513-399-PLAN

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513-399-PLAN

(513-399-7526)

Estate Planning Basics

Do you have questions about estate planning? Good. That means you’re thinking about it. As an experienced estate planning lawyer, and partner in the law firm of Barron Peck Bennie & Schlemmer, a law firm serving greater Cincinnati, Ohio and Southwest Ohio, I would be happy to answer all your questions so you can make smart, informed decisions that are right for you. Read on for answers to the following questions … and more:

Do I need an estate plan?

What happens if I don’t have a will?

Who will make medical decisions for me if I’m unable?

Why have an estate plan and what are the basics?

An estate plan helps to protect your hard-earned assets and makes things easier for your loved ones when you die. Either of these reasons would be enough to motivate most people. Together they make a compelling case for moving forward with your estate plan. Today. Not tomorrow. Not next week or next year. The future is uncertain … take action now and your immediate return will be peace of mind. I will make sure we talk about your needs and goals and together we’ll decide which legal instruments are right for your situation.

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What are the basics?

Everyone’s situation is unique but for the most part, your estate plan will include the following:

Your will.

Your health care directives including:
Healthcare Power of Attorney – A legal document 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.
Living Will – The purpose of this Living Will Declaration is to document your wish that life-sustaining treatment, including artificially or technologically supplied nutrition and hydration, be withheld or withdrawn if you are unable to make informed medical decisions and are in a terminal condition or in a permanently unconscious state.

Your 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.

Your trust. Sometimes called revocable trust or living trust. The trust holds and distributes your hard-earned assets during your lifetime and upon your death – as you have designated. A trustee, generally yourself, manages and distributes the trust assets according to the terms you designate in the trust.

Do you need a will?

While you are not “required” to have a will you should understand what happens if you don’t. If you do not have a will when you die Ohio probate laws take over and the decisions may not be what you would have wanted for your loved ones. Your assets are divided among your surviving family members based on their relationship to you. No consideration is given to those with whom you were closer to … or even estranged from. And a will is necessary to appoint guardians of any minor children and provide for how your assets will be managed on their behalf during their minority. This is not an action that should be in the hands of the probate courts.

In Summary

Your will ensures your wishes of how you want your assets to be distributed will be followed and that any minor children will be cared for by those you named. 

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Should you have a Healthcare Power of Attorney and/or a Living Will?

Everyone should consider having both. A Healthcare Power of Attorney lets you appoint a loved one or friend to make medical decisions for you if you are unable to do so. For example, you were in a car accident and you’re unconscious. A Healthcare Power of Attorney lets your loved ones make medical decisions for you so you receive the care you want to receive if you are unable to communicate your wishes.

In Summary

You should consider having both a Healthcare Power of Attorney and a Living Will NOT only for you but for your loved ones so you and your family receive the care you need when unable to make those decisions. You don’t want to burden your loved ones during what would already be a very difficult and stressful time.

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Do you need a Power of Attorney?

Yes. This document allows a trusted individual, appointed by you; to make business, financial or other decisions on your behalf should you be unable to do so. Again, if you are unconscious from a car accident. This can be a very general or highly customized document – it depends on your unique situation. 

In Summary

This can be a simple document for an experienced estate planning attorney to draw up for you. It can save your loved ones a lot of time and worry.

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Do you need to legally designate who has permission to access your medical information?

Yes. It goes hand in hand with the healthcare directives. You need to give the appointed individual access to your records so your wishes are understood and followed.

In Summary

This is a legal instrument that should be included with your health care directives. It ensures your loved ones have the information they need.

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Do you need a trust?

Good question! The most frequently stated advantage of having a trust is to avoid probate. It can streamline the administration of your estate if you become incapacitated and upon your death. It can head off disputes among heirs, as well as other benefits. There are different kinds of trusts; revocable trusts, (also known as living trusts), irrevocable trusts, and more. An experienced estate planning attorney, who concentrates their practice in trusts, can guide you to the one that is right for you. 

In Summary

 If you want to help your loved ones settle your estate as quickly and easily as possible you should consider a trust. It not only helps your loved ones but also ensures your wishes are carried out as you want. As an experienced estate planning lawyer, I can help make sure you protect your assets and make things as painless as possible for your loved ones.  Last, please know that I offer a complimentary review of estate planning documents, that I have prepared, every three years to ensure your estate plan is current and meets your needs.

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Estate Planning
Frequently Asked Questions

What documents are included in a basic estate plan in Ohio?
A basic estate plan may include a Last Will and Testament, Financial or General Durable Power of Attorney, Health Care Power of Attorney, Living Will, and HIPAA authorization. Depending on your assets, family situation, and goals, a revocable living trust and beneficiary or transfer-on-death designations may also be appropriate. The right combination of documents depends on your individual circumstances and how you want your affairs handled during your lifetime and after your death.
Do I need an estate plan if I don’t have a lot of assets?
Yes. Estate planning can be important even if you do not consider yourself wealthy. An estate plan does more than determine who receives your property after you die. It can also identify who should make financial or health care decisions for you if you become incapacitated, provide instructions for your loved ones, appoint guardians for any minor children, and help ensure that the people or organizations you care about are considered. Estate planning is about protecting your wishes and your family, not simply the size of your estate.
What happens if I die without a will in Ohio?
If you die without a valid will in Ohio, you are considered to have died “intestate.” Ohio law determines who inherits your probate assets based on your surviving family relationships rather than instructions you would have provided in a will. This may produce a result that is different from what you intended. A will also allows you to make important choices yourself, including nominating a guardian for minor children.
Does having a will avoid probate in Ohio?
No. Having a will does not, by itself, avoid probate in Ohio. A will provides instructions for how probate assets should be distributed and identifies the person you want to administer your estate. Assets held in a properly funded trust, assets with valid beneficiary designations, and certain jointly owned or transfer-on-death assets may pass outside probate. A properly structured estate plan can help reduce the amount of property that must go through the probate process.
What is the difference between a will and a revocable living trust?
A will provides instructions for distributing property after your death and can be used to nominate guardians for minor children. A revocable living trust can hold and manage assets during your lifetime and provide instructions for their distribution after your death. When properly established and funded, a living trust may also allow trust assets to pass outside probate. Many estate plans use both a will and trust because they serve different purposes.
How often should I review or update my estate plan?
Estate planning documents should be reviewed periodically whenever you experience a significant life change. Marriage, divorce, the birth of a child, the death of a spouse or other beneficiary, a major change in assets, moving to another state, or a change in the person you selected to act on your behalf are all reasons to revisit your plan. David Lefton offers clients a complimentary review of estate planning documents he has prepared every three years to help ensure their plans remain current.
What estate planning documents do parents of minor children need in Ohio?
Parents of minor children should consider a will that nominates the person they want to serve as guardian if both parents are unable to care for their children. A trust may also be used to provide instructions for how assets should be managed and used for a child’s health, education, maintenance, and support. Parents can select a trustee to manage those assets and determine when and how they should eventually be distributed. Powers of attorney and health care directives are also important parts of a comprehensive estate plan.
Does my spouse automatically have authority to make medical and financial decisions for me?
Not necessarily. Marriage alone does not guarantee that your spouse will have authority to make every medical or financial decision for you if you become incapacitated. A Health Care Power of Attorney and General Durable Power of Attorney allow you to formally designate the person you want to act on your behalf. Having these documents in place can help your spouse or another trusted person handle important decisions without unnecessary legal complications.
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