Estate Planning Attorney in Springfield, Ohio

Why Is Estate Planning So Important?

As the old adage goes, “you can’t take it with you.” This means that any assets or properties you own cannot go with you when you die, therefore you need to make certain those assets will go to your loved ones, whether that is a child, another relative, a friend, or a charity. Absent a will or trust, the Ohio state probate courts will decide who will receive your assets, and those decisions might include people you do not want to inherit from you. Particularly if you have minor children, you will want to have a will in place which designates a guardian for those children should you become incapacitated or die. The following are documents you should consider for your Springfield, Ohio estate plan:

• An Ohio Health Care Power of Attorney—A Health Care Power of Attorney gives a trusted individual the legal authority to make health care decisions on your behalf should you become seriously ill or incapacitated. As an example, your Health Care Power of Attorney could specify that you do not want heroic life-saving procedures. If your physician objected to that specification, the person designated by you can instigate a transfer to another doctor who will respect your wishes. Under Ohio law, you must be an adult, be of sound mind, and must sign and date the Durable Power of Attorney in front of a notary public.
• An Ohio Will—A will in the state of Ohio can only be implemented by a person who is 18 or older and is of sound mind. The will must either be handwritten or typewritten and requires the signatures of two witnesses, neither of which can have an interest in the will—in other words, the witnesses cannot benefit from the terms of the will. A will must go through Ohio probate, which can sometimes be a lengthy and expensive process. A will is also a matter of public record once probate has begun, which means any interested person can find out the terms of the will. A will is essential, however for those with minor children, and even if you have a living trust in place, your Springfield, Ohio estate planning attorney may advise you to have a “pour-over” will which effectively “captures” any assets you may have inadvertently left out of the trust. If you have a will, you will likely have named an executor of the will—a trusted person who will carry out your wishes under Ohio law. If you do not have a will, or you did not name an executor in your will, the state will choose an executor and may decide how to distribute your assets.
• An Ohio Living Trust—A living trust, although initially more expensive than a will, has a number of benefits when compared to a will. A living trust allows you to place all your assets in a trust, yet continue to make decisions about those assets, and use them as you see fit, during your lifetime. A living trust names a person who will carry out your wishes upon your death, and who will also carry out your wishes should you become very ill or incapacitated. A living trust is not a public document, as it does not have to go through probate, and when prepared by a knowledgeable estate planning attorney, can save your heirs time and money following your death.

If you are ready to engage in estate planning, speaking to an experienced Lovett & House estate planning attorney can ensure your estate plan is properly prepared and is fully suited to your life and your wishes. Our attorneys have years of experience helping Springfield, Ohio residents plan for the future of their loved ones. We will answer your questions and ensure your estate plan is the right plan for you. Contact Lovett & House today for a comprehensive evaluation.