Estate planning is just a matter of putting together a written set of documents that are going to deal with the management of your assets when you're alive, when you're disabled, and when you're deceased.
The biggest mistake you could make on your estate planning is to not have a plan at all. If you do not establish an estate plan, the state of Ohio will create one for you, but it won't be what you want and can cause major issues for your loved ones.
This is not true! Estate planning is important for everyone over the age of 18 and is so much more than just putting together your will. Estate planning is also about choosing a financial power of attorney and, most importantly, a health care power of attorney.
People will go through that process of putting together a trust, and then they don't retitle any assets into it.
One of the things we do that's unique in our office is we work through funding. We work with you to gather the information about the assets, decide which ones will be retitled to the trust.
Having joint ownership with your children can seem like the right thing to do, it makes it easy. The concern that exists and that is then you've now exposed your home to the creditors of your children.
If you are interested in learning more about Estate Planning, our team is always here to help! Contact us today and check out our video library to watch more informational videos like this!