Estate planning lawyers in Cincinnati, Ohio, like me, understand that when a client comes to see me to create or update their estate plan, it really has very little to do with that individual sitting across from me. Bottom line, it is all about the individuals NOT in my office, such as the spouse, the children, the grandchildren, the siblings, and even friends and charities. Think of it like an iceberg. Experts say only about 10% of the iceberg is visible above the water line; 90% is out-of-sight. So when I work with a new or existing client, I know most of their estate plan will be about their loved ones, not them as it should be.
But first, not everything an estate planning lawyer does is about the other 90% … let’s talk about how an estate plan benefits YOU, the client in the chair – the 10%.
Any estate plan developed with an estate planning lawyer will likely include legal instruments that directly benefit the client. Two examples include:
General Power of Attorney Legal Document– in this document, you have named one or more individuals to manage your financial affairs if you are unable to do so. In short, let’s say you’re in a car accident and unable to pay your bills – auto loan, house payment, etc. The person you designate to handle these tasks while you’re unable to do so makes sure the creditors are paid, and you don’t risk going into collection, etc. That’s a direct benefit to you. (This document can also be helpful if you are out of the country for an extended period and need someone to handle your affairs while you’re gone.) Your estate planning lawyer will probably advise you to include one of these in your estate plan.
Healthcare Power of Attorney Legal Document – this document allows an individual to designate another person to make medical decisions for them when they cannot make decisions for themselves. Often this person is a spouse, parent, or sibling. It allows you, through this individual, to provide the healthcare providers clear direction on decisions such as “end-of-life” actions. How does this benefit you? Your estate planning lawyer can give you examples, but one might be that you know you don’t ever want to be put on life-support when there is no hope of recovery. Having a legally executed healthcare power of attorney can ensure this never happens. A significant side benefit for your heirs can be that medical expenses in keeping you alive for weeks, months, or even years, when it wasn’t your wish, will not be incurred.
Let’s talk about the “90%” … your loved ones and heirs.
Again, your estate planning lawyer will explain that an estate plan is primarily for your loved ones. It is the caring action to take, so in addition to the grief they experience about your passing, they aren’t also saddled with going through probate, trying to track down assets or access to accounts, or frankly arguing amongst themselves about who gets what. They don’t deserve to be burdened with all that on top of their sorrow – do they? By developing your estate plan and keeping it updated, you can rest easy knowing that after you’re gone, your heirs won’t be left with the proverbial “hot mess” of trying to sort it all out.
This is just my opinion as an estate planning lawyer who has been practicing for more than 35 years here in Cincinnati, Ohio. An estate plan is NOT all about you, the individual (or perhaps couple) but about all those you love and care about. Maybe related, maybe friends, maybe charities. It is a different perspective, perhaps, so please give it some thought and feel free to call me at 513-399-7526 or visit https://davidlefton.com/services/probate-and-trust-administration/ for more information.