Estate Planning

Yes! Among many reasons, you should have a will to:

• Name a guardian for any minor children.

• Document your wishes for how your assets will be distributed after your death.

• Prevent family members from fighting over who should administer your estate by nominating your own executor.

It’s important that even a simple will be drafted correctly, clearly and specifically to prevent confusion and delays during probate court proceedings.

No, a will does not avoid probate in Ohio. The will provides instructions to the court, and probate is the court process required to validate the will, appoint the estate executor, and oversee the distribution of assets. The probate court also makes decisions when the language in the will is unclear or when there is a conflict among the beneficiaries of the estate.

While probate comes with its own set of costs and its own timeframe, it is a valid way to administer an estate and is sometimes the best option. An estate planning attorney has the specialized knowledge to help you determine whether or not avoiding probate is a priority for you in your estate plan.

Estate planning is not one-size-fits-all, and not everyone needs a trust. A will-based plan is sufficient for some people, while others may prefer a revocable living trust to avoid probate and manage assets, or an irrevocable trust in support of their long-term care planning. I can help you determine the right answer for you based on your goals, family structure, and level of comfort with probate court involvement.

Trusts may be appropriate for people who want to simplify asset management in case of their incapacity, plan for long-term care, avoid probate, and facilitate asset transfers upon death. A properly structured trust can be a powerful tool for your family’s future while allowing you to retain control during your lifetime.

There are several types of TOD designation:

• Real Estate. Depending on your circumstances and your estate plan as a whole, a Transfer on Death Designation Affidavit is sometimes a good option to allow real estate to pass directly to a beneficiary or beneficiaries outside of probate.

• Vehicles. Transfer on death designations can be made for vehicles in Ohio using BMV Form 3811.

• Financial Accounts. Beneficiaries can be designated on most financial accounts. It’s also possible to direct financial accounts to a trust upon death, allowing assets to be distributed according to the terms of the trust.

That depends on your choices regarding your estate plan. Reviewing, preparing, and recording deeds as part of your estate planning (whether you choose a will, a trust, and/or a TOD) can significantly speed and ease the transfer of real estate property upon death.

Nearly 60% of business owners have no formal succession plan, and only 30% of family-owned businesses successfully transition to a second generation. If business interests are part of your assets, they should be considered in your estate plan. And yes, business interests sometimes have to go through probate when organizational documents are silent or unclear as to succession.

Yes. A will allows you to nominate a guardian for minor children. While the probate court makes the final appointment, your nomination carries significant weight. If you have young children, this is one of the most important reasons to have a will in place.

A Healthcare Power of Attorney clarifies and documents your medical wishes and names someone to make health care decisions for you if you become incapacitated. Without a health care POA, your family may need to go to court to seek guardianship to make decisions on your behalf.

A Durable General Power of Attorney gives someone you trust the authority to help manage your finances and other personal property. This POA can help avoid court involvement and ensure that your assets can be accessed and used for your care should you become incapacitated. Your agent under a financial POA has a fiduciary duty (legal obligation) to act in your best interests.

If you do not have a valid Financial Power of Attorney or Health Care Power of Attorney in place and you become incapacitated, your family may need to seek guardianship of your person and/or your estate through the probate court. That process can be time-consuming and costly, and result in ongoing court supervision and monitoring for the duration of the ward’s life. Proper estate planning can often prevent the need for a guardianship.