Carl G. McMahon
Probate is the legal process by which a person's debts are paid and assets are distributed upon his or her death. Lawyers refer to the entity that owns the deceased's assets until those assets are distributed as an estate. Estate Administration includes the probate process as well as non-probate transfers of the deceased's assets. Ohio state laws direct the probate court how to distribute the deceased's estate. Since the probate laws are complicated, it is important to consult a law firm with expertise in this area of the law to ensure that the deceased's assets are distributed correctly.
Cleveland Ohio Probate & Estate Planning Lawyer
Living Wills - Trusts - Powers of Attorney
Wills - a will is a legal document detailing what is to be done with your assets after death, as well as designating who will care for any minor children.
Living Wills - a living will, or "advanced directive," specifies what medical treatment you would or would not want performed at the end of your life should you become incapacitated and unable to express your wishes directly. It prevents your family from having to choose whether or not to authorize extraordinary or heroic treatment on your behalf.
Durable Powers of Attorney for Healthcare - a durable power of attorney for healthcare more generally gives a designated person the right to make any healthcare decision on your behalf if you are unable to express your wishes. They are also referred to as "healthcare directives" or "healthcare proxies."
Durable Powers of Attorney - a general or limited durable power of attorney allows a designated individual to make financial decisions in your stead. This type of power of attorney allows a designated person to "stand in your shoes" and act as your agent in all circumstances (general) or particular circumstances (limited).
Trusts - Protecting assets in a family, charitable remainder, or other kind of trust will avoid probate by passing assets directly to beneficiaries. Trusts can be irrevocable or changeable depending upon individual needs.
Business Succession Planning - including business succession plans, taxation, property agreements, and the effects of divorce on married partners.
Ohio Probate - Probate is the legal process of recognizing your will and distributing your assets. When disputes arise with family members, the government or others during probate, an estate lawyer from our offices can assist in the negotiation or litigation of a timely, cost-effective resolution.
Life Settlements - Also called "viaticals." A life settlement is an increasingly popular option for individuals seeking to increase their financial liquidity by selling an existing life insurance policy to another institution or investor group. A life settlement or viatical is a financial strategy designed to maximize the assets of individuals who have amassed substantial cash value in their life insurance policy and are seeking to sell it to obtain immediate funds or reinvest in an improved insurance product.
An insurance policy can be considered a security with a value often greater than the accrued surrender value. Once a life settlement takes place, in many cases a more efficient insurance policy can be purchased with the proceeds with additional money left over for medical care or investment.