Estate planning is a vital aspect of financial management that often gets overlooked, particularly by beginners. However, in Ohio, having a well-thought-out estate plan is essential for protecting your assets and ensuring your wishes are carried out after your passing. In this brief guide, we’ll provide beginners with a step-by-step overview of estate planning in Ohio, covering relevant laws and considerations.
Before discussing the estate planning process, it’s essential to have a lawyer who understands the legal framework in Ohio. The Ohio Revised Code Chapter 1337, Title 21, and Title 58 govern estates, wills, trusts, and powers of attorney in the state. Familiarizing yourself with these laws may be difficult, so it is best to have a lawyer familiar with estate planning law who can help you navigate the estate planning process more effectively and ensure compliance with Ohio’s requirements.
Step 1: Assess Your Assets And Liabilities
The beginning step in estate planning is to assess your assets and liabilities. This process includes taking inventory of your bank accounts, investments, real estate, vehicles, personal belongings, and any debts or obligations you may have. Knowing the value and nature of your assets and liabilities will help you make better decisions about how to distribute your estate.
Step 2: Create A Will
Once you’ve assessed your assets and liabilities, the next step is to create a will. A will is a legal document outlining your wishes for the distribution of your assets following your death. In Ohio, wills must meet specific requirements outlined in the Ohio Revised Code Title 21, Chapter 2107. These requirements include being of sound mind, being signed by the testator (the person making the will), and being witnessed by two competent individuals.
Step 3: Consider Trusts And Beneficiary Designations
In addition to a will, consider setting up trusts and designating beneficiaries for certain assets. Trusts help you protect assets, minimize estate taxes, and provide for specific beneficiaries, such as minor children or individuals with special needs. Additionally, designating beneficiaries for retirement accounts, life insurance policies, and other accounts can ensure that these assets then pass directly to the intended recipients without going through probate.
Step 4: Establish Powers Of Attorney
Another critical aspect of estate planning is establishing powers of attorney. A “power of attorney” is a document that authorizes another person to act on your behalf in financial or medical matters if you become incapacitated. In Ohio, powers of attorney must comply with the requirements outlined in the Ohio Revised Code Title 13, Chapter 1337. Having powers of attorney in place can ensure that your affairs are managed according to your wishes if you’re unable to make decisions for yourself.
Step 5: Review And Update Your Estate Plan Regularly
Once you’ve completed your estate plan, it’s essential to review and update it regularly. Life circumstances, including marriage, divorce, birth, death, or changes in financial status, may warrant updates to your estate plan. By reviewing and updating your estate plan regularly, you can ensure that it remains current and reflects your wishes accurately.
Additional Considerations For Ohio Estate Planning
In addition to the steps outlined above, there are several additional considerations to keep in mind when estate planning in Ohio. For example, Ohio law allows for the creation of health care powers of attorney and living wills, which outline your wishes for medical treatment in the event of incapacitation. Furthermore, Ohio has specific laws regarding the distribution of assets to surviving spouses and children, as well as rules governing estate taxes and probate proceedings.
Secure Your Family’s Future With Our Ohio Estate Planning Attorney
Ensure your family’s financial security and legacy by scheduling a consultation with John Grundy, an experienced Ohio Estate Planning Attorney. With a deep understanding of the intricacies of estate planning, John is equipped to navigate the complexities of blended families, remarriage, stepchildren, and complex financial situations. Let John work closely with you to craft a personalized estate plan that safeguards your loved ones and preserves your legacy.
Don’t leave your family’s future to chance. Contact our Ohio estate planning attorney today at 330-637-9030 to receive your free consultation. Let us provide you with peace of mind and ensure that your wishes are honored.