station in Cleveland, Ohio?

  You can reach the Cleveland Police Department for non-emergency matters by dialing (216) 621-1234.

• Where can I get a copy of police reports for incidents related to my case in Cleveland, Ohio?

  The Cleveland Division of Police provides three options for obtaining a copy of a police report. You can contact them via phone at (216) 621-1234 or visit them in person at 1300 Ontario St., Cleveland, OH 44113. Another option is to fill out and submit a Public Records Request Form using this link: https://clevelandoh.govqa.us/WEBAPP/_rs/(S(meavkk4waa45gbca0f2xucdo))/supporthome.aspx.

• When should you start an estate plan in Cleveland?

  It is advisable to set up an estate plan in Cleveland as soon as you reach adulthood. The process might be made simpler by hiring an experienced estate and trust planning attorney. It is pointless to delay the procedure because writing a will, which is a crucial estate planning document, often takes just a few hours.

• Who is eligible to act as a personal representative in Cleveland?

  When establishing a will, you have the authority to designate your personal representative. Eligible candidates for this role in Cleveland include your spouse, child, parent, relative, or friend. Additionally, it is possible to have multiple representatives working together to oversee estate management. In situations where a will does not specify a personal representative, the probate court holds the power to make the appointment.

• Is it possible to modify your will in Cleveland?

  Yes. Your will in Cleveland is still in effect and enforceable until it is revoked, destroyed, or rendered ineffective by the creation of a new will. To make changes, you have two options: drafting a new will or utilizing a codicil to amend the existing one. A properly executed codicil can effectively modify an existing will in accordance with state laws. It's important to note that merely adding or removing clauses from your current will typically fails to meet the legal criteria for a valid will.

• How can you guarantee that the intent of your trust will be executed in Cleveland?

  When dealing with trust matters in Cleveland, it is essential to consult with a qualified estate planning and trust lawyer to ensure that your intentions are accurately reflected. The trust's management is carried out by the trustee, who you individually name in the trust. It is crucial to choose a person who can manage the trust's assets responsibly, meticulously, and efficiently.

• How do you select the Cleveland estate planning attorney that's right for you?

  Choosing the appropriate Cleveland estate planning attorney is a crucial decision since these legal professionals are entrusted with protecting your legacy and ensuring your beneficiaries receive their rightful portion. When selecting an estate planning lawyer, experience is a key attribute to consider. Additionally, it is beneficial to work with attorneys who can provide personalized advice and focused attention. It is advisable to seek out local attorneys who specialize in estate planning within your specific state of residence given the variations in estate planning regulations across jurisdictions.

• What does an estate planning attorney do?

  An estate consists of the total assets that form an individual’s net worth, no matter how large or small. Estate planning attorneys use their in-depth knowledge of state and federal laws to help people best manage what will happen with their estates after they die or become incapacitated. Estate planning attorneys can prepare wills, form trusts, reduce estate tax burdens, and decrease or eliminate the need for probate court.

• What are valuable estate planning services an attorney can provide?

  With the many intricacies of assets, taxes, and state and federal laws that can affect a person’s estate, an estate planning lawyer can be a valuable professional asset, no matter how large or small a person’s estate may be. An estate planning attorney can:

  • Create a comprehensive plan to protect a client's legacy, that includes a will, power of attorney, trusts, life insurance, and advanced medical directives
  • Optimize an estate plan as tax laws, life events, assets, and goals change over time
  • Protect a client’s loved ones by preventing assets from entering probate
  • Help clients designate a person to make important health decisions for them if they become incapacitated

  
  

• Can estate planning attorneys help create trusts/wills?

  Estate planning attorneys can create trusts and wills. Through a will, an attorney can help a client designate their estate’s beneficiaries and assign an executor to represent the will in probate court. These attorneys can also create trusts, allowing a client to assign a trustee to oversee the estate, potentially avoiding probate court and holding assets to be distributed over time.

• Is estate planning the same as drafting a will?

  While both estate plans and wills officially document how their owners wish to allocate certain assets after their death, there are key differences. In estate planning, a will is often just one of several documents that form a comprehensive plan. In a will, people must designate a person responsible for executing their will after their death. The will can include guardians for their children when they die and beneficiaries to receive an inheritance of money, property, and other assets.

• What are the steps involved in estate planning?

  To create a thorough and effective estate plan, individuals should follow these steps:

  • Prepare a will that designates an estate executor; indicate who will receive what assets, and assign a trust and guardians for any children. Consider using an attorney if the will is in any way complex.
  • To avoid probate, have an attorney create a revocable living trust.
  • Assign beneficiaries to other assets, such as life insurance policies, retirement plans, and securities.
  • Use an attorney to prepare a living will, name a health care proxy, and create a HIPAA release form.
  • Update the plan every five years.

  
  

• How long does the estate planning process last?

  The length of the process can vary greatly depending on the size and complexity of the estate, the specific law office, and whether there’s an emergency or urgent need. If you’re using an attorney, you can generally expect it to take one to five weeks. You may be able to speed up the process by immediately providing your attorney with any bank statements or other documents they need.

• What is a trust?

  A trust is an agreement between a grantor, a trustee, and a beneficiary. In this agreement, the grantor allocates funds or real property assets to the trustee to be held either until the grantor passes away or until a specific, agreed-upon date. At that point, it's the responsibility of the trustee to distribute funds or property to the beneficiary or beneficiaries. While there are similarities between a will and a trust, a will is a more comprehensive document that typically requires probate court, while a trust allows assets to pass to the beneficiary without probate.

• How does a trust fund work?

  When opening a trust fund, a grantor allocates a trustee to oversee and manage assets in the account. This trustee can sometimes be a relative, an estate lawyer, or a bank that acts as the legal owner of the trust. While holding assets, the trustee is required to file taxes on trust assets.

• How does a living trust work?

  A living trust enables a grantor to manage their assets through a trustee while still alive. They can continually add funds and/or property to their trust fund by transferring them to the trustee, who accepts ownership of everything held in the fund. The grantor can name a beneficiary for their trust, and their assets will be automatically transferred to that person or establishment upon their death.

• Do I need a lawyer for a will?

  No, a lawyer is not required to draft or complete a will. However, there are some scenarios in which hiring an estate lawyer to assist with a will is a good idea, including when children or high-value assets are involved. Additionally, an estate lawyer can help to reduce probate fees and taxes paid by loved ones after a person dies. It's also best to work with a professional to ensure that the will addresses everything necessary, such as funeral plans, guardianship, and asset distribution.

• Can you have both a will and a living trust?

  Yes, and individuals who have a living trust should also have a will. While a living trust enables a person to leave funds and assets to a loved one when they're gone, a will is required to cover any assets that aren't included in the trust, such as guardianship of dependents, funeral plans, and forgiveness of outstanding debts, if applicable.

• How much does it cost to set up a trust?

  The cost of setting up a trust varies quite a bit depending on a variety of factors, including terms that are in place, special provisions for minor beneficiaries, and trustees' basic fees. In most cases, the minimum cost of setting up a trust is about $1,500, but depending on the factors mentioned above, this cost can increase by thousands of dollars.