This 11 point, “Don’t Be Afraid of Estate Planning” appeared online on 3/23/22 at CoastalView and was written by Sarah Sanders. It helps to sort out the basics for those who are suffering from “estate planning jitters”. Read on for what she recommends.
“Contrary to common perception, estate planning can be an approachable subject; it’s all in how you frame it! Here are 11 estate planning tips to inspire you to start, or continue, conversations with your loved ones that lead to taking action.
1. Assemble a team of professionals that can offer practical advice and champion your goals. Include a financial advisor, CPA, and an estate planning attorney. Make sure you would feel comfortable working with them in an emergency. Family and friends are great sources for referrals.
2. Ensure that your loved ones know where they can find your important estate planning documents, financial documents, passwords, safe deposit box or safe, jewelry, life insurance policies, heirlooms, etc., to assist your family if someone needs to step into your shoes in an emergency.
3. Set yourself and your family up for success if you lose capacity, or in the event of your death, by creating an estate plan with an estate planning attorney. Most families benefit from a simple, revocable living trust in addition to important emergency documents such as a power of attorney and healthcare directive.
4. Discuss your wishes for medical care and end-of-life care with your loved ones. What sort of life-saving measures would you want medical professionals to provide in an emergency situation if you are unable to speak on your own behalf? Where do you draw the line?
5. Share your final wishes with loved ones. Are you comfortable with organ donation? Do you prefer cremation or burial? Any special place you would like your ashes to be spread?
6. Ask your attorney whether particular accounts should be titled in the name of your trust or name beneficiaries. For accounts that have transfer-on-death beneficiaries, designate a primary beneficiary and backup beneficiaries in case your first choice is unavailable.
7. Creating an estate plan is an excellent start, but don’t become complacent with stale or outdated documents. Review your plan every three to five years to ensure the right people are still serving in each role and everything aligns with your current medical, financial, and familial circumstances.
8. A significant change in circumstance should trigger a more immediate review of your estate planning documents with your attorney. This includes the birth of a child; a marriage or divorce; death of a named agent or beneficiary; a family member who develops special needs; a falling out or souring of a relationship; receiving an inheritance; starting a business, or purchasing or selling real estate property. As life evolves, your plan may need to evolve, too.
9. Set your plan up for success by carefully selecting the right people to fill various roles. The best people to serve in financial positions should be trustworthy and responsible. The ideal people to serve in medical roles should know your values, be steadfast in stressful situations and be readily available to make hard decisions. Brainstorm good backups in case your first choice is not available.
10. Have an attorney review the title on your real property deeds to ensure you are utilizing all available tax advantages. Simple changes in the title can save hundreds of thousands of dollars in capital gains taxes.
11. Celebrate! Treat yourself to a special meal at any of the wonderful restaurants in town or a self-indulgent spa day as a reward for making things simpler for your family. The grieving process does not need to be made more burdensome for your loved ones by causing them to go through probate, incur unnecessary expenses and delays, or otherwise leave them with confusion or conflict as they deal with your estate and distribute assets.”
I couldn’t have said it better myself – especially the celebration part. While I know estate planning doesn’t have to be a long, drawn-out process, many folks fear it will be – which makes getting started that much more difficult. So, take that first step … perhaps by visiting my services pages. Then, pick up the phone and give me a call at 513-399-7526. Your “celebration” to mark your accomplishment is closer than you think.
For more information about estate planning, probate, or trust administration in Cincinnati and throughout the rest of Southwest Ohio, and to review free resources regarding estate planning, probate, or trust administration, visit my website https://davidlefton.com/ If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526). David H. Lefton is an Estate Planning and Probate Attorney. He is a partner in the law firm of Barron, Peck, Bennie & Schlemmer.
Source: CoastalView.com, 3/23/22 by Sarah Sanders