FAQS

 

What is estate planning?

To put it simply, estate planning is the process of getting legal documents in place so you can choose who you would like to take care of you, your children, and your assets in the event of your death or incapacity. An “estate plan” is the collection of all of the documents needed to accomplish your wishes.

If you currently do not have a will or trust, you may think that you do not have an estate plan. However, you do! The state of Ohio has written one out for you. All states have a default plan in the event of your incapacity or death. Estate planning is you “opting out” of this plan and documenting your goals and wishes.

What goes into an estate plan in Westerville, OH?

An estate plan should be tailored to include the documents that fit your specific needs. It may involve some or all of the following:

• Last will and testament
• Living trust
• Irrevocable trusts (e.g., life insurance trusts, gift trusts, special needs trust, charitable trust)
• Conservatorship
• Guardianships
• Asset protection from divorce, creditors, others
• Health care directives, including medical powers of attorney, living wills, do not resuscitate (DNR) or do not intubate (DNI) orders
• Succession plan for business
• Charitable planning

Isn't estate planning just for the wealthy?

The simple answer is no! Estate planning is not correlated to how much money you have, your marital status, or whether or not you are a parent. Estate planning is putting together legal documents to ensure your documents will go to the people you want, the way you want in the event of your death. Estate planning is also about appointing people to manage your assets and make health care decisions for you if you are to become incapacitated. The estate plan will assist your loved ones during a difficult time, regardless of the amount of money you have.

What is probate?

Probate is the legal process used to manage and distribute certain types of property (known as probate property) when someone passes away. Probate property includes everything that was in the name of a deceased individual (called the decedent) and isn't set up to transfer automatically upon death. The purpose of probate is to ensure that all claims, expenses, and taxes are paid and that the remaining estate is passed on to the rightful heirs, either according to the will or, if there isn't one, under Ohio law.

What is a revocable living trust in Ohio?

A trust is like a special agreement where one person (the grantor) gives their property to another person (the trustee) to take care of it for other people (the beneficiaries). In Ohio, there's something called a revocable trust, which is a trust the grantor can change or cancel while they're still alive. The grantor keeps all the benefits of the property in the trust during their lifetime, and many times the grantor is also the trustee. There can be joint trustees (a married couple) and the trustee could also be the grantor's spouse or a trust company.

A revocable trust can include things like bank accounts, stocks, a house, or other property. Some trusts are funded right away, while others might not be funded until later or after the grantor's death. A lawyer can help decide when and with what property to fund a trust. The rules of the trust are written down in a document called the trust agreement, which is signed by both the grantor and the trustee.

Can I have both a will and a trust?

Yes! They can work together to create a comprehensive estate plan.

Can't I just sign my legal documents electronically?

No. Wills, trusts, and other estate planning documents need to be signed with very specific formalities or they will not be considered legally valid. That means signing in person, in front of 2 witnesses and a notary (which we provide). The witnesses are there to confirm you are lucid and not under duress, and the notary is there to confirm you are who you say you are. Any changes you make to your documents in the future will need to be executed with the same legal formalities.

How much does estate planning in Ohio cost?

It depends! Estate planning is not one size fits all, so it's hard for us to give you a quote without knowing more about you. Even if you believe your situation is relatively simple, there are likely nuances you are not considering. We discuss our fees and process at length in the Peace of Mind Planning Session, after we have discussed your options. We do not discuss our fees outside the Peace of Mind Planning Session.

We understand that cost is an important factor in choosing an attorney, and that estate planning is a significant investment for many. It is our goal to be as transparent and fair as possible. For that reason, we offer flat fees as opposed to billing by the hour, so you know exactly what your investment will be.

Finally, we will only recommend planning with us if the amount you would save by doing an estate plan is greater than our fee.

What if I need to update my estate planning documents?

Not a problem! Your documents can, and most likely will, be updated throughout your life, as your life, assets, and the law change.

What is a financial power of attorney?

