Estate Planning Services Cincinnati, Ohio – What’s it All About?

This post covers the basics of estate planning because I’ve learned over the years, that many people don’t know what it is, what it entails and therefore, are not able to make an educated decision as to whether it is something they need or not.  So I’ll start with the definition of estate planning and then simply provide the bare essentials of a basic estate plan.  Please understand, every estate plan is unique because they are customized to the client based on that individual’s goals, assets, family members, and more.  

Estate planning in Cincinnati, Ohio can be defined as developing a plan, in advance of your death, identifying the individuals (and sometimes organizations like charities) you want to leave your assets to when you die. Most people who have an estate plan have done so to make the transfer of their assets etc. as easy as possible when they die.

So estate planning is not something for just the wealthy. It is for regular folks who own houses and automobiles. Maybe an RV or a little cabin on a lake. Maybe even a 1964 Corvette in mint condition. While these assets are not worth millions … to family members they can have deep emotional connections and sadly can become the focus of major conflict if directions on their distribution are not clear.

Estate planning in Cincinnati, Ohio usually includes (but is not limited to) the following legal documents:

·         A will.  In estate planning, this is a priority because without a will everything in the individual’s estate goes through probate and that’s not a good thing.  Decisions are often made by the state about who gets what. And if minors are involved, the state may also need to step in and appoint a guardian. These decisions, made by the state may NOT have been the decisions you would have made.

·         Healthcare directives are almost always part of estate planning because no one knows what the future holds.  They can include legal documents like a Healthcare Power of Attorney (which allows an individual to appoint someone else to make medical decisions for them if they are unable to do so). A Living Will is very common now and documents your wishes related to life-sustaining treatment if you are unable to communicate and are in a terminal or permanently unconscious state.

·         A General Power of Attorney in estate planning is a very routine inclusion. It appoints an individual to manage your financial affairs if you are unable to do so.

·         A Trust (also called Revocable Trust or Living Trust) is not absolutely necessary in estate planning but most estate planning attorneys would recommend one. It holds and distributes your assets upon your death with the added benefit of avoiding probate for assets in the trust.

Estate planning in Cincinnati is pretty simple when it’s broken down into the basics – a will, healthcare directives, a general power of attorney, and often, a trust.  Having all the legal documents drawn up (and kept current) is one of the most loving things you can do for your family.  Please visit my website https://davidlefton.com/services/estate-planning-basics/ or call me at 513-399-7526 to schedule a meeting to discuss your estate plan.