Estate planning is one of the most important steps you can take to protect your family’s future and ensure your wishes are honored. While many people associate estate planning solely with preparing for the end of life, it actually encompasses a comprehensive strategy for managing your assets, healthcare decisions, and family responsibilities both during your lifetime and after you pass away.
At DuPont Law Group, our dedicated estate planning attorneys guide families through every step of the process, creating personalized plans that reflect your unique values, goals, and circumstances. If you are wondering, “What does estate planning involve?” contact our lawyers today.
Building Your Comprehensive Estate Plan
Planning an estate involves more than a will. In fact, an estate plan often consists of five documents.
Last Will and Testament
For many people, the will is the central document of their estate plan. In it, you can provide instructions on how to distribute your probate assets, such as your house, car, furniture, etc., when you pass away. If you have minor children, you will name a guardian for them in your will, along with instructions for their care. Without a will, the default laws of the state you live in will determine how your assets are distributed when you pass away. These laws may or may not align with your wishes, making it important to state them clearly in a will.
Trust Agreement
Many families choose to implement trusts as part of their estate plan to avoid the lengthy, costly, and public probate process, or the legal proceeding required to distribute an estate. One type of trust commonly used for this purpose is a revocable living trust. These trusts are created during your lifetime and can be altered as you wish before you die. This allows you to keep control of your assets while you are still living.
There are many different types of trusts that can be customized to fit your estate planning goals. For example, a trust can provide for your special needs child, leave a legacy for your grandchildren, or donate to charity when you pass away. Our trust attorneys will discuss your options with you and help you determine which trust best fits your needs and goals.
Advance Directives and Living Will
These documents let you identify what measures, if any, you would like taken to save your life should you be unable to communicate them yourself. For example, some people decide to have a Do Not Resuscitate (DNR) order drafted. Creating a living will spares your loved ones from having to make difficult, end-of-life decisions for you and helps you maintain control over your care.
Power of Attorney for Healthcare, or Medical Power of Attorney
A Power of Attorney for healthcare gives someone the legal authority to make medical decisions on your behalf if you are unable to communicate. This person will be your advocate for proper medical care. If you become unconscious, your medical power of attorney can consent to your treatment. Without a medical power of attorney, your wishes about your healthcare may not be heard or honored.
Financial Power of Attorney
If you become incapacitated and are unable to manage your financial affairs, someone else will need to make sure your bills get paid. This person is called your financial power of attorney. Throughout your financial power of attorney document, you give your agent legal access to your financial accounts. If you do not have a financial power of attorney, a representative could be appointed for you during court proceedings. This can be a costly and extensive process.
Why Is It Important To Have an Attorney Prepare Your Estate Plan?
While online templates and do-it-yourself estate planning tools may seem convenient and cost-effective, they cannot replace the knowledge and personalized guidance of our experienced attorneys. Planning an estate entails meeting complex legal requirements that vary by state, and even small errors in document preparation or execution can render your entire plan invalid. Our attorneys could ensure that every document is properly drafted, witnessed, and executed in accordance with Ohio law, thereby protecting your plan from potential challenges.
Beyond technical compliance, our estate planning attorneys understand how different components of your plan work together to achieve your goals. We could identify potential tax implications, address family dynamics that may lead to disputes, and structure your estate to maximize benefits for your beneficiaries. Your situation is unique, and generic forms cannot account for blended families, special needs dependents, complex assets, or business ownership. Our attorneys tailor each element of your plan to your specific circumstances, ensuring nothing is overlooked.
Contacting an estate planning lawyer is always advisable to avoid the risks of improper or unenforceable documents.
The Process of Creating an Estate Plan
Creating an estate plan requires navigating complex legal obligations, but our attorneys could make the process manageable and personalized. Your journey begins with an initial consultation, during which your estate planning attorney will review your family goals, assets, and financial situation. This conversation addresses both your property inheritance and who should make medical decisions if you become incapacitated. Your attorney may also explore special circumstances, such as minor children, blended families, business ownership, or family members with special needs.
After gathering this information, your attorney could recommend estate planning tools tailored to your situation and explain how each document helps protect your interests. Once you approve the proposed plan, your attorney could draft all necessary documents with precise legal language that reflects your wishes and complies with state law requirements.
Before finalizing the estate plan, your lawyer will review each document in detail to ensure you understand every provision and feel confident in your decisions. Proper execution is critical. Your attorney could arrange the signing process, including witnesses and notarization as required, and ensure all formalities are met so the documents are legally enforceable. Finally, your attorney could provide guidance on implementing the plan, including funding trusts and storing documents securely.
Speak With a Lawyer From Our Team To Discuss Estate Planning Requirements
“What does estate planning involve?” is a common question. Our experienced attorneys at DuPont Law Group could help you navigate the process. Estate planning is important for any adult, not just those with extensive wealth or advanced in age.
Estate planning can feel overwhelming, but we can help make the process straightforward and approachable. We take time to understand your family structure, assets, values, and concerns, then develop a customized plan that addresses all your needs. Do not leave your family’s future to chance or the state’s default laws.
Contact our estate planning lawyers at DuPont Law Group today to schedule a consultation. We could review your situation and begin developing an estate plan that protects your interests and family.
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.
