Estate Planning Attorney in Troy, Ohio

We Try to Keep It Simple!

Many persons avoid the estate planning process because they fear it will be too complex. The Troy estate planning attorneys at Lovett & House understand this fear. We do all we can to keep it as simple as possible. We avoid giving a lot of homework. We find that most folks already know what we need to know, but they don’t realize it. By the time we finish the initial consultation, we normally cover all of the following steps although the client does not realize it. These steps to an estate plan include:

• Taking inventory of your assets, including homes, land, other real estate, vehicles, collectibles, checking and savings accounts, stocks, bonds, and mutual funds, ownership in a business, life insurance policies, retirement plans, and personal possessions. Don’t worry about bringing these documents!! If we need them, we will ask, but normally we do not need to know account numbers, social security numbers, or even the name of your bank or broker.
• Determining whether your family will be properly taken care of. Your life insurance, and how you want it distributed, is something we will talk about. Next, think about your wishes for the care of your minor children and for a special needs adult child. We will ask about these things during the initial consultation.
• Including important legal documents. If you choose to use a Revocable Living Trust, you can avoid a guardianship if there is incapacitation. Advance directives, like a living will and a health care power of attorney, state how long you want to receive life support and appoint others to make your decisions in a medical emergency.  A durable financial power of attorney allows someone to manage your financial affairs if you are unable to do so. Our attorneys will discuss these things during your first meeting with us.
• Discussing the Ohio and federal estate tax laws with your Troy estate planning attorney as a way of minimizing income and estate taxes. Relax: Very few persons will face any estate tax.
• Reassessing—Life changes happen. We understand this and make it easier for you to address them in your estate planning. Your estate plan should change as well, so if there is a major change in your life (marriage, divorce, the birth of a child, the loss of a loved one, getting a new job, etc.) your plan should be revised to address it. Even if you have no major life changes, we recommend you take a look at your estate plan every two to four years to make sure it still accurately represents your wishes. To help you in this review process, all of our clients receive an invitation each year inviting them to come in for a low cost estate plan review. We politely remind you to do this so you do not have to worry about it.