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According to a 2022 CNBC report, Covid increased the awareness of the need for an estate plan in many Americans. Despite this, only about a third of all adults in the U.S. currently have an estate plan. This means that two-thirds of those in the nation do not have an estate plan. Of those surveyed, about 40 percent said they don’t have an estate plan because they simply haven’t gotten around to having one prepared, while 33 percent felt like they didn’t have sufficient assets to pass on to their loved ones.
About 13 percent said they had avoided having an estate plan prepared because of the cost, and the remainder of the respondents said they simply didn’t know where to begin. Interestingly, those who had a serious case of Covid and survived were about 66 percent more likely to engage in estate planning. If you are an Englewood, OH resident who has put off having an estate plan prepared, today is the day to contact Lovett & House and begin the process.
As a city in Montgomery County, OH, the population of Englewood is approximately 14,000, and is considered a part of the Dayton metropolitan area. The early settlers in Englewood primarily made a living through agriculture, shipping grain and bacon down the Stillwater River to Dayton—and even as far south as New Orleans. Wine distilleries, sawmills, gunsmithing, and pottery manufacturing supplemented the town’s agricultural endeavors.
The Native Americans traded with the new settlers in the area, and there was an abundance of wildlife that supported the food requirements of the settlers. Englewood was officially founded in 1841, going through three names (Harrisburg, Iamton, and Jamton), before it became Englewood. Englewood residents and visitors enjoy the majestic beauty of Aullwood Garden, with nature trails, historical features, a rolling prairie filled with grasses and flowers, and a giant bur oak, named “Big Macrocarpa” that greets visitors on the trail to the garden entrance.
Why Choose an Englewood Estate Planning Attorney from Lovett & House?
When you make the decision to engage in estate planning, you want to be sure those guiding you through the process are experienced, knowledgeable, and always have your future and best interests at heart. The Lovett & House estate planning attorneys are dedicated to making the process of estate planning as easy and stress-free as possible.
We will ensure the legalities of your estate plan meet every state requirement and that your estate plan truly meets your goals. Lovett & House stands out from other estate planning law firms with a Board-Certified Specialist as part of our team of exceptional attorneys. Our firm has more than 100 positive Google reviews, offers a free 5-minute phone appointment, and has decades of combined estate planning experience.
Why is Estate Planning Important for Every Englewood Adult?
There are many reasons having an estate plan is so important. One of the primary reasons you should have an estate plan is that without a plan in place your assets could end up in legal “limbo” for years to come. This could leave your loved ones in a difficult position, both emotionally and financially. Having an estate plan allows you to clearly spell out how you want your estate distributed. When you have an estate plan, there is no wondering what your intentions were, and it is much less likely there will be challenges to your estate or arguments between those left behind. If you should pass away without so much as a simple will, the state of Ohio will determine who will receive your assets—something most people would not be happy about.
If you have minor children or an adult child with special needs, having an estate plan is crucial. In your will, you can name a guardian for your minor children, and components of your estate plan can detail how your children will be financially taken care of. There are few parents who would want the court to decide who will raise their children; this makes having an estate plan particularly important for those with minor children.
When you have a comprehensive estate plan, you can ensure your heirs have the smallest tax burden possible. Without such a plan, your loved ones could end up paying far too much in taxes, leaving less for them. In short, if you want your assets and your loved ones protected after you are no longer able to do it yourself, then you need a comprehensive estate plan.
What Are the Components of a Great Englewood Estate Plan?
Ideally, your estate plan will be tailored to you and your unique needs. To pass assets down to your loved ones, you will use a will and/or a trust. If you have minor children, you want to name a guardian for you will need a will in addition to a trust. Should you have a special needs child—whether a minor or an adult—that you need to provide for, you will consider a Special Needs Trust. Such a trust allows your special needs child to continue receiving necessary government benefits, allowing his or her inheritance to provide for the “extras.”
A Healthcare Power of Attorney, Advance Directive, or a Trust can all specify your wishes in the event of incapacitation. Your estate planning attorney can help you choose the best document for your situation. The person you name will be able to make healthcare decisions on your behalf, including whether you will receive heroic measures to keep you alive, and whether you want to be an organ donor.
If you are a business owner, you will want to have a business succession plan prepared. This plan will instruct those left behind whether you want the business to continue, and, if so, how you want it to be operated and by whom. You can even leave instructions on how your social media accounts should be handled in your Ohio estate plan.
How Can an Experienced Englewood Estate Planning Attorney from Lovett & House Help?
Estate planning can be a daunting task without a legal partner who can skillfully guide you through the process. When looking for an Englewood estate planning attorney, you want a highly experienced individual that you feel comfortable with and can trust with your future planning. The estate planning attorneys at Lovett & House always stay abreast of any new estate planning laws or changes to current laws. We understand your situation is unique and will ensure your estate plan is just as unique. Don’t wait—contact Lovett & House today.