A power of attorney lets you appoint someone to manage your property in the event of your incapacity. You will name someone you trust implicitly as your “agent”. They will step into your shoes and pay your bills, file your taxes, manage your business, etc. if you cannot.

We include a power of attorney for both spouses in every estate plan we create.

What is a medical or healthcare power of attorney?

A medical or healthcare power of attorney allows you to appoint someone you trust to manage your medical decisions should you be unable to do so. A living will (not to be confused with a living trust or last will and testament) allows you to make certain medical decisions regarding end-of-life decisions, ahead of time.

We include a health care proxy and living will for both spouses in every estate plan we create.

What is the difference between a will and a living will?

A will – also called a last will and testament – comes into effect when its creator dies and directs the executor on how to transfer the property in the estate. A living will, on the other hand, comes into effect when its creator is alive but in a permanently unconscious or terminally ill state –  it allows the creator to decide and document in advance what type of medical care they would like to receive in this limited cicumstance.

Can't I just do my will or trust on Legal Zoom?

Yes, you can. However, keep in mind that Legal Zoom is not a law firm. That is why there is a difference in cost. Legal Zoom offers you forms so that you can execute them yourself. They are not a law firm, and they do not give legal advice. Whereas, an attorney counsels you and gives you legal advice based on your specific circumstances. An attorney will customize your documents, ensure that they are signed with the proper formalities necessary, and communicate with you for any questions. If this is important to you, you should work with an attorney, and if not then Legal Zoom may fit your needs.

What is our general process?

We have an easy, 3-step process designed to have your trust and other estate planning documents created and signed in 2-4 weeks:

1. First, attend your Peace of Mind Planning Session. You'll fill out a secure online questionnaire (“Family Profile”) before we meet so we can make the best use of our time together. At this Zoom session, we will discuss your goals and needs for your future in depth so we have a clear understanding of what it is you need. In this Zoom meeting, I will map out your options, including a Will versus a Trust. This will enable you to make an educated and well-informed decision on what you believe is best for your family.
2. Next, attend the Estate Plan Design Meeting. Here, we will design your trust and other estate planning documents, working off the information you provided in your Family Profile. After this session, I'll draft your documents, and send a copy for your review about two weeks later. We'll then make any changes or updates you'd like to make. When everything is good to go, we'll coordinate an in-person Signing Ceremony.
3. Your Signing Ceremony is where you'll sign your documents with the proper legal formalities, in front of two witnesses and a notary. We can have this session at our office or your home. Following execution of the documents, we are available for free, unlimited lifetime consultations regarding your estate plan.

What can I expect from my Peace of Mind Planning Session?

An attorney who listens without interrupting and makes sure you fully understand your options before making any decisions! I wouldn't be doing my job as an attorney otherwise. It's very important to me that you feel heard and have your questions answered. We'll also review our process, flat fees, and overall client experience so you know exactly what you are getting and what the investment will be.

What kind of information do you need from me?

Let me start by saying what we do NOT need! We do NOT need account statements, social security numbers, or tax returns. We DO need information on what kind of assets you own (house, retirement account, life insurance, etc.), their relative value, and how they are titled (jointly, individually, etc.) Beyond that, we simply need answers to questions about your personal estate planning preferences, including:

• Who you would want raising your minor children if something happened to you and your spouse or partner
• Who you want to be in charge of your children's money until they are old enough to manage it themselves
• Who you want making medical and financial decisions for you in the event of your incapacity

Don't worry if you don't have the answers to these questions right away! You'll have plenty of time to think things over throughout the process.

Contact an Estate Planning Lawyer in Ohio Today

At Halterman Law, LLC, we know you have lots of questions about estate planning. Our estate planning lawyer in Ohio is here to answer your specific questions. Contact us either by using our online form or calling us directly at (614) 420-2038. Better yet, schedule a Peace of Mind Planning Session with Sinem Halterman to learn about your options.