Estate planning is a valuable tool that allows you peace of mind and the assurance that your intentions for the future of your estate are clearly communicated. As you prepare your documents, recognizing the common issues with estate planning in Dublin, OH could help you and your estate planning attorney create a plan that is both accurate and effective.
Common Issues with Estate Planning
Estate planning issues in Dublin, OH can come in many forms, both administrative and personal.
Outdated Documents
Life circumstances are constantly in flux, meaning an estate plan made under one set of conditions might not be usable when those conditions change. Births, deaths, marriages, and divorces must be reflected in estate planning documents. For example, major issues occur when the named executor of an estate is no longer living or heirs are born after the creation of a plan’s most up-to-date documents. A thorough, well-considered estate plan is designed to avoid these issues and includes maintenance considerations to keep documents accurate.
Improperly Titled Assets
Assets must be properly titled to align with an estate plan, especially those including trusts. An asset that is not retitled to the applicable trust could get tied up in probate. A skilled estate planning attorney could create detailed checklists to ensure you correctly follow all the steps involved in setting up an estate plan.
Misunderstanding Probate
Many people think that simply writing a will allows an estate to avoid probate. Unfortunately, this is not the case. Most assets must go through probate even when a valid will exists, including bank accounts without a named beneficiary, a house listed solely in the deceased person’s name, and personal property without a co-owner.
To avoid probate, multiple estate planning tools must be set up in sync to operate as intended and ensure assets are distributed smoothly.
Speak with a Dublin, OH Attorney About Issues With Estate Planning
To avoid the most common issues with estate planning in Dublin, OH, speak with a knowledgeable estate planning attorney. The team at DuPont Law Group understands the key components of estate planning and probate administration and could advise you on the documentation and tools needed to make the process go as smoothly as possible. Contact us at 614-389-9711 today to get started.
Have more questions about estate planning and probate? Read our Consumer’s Guide to Estate Planning in Ohio here.
Greg DuPont, JD, CFP®, is a well-respected estate attorney, financial advisor, public speaker, and published author. He centers his multiple businesses around education, guidance, and relationship-building. This comprehensive combination gives him, and his team, the opportunity to effectively serve both individuals and their families. He is a life-long resident of Central Ohio and spends the majority of his time with his wife, Julia, and daughter, Sophie.
