Estate Planning

Whether you are reaching the latter stages of your life or have a family member who recently died, it can be anxiety-provoking to confront death and issues like what will happen to your property and wealth after you are gone. Trusts and estates lawyer AmySue Taylor understands the sensitivity of these situations. She is experienced in legal matters related to estate planning, trusts, wills, probate, estate administration, the selection of an executor, estate settlement services, estate taxes, advance directives, and others. Sometimes out-of-state family members or relatives of Columbus residents must retain a lawyer in Ohio, and she also can represent out-of-state executors, administrators, and beneficiaries.

The five basic documents below will provide the foundation for your estate plan. If you already have these documents, review them to make sure that they are up to date with current Ohio estate tax laws.

5 Basic Estate Planning Documents –

#1. Will

This legal document expresses your last wishes. It dictates how your estate will be allocated after death.

#2. Durable Power of Attorney

This gives another person the ability to make decisions in the case that you become incapacitated and cannot handle matters yourself.

#3. Healthcare Power of Attorney

This allows you to appoint a trustee to make decisions about your healthcare if you become unable to do so.

#4. Living Will

This legal document states your expressed wishes for medical care if you were to be under certain medical circumstances. This is also called a “Healthcare Directive“.

#5. Revocable Living Trust

This estate planning tool is used to determine who gets your estate after your death.

5 Essential Estate Planning Documents - Click to view

Why hire an estate planning lawyer?

Every estate plan is unique, but all require these ten actions and the guidance of an estate attorney to ensure that your property passes to those you select in a seamless, orderly and economical way. A strong plan will ease the burden placed on your survivors who are already dealing with the trauma of your death.

Document your property and determine what you own and what you owe
Evaluate your insurance policies
Plan for the liquidity of assets to pay debts
Plan for the expenses of your funeral, burial or body disposition
Name your beneficiaries
Plan a strategy to avoid probate or reduce the property which must pass through probate court
Prepare a Last Will and Testament
Plan a Trust, if needed
Plan to minimize taxes and expenses associated with the distribution of your estate
Review and update your estate plan periodically

6 Most Frequent Estate Planning Mistakes

NOT HAVING AN ESTATE PLAN –
65% of American adults die without a plan. With careful planning, you can make sure that your personal and financial affairs are handled properly after your death.

NOT KEEPING YOUR WILL UP TO DATE –
As your life changes with new babies, adoption, marriage, divorce, and maybe a new home, it is vital to update your Will.

ADDING YOUR CHILD’S NAME TO THE DEED –
You are subjecting your child to high estate taxes. Consider creating an estate plan that passes your property through an inheritance instead.

CHOOSING THE WRONG ESTATE EXECUTOR –
Sometimes people choose a spouse or child to be the executor, however, there may be someone else better suited to handle the responsibilities.

NOT PLANNING FOR YOUR OWN DISABILITY –
You may have dire personal and financial consequences. Consider appointing a Power of Attorney or Living Trust.

NOT SEEKING GUIDANCE FROM AN ESTATE PLANNING LAWYER –
Ohio State laws are complex and updated frequently. To get the most seamless distribution of your assets that you worked a lifetime to build, to minimize the tax liability and emotional stress of your heirs, consult a professional.

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