#Estate planning document checklist how to#

Upon the principal’s death, the Last Will and Testament will go through the probate process, meaning that a court will assess the document before allowing the assets to be distributed. Last Will and Testament (‘Will’) – This is a legal document used by the principal to nominate beneficiaries and allocate assets for distribution. The following documents are applicable in this circumstance: This document will be used to identify the beneficiaries and provide a description of the assets that each party is entitled to inherit. The next step requires the principal to create a document that states how their assets will be distributed following their death.

Benefits from Governmental Programs or Civil or Military Service.

Estates, Trusts, and Other Beneficial Interests.

Banks and Other Financial Institutions.

The signature is presumed to be authentic if the principal appears before a notary public and acknowledges the signature.

Signing Requirements – The principal must sign the document or direct another individual to sign in their presence.

The principal may revoke the form at any time should they wish to appoint a new agent or terminate the document altogether. The agent’s duties may vary but will generally involve paying bills, conducting business transactions, managing real property, and overseeing financial accounts.ĭurable (Financial) Power of Attorney – This document is used to nominate a financial agent and to designate powers with which the agent will manage the principal’s finances. This individual will be responsible for maintaining the principal’s finances while they are mentally incapacitated or disabled. The principal will need to nominate someone to serve as their financial agent.

Acknowledged by the principal before a notary public.

Witnessed by two (2) or more disinterested adults who are not related to the principal by marriage, blood, or adoption or.

Signing Requirements – Must be signed by the principal and either:.The appointed agent will have the capacity to make decisions concerning life support, cardiopulmonary resuscitation (CPR), and other life-prolonging treatments.ĭurable Power of Attorney for Health Care – Gives an individual the legal capacity to make health-related decisions for the principal while they are unable to communicate. Executing this document is a precautionary measure often applied to individuals going into surgery or experiencing end-of-life medical conditions. Selecting a health care agent can be achieved by completing a Power of Attorney document. the principal) and communicates their medical preferences when they’re unable to make competent decisions.

#Estate planning document checklist how to#

In addition, the guide will explain how to create a document that identifies the beneficiaries of an estate and indicates how assets will be divided between each party.Ī health care agent is an individual who acts on behalf of the estate owner (a.k.a. This guide will help Ohio residents establish a plan that describes how their finances and health care should be administered while they are incapacitated or disabled.

Find a Secure Location to Store the Estate Documents.

How to Create an Estate Plan in Ohio (6 steps) The checklist also covers how to make an estate distribution document ( Last Will and Testament or Living Trust). Both documents designate agents to act on behalf of another party when they’re incapable of making decisions on their own. The instructions begin by explaining the use of the Durable Power of Attorney for Health Care and Durable (Financial) Power of Attorney forms. An Ohio estate planning checklist is a guide that can help individuals as they prepare their estate for death, unforeseen medical conditions, and extended absences.