Madeira Estate & Trust Lawyers

Following an individual’s death, probate, taxes, debt, and family disputes can negatively impact the value of their estate and prevent their intentions from being carried out. Estate planning prevents unnecessary loss of value and ensures your wishes are managed appropriately and carried out as intended.

No matter what stage of life you are in, having an effective estate plan is crucial for protecting what you worked hard for and those you love. Our experienced Madeira estate and trust lawyers at Wolterman Law Office are your trusted allies, assisting you in crafting a tailored estate plan that reflects your goals and protects your family for generations to come.

What Are “Must Haves” for Your Estate Plan?

A good estate plan reflects your intentions and financial goals. No two plans are the same, but all should contain documents detailing the distribution of assets, designated individuals to make decisions on your behalf, and preferences on your medical care. Key “must haves” include:

Will: A legal document naming the executor of your estate, a guardian for children, and how your assets are distributed.
Power of attorney: Assigns authority to make financial and legal decisions on your behalf.
Living will (healthcare directive): Assign a healthcare proxy to make your medical decisions.
Trust: A legal entity established to manage and distribute your assets.

A lawyer will help you with all of your estate planning needs.

When Should I Start Estate Planning?

It is never too early to start estate planning, especially if you have children, a home, and assets to protect before and after death. An experienced Madeira estate and trust lawyer will ensure the transition of assets, minimize tax implications, avoid lengthy probate if possible, provide for special needs family members, and prevent conflict. When planning, different stages of life require different considerations, such as:

Your 20s: Once you become an adult, your decisions and authority become your own, and your 20s are the perfect time to establish a power of attorney, healthcare directive, and, if you have children, a will.
Your 30s: In your 30s, you likely have an established career, purchased a house, and have a family. This decade is opportune to discuss wills, trusts, and life insurance to establish a guardian for your children, distribute your assets, and establish a fiduciary authority to manage your assets and avoid probate.
Your 40s: By your 40s, your assets have likely increased, and it is wise to consider their distribution more carefully, review your whole plan for accuracy, and begin considering long-term medical care.
Your 50s and beyond: Your golden years are a good time to focus on life insurance and providing death benefits to your spouse and children to cover mortgages, bills, and other expenses.

How Should I Prepare for Estate Planning?

Before meeting with your attorney, it is wise to take some time to consider your wishes, make some initial decisions, and prepare information to bring to your first consultation. Steps you should take to prepare for the estate planning process include:

Identity confirmation: Gather all government documents confirming your identity, such as your Social Security card, passport, and birth certificate, which your executor will need to close accounts.
Inventory assets: Compile a list of your possessions, including bank accounts, real estate, investments, life, health, home, and funeral insurance policies, vehicles, jewelry, art and collectibles, business interests, boats, retirement accounts, and any other assets.
Will intentions: Choose who you would like to serve as executor of your will, a guardian for children or pets, and any assets you want to leave specific people.
Power of attorney: Consider which individuals you most trust to make critical decisions on your behalf should you become incapacitated.
Advanced directives: Outline what medical care or interventions you do and do not want if you suffer an illness that prevents you from voicing your preferences.
Trusts: Trusts are not always necessary, and there are many types to research and consider, such as living or revocable trusts.
Determine beneficiaries: Consider loved ones you want to be included in your will to distribute assets.
Digital accounts: Compile a list of passwords or login information for all digital accounts, such as email, banking, social media, streaming services, and billed accounts that must be paid or closed.
Interment arrangements: State your wishes regarding your remains, type of service and who will handle it, burial or distribution of ashes site, pallbearers, and other important preferences.

Do not be overwhelmed by this process. Making complete and final decisions is unnecessary before meeting with your Madeira estate and trust lawyer. You will have many discussions throughout the process to finalize your decisions. It is just good practice to form a general idea of what is important to you.

What Are Common Mistakes People Make When Estate Planning?

The best way to avoid estate planning mistakes is to hire an experienced lawyer. Attorneys can help you protect and pass on your assets and prevent mistakes and oversights that could negatively impact your intentions and goals. Common estate planning mistakes include:

Choosing a poor executor.
Failing to prepare.
Forgetting charities.
Forgetting to update plans after life changes.
Lack of communication with family and friends.
Not naming more than one beneficiary.
Neglecting to name legal, financial, and medical POAs.
Not stating final wishes and arrangements.
Not considering digital assets.
Not having an estate plan at all.

A clear estate plan is a last gift to loved ones, relieving the burden of managing your estate. The best method of avoiding crucial estate planning mistakes is to work with a knowledgeable and experienced lawyer to ensure your plan is accurate and effective.

Our Madeira Estate and Trust Lawyers at Wolterman Law Office Help Clients Protect Loved Ones and Future Generations

Estate planning allows you to safeguard your assets and protect your loved ones now and for future generations. Whether starting a new plan or updating an existing one, our Madeira estate and trust lawyers at Wolterman Law Office can help protect those you love and all you worked hard to build. Call today at 513-488-1135 or contact us online to schedule a free consultation. Located in Loveland, Ohio, we serve clients throughout Hamilton County, Fairfield, Norwood, and Forest Park.