We all know that we are going to die one day, but too few of us plan for the inevitable. Sometimes, this lack of planning leads to unnecessary family disputes and financial hardship. An estate plan can prevent these outcomes and ensure you and your family are protected long after you are gone.
If you are interested in preserving as much of your property as possible for your loved ones and controlling what happens to your assets after you die, contact the attorneys at DuPont Law Group. Our Hilliard estate planning lawyers could meet with you in person, over the phone, or via Zoom to learn your needs and prepare a plan to protect you and your family.
Estate Planning and the Probate Process
The property you leave behind when you die is called your estate. Most estates must go through probate, which is a court-supervised process of gathering your property, paying your debts, and distributing the remainder to your heirs. Probate typically takes six months to a year to complete, but complex estates may take much longer to settle.
Your family will not have access to most of your estate during probate. Your creditors have a claim against any property in the probate estate. It is possible that paying creditors will require selling the estate assets, leaving your family with little or nothing.
Estate planning can remove some assets from the probate estate so that they transfer directly to beneficiaries at your death and are not subject to creditors’ claims. Attorney Gregory DuPont is also a Certified Financial Planner, so he can advise you on ways to minimize your probate estate and maximize the wealth you pass on to your loved ones in Hilliard.
What Is an Estate Plan?
Estate planning is the process of thinking about how your money and property should be distributed after you die. The estate plan is a group of documents that solidify your vision.
Will
When you die without a will, Ohio Revised Code § 2105.06 determines who gets your property. In contrast, a will allows you to make that decision yourself.
A will is an essential part of any estate plan. It allows you to name an executor who will be in charge of carrying out your wishes after you die. If you have minor children, your will can name someone to be their guardian after your death.
Trusts
Assets in a trust are not part of the probate estate, so creating a trust can ensure your loved ones have access to assets immediately upon your death. Different types of trusts serve varying purposes, and each has advantages and drawbacks. Our Hilliard estate planning attorneys will learn your goals and concerns during an initial consultation and may suggest a trust to address them.
Advance Directive and Healthcare Power of Attorney
A thoughtful estate plan includes provisions for your healthcare if you become incapacitated. A healthcare power of attorney allows you to designate a trusted person to make healthcare decisions for you if you cannot make them yourself. An advance directive explains the type of care you want to receive.
Financial Power of Attorney
A financial power of attorney allows you to name a trusted person to manage your finances if you lose the capacity to do so yourself.
Work with a Hilliard Attorney to Create an Estate Plan
The value of estate planning is not just the control it offers over what happens to your property after you die. A sound estate plan also protects you if you become incapacitated. Work with an experienced Hilliard estate planning lawyer to protect your assets and your family. Contact our team at DuPont Law Group today to get started.
Greg DuPont, JD, CFP®, is a well-respected estate attorney, financial advisor, public speaker, and published author. He centers his multiple businesses around education, guidance, and relationship-building. This comprehensive combination gives him, and his team, the opportunity to effectively serve both individuals and their families. He is a life-long resident of Central Ohio and spends the majority of his time with his wife, Julia, and daughter, Sophie.
