Happy New Year, Ohio families! As we ring in 2025, it's the perfect time to reflect on the past year and set meaningful resolutions for the year ahead. While many resolutions focus on personal goals like health, career, or hobbies, one of the most important commitments you can make this year is to create or update your estate plan. If you haven't already done so, this could be the year to ensure your family's future is well-protected, no matter what life throws your way.

Why an Estate Plan Matters in 2025

For Ohio families, especially those with young children, having an estate plan in place is more than just a financial decision—it's a way to give yourself peace of mind knowing that your loved ones are taken care of, even in your absence. An estate plan can ensure your children are cared for by the guardians you choose, that your assets are distributed according to your wishes, and that your family's financial future is secure.

Meet the Johnsons: A Family with Young Kids

Let's consider the example of the Johnson family: Sam and Alex, both in their mid-30s, are parents to two young children, Lily and Max, ages 5 and 3. They're busy with work, managing their home, and juggling parenting duties. Like many busy parents on the go, they've been so focused on the day-to-day routine that estate planning has been pushed to the back burner. But with the arrival of the new year, they're realizing that now is the time to plan for their children's future.

The Johnsons' Estate Plan: What They Need

For families like the Johnsons, there are several important things to consider when creating an estate plan in Ohio:

1. Choosing Guardians: If something were to happen to Sam and Alex, who would care for Lily and Max? Choosing legal guardians is one of the most important decisions for parents with young children. The Johnsons want to ensure that their kids are raised by someone they trust and who shares their values. Without an estate plan, this couple will lose their voice in this decision and a probate court judge will decide who raises their children—and it may not be who they would have chosen.
2. Choosing a Will or Trust-Based Plan: The Johnsons want to make sure that their assets are distributed according to their wishes. Since they have young children, they want to protect their children's inheritance until they're old enough to manage it later in life. Under Ohio law, if you leave money or property to a minor without special instructions, the probate court will appoint a guardian to manage the funds. Once the child turns 18, they receive full control of the inheritance, even if they are still too young to manage it responsibly. This is why the Johnsons may want to consider using a revocable living trust which would allow them to pick a later age for the children to inherit while still providing for them until then.
3. Medical and Financial Power of Attorney: In the event that Sam and Alex are unable to make decisions for themselves, they want to appoint trusted individuals to handle their healthcare and financial matters. This ensures that if anything happens to them, there is no question about who has the authority to make important decisions on their behalf.
4. Life Insurance: For young families, life insurance is essential. The Johnsons understand that their estate plan must include life insurance to provide financial security for their children in case of an unexpected tragedy. This financial support will ensure that their kids are taken care of, even if they're not there to provide for them.

How to Get Started in 2025

The start of the new year is the perfect time to take action and create a comprehensive estate plan that aligns with your family's needs and goals. Here's how to get started:

1. Schedule a Consultation: Meet with an estate planning attorney who is familiar with Ohio laws. They will help you understand the specific needs of your family and guide you in making the right decisions.
2. Define Your Goals: Think about your priorities. Do you want to protect your assets, appoint a guardian for your children, set up a trust, or plan for your medical care? Understanding what matters most to you will help shape your estate plan.
3. Review Regularly: Life changes, and so should your estate plan. As your children grow, your assets increase, or your family dynamics change, you should revisit your estate plan every few years or after major life events.

A Resolution for Your Family's Future

In 2025, make it a priority to create an estate plan that fits your family's unique goals. Whether you're starting fresh or updating an existing plan, taking this step is one of the most caring and responsible things you can do for your family. With a solid plan in place, you'll have peace of mind knowing that your loved ones will be taken care of, no matter what the future holds.

Start the year with a resolution that will last a lifetime. Book your Peace of Mind Planning Session with us today or call our office at (614) 420-2038 for assistance.

Disclaimer: The information provided in this blog is for educational purposes only and does not constitute legal advice. Every situation is unique, and laws may vary based on jurisdiction. Please consult a qualified estate planning attorney for personalized advice regarding your specific circumstances.