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 –
This legal document expresses your last wishes. It dictates how your estate will be allocated after death.
#2. Durable Power of Attorney
#3. Healthcare Power of Attorney
#4. Living Will
#5. Revocable Living Trust
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.