Life can throw unforeseen challenges when you least expect them, and none of us likes to think about the tough stuff—like what happens when we’re not around anymore. With years of experience practicing estate planning law in Ohio, our attorneys at the Law Offices of Miller & Miller, P.C., understand all the tools and strategies better than anyone else in our state.
Ready to take the first steps in protecting your loved ones and your legacy? Contact us now for a consultation. Call at 313-386-1400 to get started.
What Is Estate Planning?
In simple terms, estate planning is the process of arranging your affairs so that your assets and belongings go where you want them to go when you pass away or become unable to manage them yourself.
While writing a will or avoiding probate court are major components of estate planning, it’s much more than that. Establishing an estate plan is like writing a roadmap for your wishes, so there’s no guesswork for your loved ones after you’re gone.
Estate planning aims to:
- Distribute your assets according to your wishes
- Minimize taxes, court costs, and legal fees
- Name guardians for minor children
- Provide for family members with special needs
- Protect your assets from creditors or lawsuits
- Specify your healthcare wishes if you become incapacitated
- Create a legacy that reflects your values and priorities
Without a proper estate plan, Ohio state law will determine what happens to your property and who will care for your minor children. These default rules, known as intestacy laws and found in Ohio Revised Code § 2105.062, may not align with your personal wishes.
Who Can Benefit from Having an Estate Plan?
The short answer? Everyone.
Many people assume estate planning is only for the wealthy or retirees, but that's a common misconception. Here's who needs an estate plan:
- Parents of minor children: If you have children under 18, an estate plan is absolutely essential no matter how old you are. It allows you to name guardians for your children rather than leaving this critical decision to the courts.
- Homeowners: If you own a home in Ohio, you need an estate plan to ensure it passes to your chosen beneficiaries without unnecessary complications.
- Business owners: From succession planning to minimizing business disruption, estate planning helps protect what you've worked hard to build.
- Blended families: Second marriages and step-children can create complex family dynamics that require extra planning to ensure everyone is provided for.
- Anyone with specific wishes: If you care about who receives your assets, personal belongings, or even digital accounts, you need an estate plan.
- Those concerned about healthcare decisions: An estate plan includes documents that specify your medical wishes if you become unable to communicate them yourself.
- People with pets: Our pets are members of our family, too. Your estate plan can include provisions to ensure your beloved animals are cared for.
In other words, estate planning is for anyone who wants to protect what they’ve got and who they love. At the Law Offices of Miller & Miller, P.C., we believe no estate is too small and no family is too ordinary. Everyone has got something worth planning for.
Key Elements of an Estate Plan
Okay, so now you know you need an estate plan. But what’s actually in it? Think of it like a toolbox in your house. You never know what you’re going to need, so you just keep a little bit of everything. The same thing with life—you cannot predict the future, so you’d want your estate plan to account for the various types of situations that could happen.
A comprehensive estate plan may include several important elements, including:
- A will: Your will is like a letter to the world, saying who gets your stuff (e.g., your house, car, and everything else that matters). It also lets you name a guardian for your kids or pets. Without it, Ohio’s laws take over, and they might not match what you want.
- A trust: With a trust, you put your assets (like money or property) inside and decide who gets them and when. Trusts can skip the court process (called probate), saving time and stress. Unlike a will, a trust takes effect immediately and can provide for your care if you become incapacitated.
- Power of attorney: This one is a lifesaver while you’re still here. It names someone you trust to handle your money or decisions if you ever get too sick or injured. Imagine being in the hospital and needing bills paid. Who’s got your back? That’s what this does.
- Healthcare directives: These are your instructions for medical stuff. If you’re unconscious or can’t talk, a healthcare directive tells doctors what you want (like whether to keep you on life support). You can also pick someone to make medical decisions for you.
- Beneficiary designations: This one is for things like life insurance or retirement accounts. You name who gets them directly, and it’s super simple. Reviewing and updating these designations is a critical part of estate planning that's often overlooked.
These pieces work together to cover all the bases—your assets, your health, your loved ones. At the Law Offices of Miller & Miller, P.C., we mix and match them to fit your life. Our AV® Rating from Martindale-Hubbell means we’re top-notch at this, and we’re proud to bring our considerable experience to Ohio families like yours.
The Law Offices of Miller & Miller, P.C.: Let’s Get Started With Estate Planning Together
Many of our conversations with clients start with them saying, “I've been putting this off for years because I thought it would be too complicated and depressing.” We get it. Estate planning isn’t exactly the most exciting of tasks—but it’s essential. If you’re ready to get serious about an estate plan that protects your legacy and gives you confidence about the future, reach out to the Law Offices of Miller & Miller, P.C. You can call our office at 313-386-1400 or use our contact form to schedule a consultation.