Are you an Ohio resident considering or beginning your estate planning journey? It’s completely natural to feel a mix of anticipation and perhaps a little overwhelmed. While the legal documents—your will, trusts, power of attorney—are critical, the true foundation of an effective estate plan isn’t just paper and signatures; it’s open and honest communication.
We know these can be sensitive topics, but taking the time to communicate your wishes clearly now is the most compassionate thing you can do for your loved ones later.
Talking to Your Financial and Legal Team
Your estate planning journey starts by sharing the full picture with the professionals you trust.
- Be Transparent with Your Attorney: When working with a firm like Lovett & House, it is essential to be completely honest about your assets, debts, family dynamics, and, most importantly, your goals. Are you worried about a family member's spending habits? Do you want to support a specific charity? The more your attorney understands, the better they can structure your plan under Ohio law to meet your unique needs and minimize potential estate taxes or probate headaches.
- Align with Your Financial Advisor: Your financial planning and estate planning must work together. Ensure your financial advisor is aware of who your beneficiaries are and how your assets are titled. Forgetting to update a beneficiary designation on a 401(k) or life insurance policy can override the instructions in your will, leading to unintended results and family confusion.
Communicating with Your Loved Ones
The Communication Step: Once you choose someone, you must let them know they are a key player in your planning. However, how you involve them is important. If you ask them for their permission to name them the executor or trustee, they may say no even though they are almost certainly willing to do it. This is because it is natural for a person to deflect a compliment. Telling a person you trust and respect them so much you want them to do this is a very high complement. In 37 years of doing this work, I’ve only had two occasions when a person refused to serve as the executor/trustee. In these two cases, it was because the chosen person either did not know the decedent (always choose someone you know very well) or they were physically afraid of telling the bipolar beneficiary they would not give him money. I suggest you tell your preferred person you have named them to serve in this role and let them know where the documents are located. But I would not ask their permission and risk their refusal as a form of deflected praise. The reason for this approach is simple: If you have a very high regard for them, they do for you, too. Serving in this role is something they would normally want to do. They would want to help carry out your wishes because they know and respect you.
Your Next Step
An effective estate plan is a thoughtful conversation captured in legal documents. It provides the ultimate peace of mind knowing that you have protected your legacy and eased the burden on your family.
If you're ready to start this important conversation and build a custom plan rooted in sound Ohio law, Lovett & House is here to help. Contact the team today at (937) 909-0770 to schedule your initial consultation.