If you are considering working with an estate planning attorney like me to “get your affairs in order,” I recommend you start with a basic checklist before you even schedule the first meeting. It will help you gather your thoughts, think ahead about the future, and review your assets while it will serve as a preliminary guide when you meet with the estate planning attorney. The following are some items you might consider putting on your checklist to review with your estate planning attorney:
#1 YOUR WILL
If you don’t already have a will (which may need to be updated if things have changed), this is mission-critical as far as I am concerned. As an estate planning attorney who knows what happens if you die without a will (that is called dying intestate), I would advise you to take care of this if you do nothing else. Otherwise, it will create all kinds of challenges for your loved ones – some small, some huge. It will be tough times for them when you die, don’t make it even harder by forcing them to deal with the probate court system and the State of Ohio. Working with an estate planning attorney to create your will doesn’t require a lot of your time, and it will go even more quickly if you’ve put some thought into how and to whom you want your assets distributed in advance of drafting the will itself.
#2 POWER OF ATTORNEY
There are different kinds of Power of Attorney documents based on their purpose. An estate planning attorney can provide more details related to your unique situation. Here are two common ones:
Healthcare Power of Attorney (sometimes called Medical Power of Attorney) – This is a legal document you can include in your estate plan that allows an individual to designate another person to make medical decisions for him or her when he or she cannot make decisions for himself or herself. This is useful, for example, if you’re in an accident and the hospital needs someone to approve recommended procedures or medications. Crazy as it sounds, sometimes medical privacy laws nowadays won’t allow a spouse to make those decisions unless there is a legal document expressly granting that permission.
General Power of Attorney (sometimes referred to as Financial Power of Attorney) – These are people you have chosen to manage your financial affairs if you are unable to do so. Again, an experienced estate planning attorney can provide examples of when this comes into play.
#3 – CONSIDER A TRUST – An estate planning attorney is the best person to ask if a trust is right for you. While I could say that it is advisable for everyone, there may be a handful of folks that may not get a lot of benefit from it. They would be individuals with little in the way of tangible assets and no, or only one, heir – maybe. However, I can think of those in that situation which still would benefit from a trust. Essentially a trust can be beneficial to you while you are still alive and to your loved ones once you have passed. It can help you if you become incapacitated and help your loved ones avoid the stress of probate when you’re gone. Again, an experienced Cincinnati estate planning attorney can review your unique situation and advise you as to whether it would be beneficial to you or not.
#4 DON’T FORGET YOUR PETS – Last but not least … haven’t we all heard the sad stories of people dying and leaving behind pets that no one wants? Those pets are often put into shelters or even euthanized because no one will assume responsibility for their care because there wasn’t a plan in place for them. Your estate planning attorney will help you set up a plan for your beloved pet. It is more common than you might imagine. An experienced Cincinnati estate planning attorney will have some suggestions for you.
I kept the estate planning checklist short because, in fact, it doesn’t have to be long. Your particular needs may require more than just a will, power of attorney and trust but for most people, this checklist covers it for estate planning. The whole process, from start to finish, can be straightforward and relatively simple. The checklist will help you get ready. I would be happy to talk to you about it and schedule a consultation to go over it. Or, go to my website for more information, https://davidlefton.com/services/estate-planning-basics/ or call me at 513-399-7526.