Basic Estate Planning If you have a considerable fortune (over 1 million dollars) you probably should consider the tax savings available through some sort of trust. For that you need a specialist, someone who has a background both in tax and in estate planning. For the rest of us, we just need a Simple Will, and a Durable Powers of Attorney. In a Simple Will (also called a Last Will and Testament) you spell out to whom you want to leave your stuff, and who you want to be appointed to make sure your stuff goes where you want it to. Any life insurance policies and investments should have beneficiary designations so they will go to the people you want them to go to and not to your creditors. Your Will has to be processed through the Probate Court upon your death. This processing is called Probate; and contrary to what you may have heard, is not terribly expensive or time consuming. It is merely there to insure that your estate pays your creditors, takes care of any taxes that are due and then goes to the people you want it to. It is a myth to say that if you die without a will your estate will go to the state and your family will not get anything. Only if you do not have any family, will your money end up going to the state. Durable Powers of Attorney give someone you choose the ability to take care of your affairs if you are unable to do so for yourself. There are General Durable Powers of Attorney and Specific Durable Powers of Attorney. General Durable Powers of Attorney allow the person you designate to handle your financial affairs, sell any property you may own and use your money to maintain your home and business while you are incapacitated. A Specific Durable Power of Attorney limits the power of your designated representative to certain powers, usually health care decisions. Whether you are wealthy or not, it is important that everyone have the Durable Powers of Attorney in place well before they need them.

Susan M. Weaver Susan M. Weaver Co., L.P.A. 24961 Detroit Road, Suite E Westlake, OH 44145 Phone/FAX (216) 373-2555 e-mail: susan@susanweaverlaw.com

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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Copyright ©1998 by Susan M. Weaver, Attorney at Law. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.