Cincinnati Will and Estate Lawyers

The subject of passing away or becoming incapacitated is not a pleasant thing to think about or prepare for, whether it is for you or a member of your family. However, it is highly recommended that you consider essential healthcare and financial affairs while you are healthy and of sound mind. This will ensure that your assets are distributed according to your wishes and that major decisions about your medical care are addressed.

A detailed and well-crafted estate plan will help your loved ones avoid legal disputes. Regardless of your financial status, it is never too early to have a will and estate plan. If you have questions about estate planning or would like legal assistance creating a will or a comprehensive estate plan, it is highly recommended that you contact the Cincinnati wills and estate lawyers at Wolterman Law Office.

What Is Estate Planning?

It is a common misconception that estate planning is only necessary for people with substantial wealth. However, this overlooks several practical aspects that affect everyone, from the extremely wealthy to individuals with more modest incomes. Estate planning addresses financial matters, as well as critical personal considerations. A Cincinnati wills and estate lawyer will ensure that your estate plan addresses a range of critical issues, including the following:

State and federal estate and gift tax consequences
Asset valuation
Placing assets out of reach of creditors
Drafting will and establishing trusts
Health care directives and power of attorney (POA)
Business succession planning
Family partnerships
Providing support for family members with special needs via trust planning

When Should I Consider Estate Planning?

Estate planning is something that many people put off for a variety of reasons. However, it is never too soon to start thinking about these issues, particularly if you have a family, own your own home, and want to ensure that your personal and financial goals are addressed. Even if you are in your early 20s, there are important factors that an estate plan will address.

An experienced wills and estate lawyer can assist you with the estate planning process and address the following age-related considerations:

Estate planning in your 20s: Once you turn 18, you are legally considered an adult, meaning your parents or guardians no longer have the legal authority to make decisions regarding your health care or finances. While estate planning may not be at the top of your priorities at a young age, life is unpredictable, and you never know when an accident or unexpected illness can change your life. At the very least, it is advisable to establish a POA and health care directive. A POA should be someone you trust and who will make critical decisions on your behalf if you cannot do so.
Estate planning in your 30s: If you are in your 30s, you may be more established in your career. You may also have a family and own your own home. Now that you have a spouse and children, it is highly recommended that you meet with a wills and estate lawyer to discuss important topics like establishing a will and trust and purchasing a life insurance policy. A will clarifies your wishes after you die and names a guardian for your children if they are still minors. You can also establish a trust, which establishes a fiduciary relationship between you and the person you give authority to manage your assets.
Estate planning in your 40s: Once you have reached your 40s, it is likely that you will be even more established in your career and have acquired more income, investments, and property. This is all the more reason to consider estate planning, including reviewing all estate documents and beneficiary designations and considering medical decisions and any changes you wish to make to your health care directive and POA documents. Having a well-thought-out plan will prevent your loved ones from making difficult decisions on your behalf.
Estate planning in your 50s and beyond: As you get older, estate planning becomes increasingly important. If you do not already have a life insurance policy in place, purchasing a policy that reflects your financial needs and goals is highly recommended. The death benefit can help your loved ones pay the mortgage, household bills, college tuition, and other expenses in the event of your untimely death.

What Is a Will?

Also referred to as a “last will and testament,” a will is a powerful estate planning tool that allows you to dictate how you want your assets and property distributed after your death. It may also include instructions for end-of-life decisions regarding medical care, naming guardians for children, and other important decisions, including the following:

Naming an executor, which is the person who manages your estate
Leave specific property to specific people
Make special provisions for specific property or people
Provide charities or individuals outside of your immediate family
Disinherit someone

If you die before you have a will in place, this is called “dying intestate.” This means that your estate must go through probate court, where a judge will decide how your property will be divided. Depending on the complexity of your estate, this can take anywhere from six months to several years. If your loved one did not have a will drawn up before they died, an administrator will be appointed by the probate court to administer the estate. In most cases, the deceased is survived by a spouse but no children; the spouse receives the entire estate. However, if the deceased has children from another person, the spouse gets the initial $20,000 and 50 percent of the remaining balance. The children receive all of the property if there is no surviving spouse.

What Are Common Estate Planning Mistakes?

The estate planning process can be overwhelming, particularly when considering complex financial matters and medical decisions. A dedicated will and estate lawyer can guide you through every step of this process and help you avoid common mistakes, including:

Failure to prepare
Lack of communication with friends and family
Failure to name more than one beneficiary
Failure to document final wishes or neglecting to name a POA or health care representative
Not considering digital assets

The Cincinnati Wills and Estate Lawyers at Wolterman Law Office Will Address All of Your Estate Planning Needs

If you have questions or concerns about estate planning and how to ensure that your assets are protected and that your affairs are in order, do not hesitate to contact the Cincinnati wills and estate lawyers at Wolterman Law Office. It is never too soon to start planning for your family’s future. To schedule a free, confidential consultation, call us today at 513-488-1135 or contact us online. Our office is located in Loveland, Ohio, where we serve clients in Hamilton County, Fairfield, Norwood, and Forest Park.