Estate Planning
& Administration
Create peace of mind for your family. Wills, trusts, and health care directives form an estate plan with your specific needs and desires. From dividing assets to assigning custody of minors, wills and trusts can make complex situations much easier to manage. Your legacy can be impactful--be sure that everything you’ve worked for is protected properly and will get to the people you love the most. Proper documentation can ensure that your loved ones will be taken care of when you’re not there to care for them yourself.
Estate Planning Services for Cincinnati Families
Wills
Wills are legal documents that express your wishes for how your property and assets will be distributed as well as how any minor children will be cared for.
Living Trusts
Trusts are fiduciary arrangements that hold assets on behalf of a beneficiary or beneficiaries. Trusts allow you to craft a plan for your family while avoiding probate court.
Durable Powers of Attorney
A Durable or Financial Power of Attorney is a legal document that gives an individual authorization to represent another person or act on their behalf in a variety of situations, including real estate transactions, private affairs, business situations, and more.
Living Wills
A living will is specific to end-of-life wishes. It documents what an individual wants to occur in specific healthcare situations, such as cardiovascular resuscitation, medically induced comas, and dependency on life support.
Health Care Powers of Attorney
A health care power of attorney is a legal document that designates a person to act on behalf of another regarding matters pertaining to health care.
Estate Planning FAQ's
This FAQ is designed to address common questions and provide clarity about the estate planning process. If you have additional questions or need further information, please contact us.
1. What is estate planning?
Estate planning is the process of organizing your financial, legal, and health care affairs to ensure your wishes are honored during your lifetime and after your passing. It involves creating documents—such as wills, trusts, health care directives and durable power of attorneys—that help protect your legacy and provide for your loved ones. An effective estate plan includes both lifetime and at-death planning components to account for the possibility of incapacity and the certainty of death.
2. Why is estate planning important?
An estate plan provides peace of mind by ensuring that your assets are distributed according to your wishes, protecting your family from potential disputes, and minimizing legal complications and taxes. It’s a proactive step to secure your future and the future of those you care about. If you have no documents in place, the Ohio Revised Code will control the distribution of your assets.
3. What documents are typically included in an estate plan?
A comprehensive estate plan may include:
· A Will: Specifies how your assets are distributed after your passing. It is important to note that having a will does not avoid probate, but it designates guardians for minor children, can designate how assets are to be distributed, and can help avoid family conflicts. A will plans for death only.
· Trusts: Manage your assets during your lifetime and after your death, often helping to avoid probate. Particularly beneficial for staged distributions so children do not inherit at age 18.
· Durable (Financial) Powers of Attorney: Designate a trusted individual to handle financial and legal decisions if you become incapacitated. A Durable Power of Attorney can be effective immediately or “springing” so that it becomes effective only if necessary.
· Health Care Power of Attorney: Outline your wishes for medical care if you’re unable to communicate them yourself. Gives agent authority to make all health care decisions.
· Living Will: Memorializes end-of-life decisions regarding life support, artificial nutrition/hydration, organ donation, and other specific wishes.
4. Do I need an estate plan if I’m young and healthy?
Absolutely. Life is unpredictable, and having an estate plan in place ensures that your wishes are clearly documented. It can protect your loved ones and simplify decision-making in the event of unexpected circumstances, regardless of your age. It is particularly important for parents with young children.
5. What is the difference between a will and a trust?
A will is a legal document that directs how your assets should be distributed after your death. A will plans for death only and requires probate. A trust can manage your assets during your lifetime and after your passing, often providing benefits such as avoiding probate and offering greater control over asset distribution, included staged distributions at certain ages or milestones. The right choice depends on your specific circumstances and goals.
6. How often should I update my estate plan?
It’s wise to review your estate plan every few years or whenever you experience a significant life event—such as marriage, divorce, the birth of a child, the death of a family member, moving to a new state, or a major change in your financial situation—to ensure it still reflects your current wishes and circumstances.
7. What happens if I die without an estate plan?
Even if you do not have a plan, the State of Ohio has one for you through intestate succession laws. These laws provide a default framework for distributing your assets—but they may not reflect your personal wishes. Without a customized estate plan, your assets could be divided in ways that lead to delays, family disputes, or outcomes you never intended. Taking the step to create your own estate plan ensures that your legacy is managed exactly as you desire.
8. How does a power of attorney benefit me?
A power of attorney allows you to designate someone you trust to make financial or healthcare decisions on your behalf if you become unable to do so. This ensures that your affairs are managed in a way that aligns with your values and preferences.
9. What are the costs associated with estate planning services at McCarthy Law Office?
At McCarthy Law Office, we believe in transparency and simplicity. We generally charge a flat fee for our estate planning services, which means you’ll know the cost upfront with no surprises. Our flat fee covers a comprehensive review of your needs and the preparation of tailored estate planning documents designed to protect your legacy. Please contact us to learn more about our fee structure and how we can assist you.
10. How do I get started with estate planning?
The first step is to schedule a consultation with our team. During this meeting, we’ll discuss your goals, review your current situation, and outline a tailored strategy to develop a comprehensive estate plan that meets your unique needs. Contact us today to begin planning for peace of mind.
Referrals Are An Honor.
McCarthy Law
Since beginning McCarthy Law in 2015, Dan McCarthy has had the honor of serving families across the Greater Cincinnati and local Westside communities. His firm has grown tremendously due to the referrals he has received from previous clients who send their family, friends, neighbors, and colleagues to Dan for legal support. We consider this a deep and genuine complement, and we appreciate every referral we receive. When your loved ones need a trustworthy guide for their legal issue, McCarthy Law is here for them.