The Five Essential Documents of an Ohio Estate Plan

Estate planning is a critical step in ensuring your wishes are honored, and your loved ones are protected. In Ohio, a comprehensive estate plan typically includes five essential documents:

1)     Last Will and Testament

This document outlines how your assets will be distributed after your death, who’s in charge of implementing that distribution (your Executor) and allows you to name guardians for minor children. Without a will, Ohio’s intestacy laws will determine how your estate is divided.

2)     Durable Financial Power of Attorney

This grants a trusted individual the authority to manage your financial affairs. It can help ensure that bills are paid, investments are managed and appropriately designated, and other financial matters can be handled without court intervention or worse - without unintended consequences.

3)     Health Care Power of Attorney

This document designates someone to make medical decisions on your behalf if you are unable to do so. It provides peace of mind that your health care preferences will be respected.

4)     Living Will

A living will specifies your wishes regarding end-of-life medical care, such as life-sustaining treatments. It gives your medical professionals authority to complete your instructions when a) you are permanently unconscious or b) you have a terminal condition and are unable to direct your care.

5)     Revocable Living Trust

As the cornerstone of most Ohio estate plans, a revocable living trust allows you to maintain and manage your assets during your lifetime and transfer them to beneficiaries upon your death without the need for probate. If you have young children, a Trust can be used not only to care for them, but also to ensure your assets are protected after they turn 18, and held until they are truly mature adults. It offers flexibility, privacy, and efficiency in administering your estate. Choosing to use a trust is not about the amount of assets you have, but shows your choice to do a little work now to save a lot of work (and legal fees) for your loved ones later.

Each of these documents plays a vital role in protecting your interests and ensuring your legacy. If you have questions about creating or updating your estate plan, our experienced attorneys are here to help. Contact us today to schedule a consultation.

Attorney Tom Schmitt