Many people avoid estate planning because it feels so overwhelming. With multiple steps involving emotionally charged decisions, it can be easy to continue putting it off. However, those who invest their time and energy into forming a solid estate plan feel a sense of accomplishment and peace of mind. If you are ready to begin the estate planning process in Dublin, OH, reach out to the experienced estate planning attorneys at DuPont Law Group today.
Components of Estate Planning
“Estate planning” is an umbrella term that covers many different considerations for the future. To put it simply, estate planning involves organizing documents and assets to ensure your wishes are followed in the event of incapacitation or death.
The process often includes financial plans and legal and medical directives. Rather than just determining where assets will go, our estate plans ensure that your values and vision are followed even when you’re no longer around.
Steps of Estate Planning
The steps involved in a Dublin, OH estate planning process vary from person to person depending on their individual needs. Most commonly, estate planning includes the following key actions.
Take an Inventory of Assets
From the very beginning stages, it is important to know what assets are under consideration. This allows you, with the help of your lawyer, to determine what kind of estate planning tools will be most useful. The list of assets should include any real estate holdings, bank accounts, retirement accounts, life insurance policies, investments, personal property, and business interests.
Determine Goals
With proper input from you, an experienced estate planning lawyer can provide the necessary framework to help you make important decisions about your finances. At this stage in the process, you will decide how you’d like your assets to be inherited and how to best minimize taxes and probate costs. This is also a good time to discuss the inclusion of a power of attorney and medical directives. Depending on your age, health, and family circumstances, these goals can be flexible to account for future changes.
Draft Documents
Estate planning requires legal documents to ensure the plan will be carried out as intended. A wide variety of documents could be part of a thorough estate plan, including a last will and testament, a trust, a durable power of attorney, a healthcare power of attorney, and a living will. Each of these documents provides critical information regarding different decisions, and it is important to ensure they are clearly written and legally constructed.
Role of an Estate Planning Lawyer
An experienced Dublin, OH attorney can walk their client through each step in the estate planning process and ensure that all documents conform to the law. They will use their familiarity with Ohio state laws, such as ORC Chapter 2133 (which deals with advance directives), ORC Chapter 2101 (which handles probate procedures), and ORC Chapter 2107 (which covers wills). With this knowledge, a lawyer ensures that all documentation is in place to carry out the client’s wishes.
Learn More About the Estate Planning Process by Contacting a Dublin, OH Lawyer
If you are ready to start the estate planning process in Dublin, OH, reach out to DuPont Law Group. Our experienced lawyers are ready to help you through the process with clarity and to gain peace of mind knowing your plans are in place.
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.
