Dayton Ohio Estate Planning
Dayton Ohio Estate Planning
When thinking about estate planning, the emphasis should be placed on the “planning” aspect because that is what estate planning is all about; getting your affairs in order and the proper legal documents in place so that if you become incapacitated, incompetent or die, your loved ones can readily take care of whatever needs to be done. It is easy to procrastinate accomplishing this task. No one likes to talk about death or think about estate planning. Many people put it off, unfortunately, often until it is too late. The satisfying part of this process is that once you get your estate plan in order it should provide you with peace of mind and eliminate worry.
Estate planning can be complex or it can be simple depending upon each individual’s needs and desires. However, there are four basic estate planning documents that every individual should at least be familiar with and consider having. Anyone with any assets should have a will. Even if you have co-owners or beneficiaries designated on assets or have a trust, a will serves as a safety net in case something slips through the cracks. For most people, execution of a simple will should suffice to address your desires and directions with respect to your assets at the time of your death.
A person should also address the possibility that he or she may become incapacitated or incompetent at some point in the future. This is accomplished through executing documents that are called “powers of attorney.” In Ohio, a durable power of attorney for health care is used to designate someone to make health care decisions for you, and a general durable power of attorney is used for allowing someone to handle your financial and legal affairs. Having the appropriate powers of attorneys and executing them while you are physically and mentally capable usually prevents the need for a formal guardianship if incapacitation or incompetence occurs in the future. In addition to the health care power of attorney, some people have a living will, addressing life support issues and his or her wishes with respect to those life support issues.
Estate planning can involve a number of other considerations, but the four basic documents mentioned above being most critical. Assuring that assets are properly titled to avoid probate is part of the process. Prearranging funeral or burial arrangements or arranging to become an organ donor can also be involved. At the very least, one should let his or her loved ones know his/her wishes with respect to funeral plans. Is considering long-term health care insurance an option? It may greatly help protect one’s assets if one has to go to a retirement facility in one’s later years. Are there steps that could be taken to maximize the protection of assets if Medicaid is needed in the future?
This short overview is designed to acquaint the reader with some of the typical considerations involved in estate planning. It is important to note that proper estate planning doesn’t have to be either expensive or complicated. Talk with us and we can “de-mystify” this entire process. Unfortunately, there are too many lawyers out there who try to up-sell their clients into buying fancy trusts or other unnecessary documents.
Hire a certified Dayton Ohio Estate Planning Specialist
The majority of the Dayton Ohio Estate Planning at Holzfaster, Cecil, McKnight & Mues is overseen by Attorney Joseph E. Balmer, who is one of only 20 Dayton area lawyers certified by The Ohio State Bar Association as a specialist in estate planning, trusts and probate administration. Click here to read Joe’s biography page. Please don’t hesitate to call us at (937) 293-2141 or email us by using our form if you want to discuss estate planning or any elder law issues. Additionally, we have an emergency phone number, (937) 760-4357, that is answered by one of our lawyers around-the-clock. Contact us so that we can help guide you through this extremely important planning!
