What Is Estate Law?
Planning for the future is a crucial step in ensuring your assets and loved ones are protected. However, navigating the complexities of estate law in Columbus, OH can be overwhelming for beginners. From wills and trusts to probate and taxes, understanding the key elements of estate law can empower you to make informed decisions. This guide breaks down the essentials to help you get started.
Estate law governs the legal processes involved in managing, distributing, and protecting an individual’s assets after death or during their lifetime through trusts, guardianships, and more. In Ohio, estate law encompasses:
- Wills: Documents outlining your wishes for asset distribution and guardianship of minor children.
- Trusts: Legal arrangements to manage assets and provide for beneficiaries.
- Probate: The court-supervised process of validating a will and distributing assets.
- Power of Attorney: A legal designation giving someone authority to manage your financial or medical affairs.
- Estate Taxes: Rules governing potential taxes on your estate at the state or federal level.
Key Components of Estate Law in Ohio
Ohio’s estate laws have unique elements that residents of Columbus need to understand:
1. The Importance of a Valid Will
A will is a cornerstone of estate planning. In Ohio, if you die without a will (intestate), your assets will be distributed according to state law, which may not align with your wishes. For a will to be valid, it must:
- Be signed by the testator (you) and two witnesses.
- Clearly outline how assets should be divided.
- Name an executor to carry out your instructions.
2. The Role of Probate
Probate is required in Ohio unless assets are held in a trust or designated as non-probate property, such as joint accounts or life insurance policies with named beneficiaries. The probate process includes:
- Verifying the validity of the will.
- Appraising and inventorying assets.
- Paying off debts and taxes.
- Distributing remaining assets to beneficiaries.
Working with an estate law attorney can help streamline this process and minimize delays.
3. Trusts as a Tool for Asset Management
Trusts are a flexible estate planning tool that can help avoid probate and provide for loved ones in a structured way. Common types of trusts in Ohio include:
- Revocable Living Trusts: Allows you to maintain control of assets during your lifetime while avoiding probate.
- Irrevocable Trusts: Offers tax advantages but limits your ability to modify terms.
- Special Needs Trusts: Provides for disabled beneficiaries without impacting government benefits.
4. Power of Attorney
A Power of Attorney (POA) ensures your financial and healthcare decisions are in trusted hands if you’re unable to make them yourself. Ohio allows for:
- General POA: Covers broad financial decisions.
- Healthcare POA: Grants authority for medical decision-making.
- Durable POA: Remains effective even if you become incapacitated.
Estate Taxes
The good news is Ohio repealed its state estate tax in 2013. However, federal estate taxes may still apply to large estates exceeding $12.92 million (as of 2023). Proper planning with an estate law attorney can help mitigate potential tax liabilities.
Why Work with an Estate Law Attorney in Columbus, OH?
Estate law can be complex, and mistakes can lead to unnecessary costs, delays, and disputes among family members. Working with Mike Christensen Law Offices ensures your estate planning needs are handled with precision and care. Their experienced attorneys can:
- Draft wills and trusts tailored to your unique needs.
- Help avoid probate for as many assets as possible.
- Ensure compliance with Ohio’s estate laws.
- Provide guidance on tax planning and asset protection.
With Mike Christensen Law Offices, you’ll receive personalized estate law services designed to protect your assets and secure your family’s future.
Getting Started with Estate Planning in Columbus
If you’re new to estate planning, follow these steps:
- Take Inventory of Your Assets: List properties, bank accounts, investments, insurance policies, and personal belongings.
- Determine Beneficiaries: Decide who will inherit your assets and if any special arrangements are needed.
- Choose an Executor and POA: Select trustworthy individuals to manage your estate and financial affairs.
- Consult an Estate Law Attorney: A professional can guide you through legal requirements and ensure your plan is robust.
How Mike Christensen Can Help
Understanding estate law is the first step toward protecting your legacy and ensuring your wishes are honored. By planning ahead, you can save your loved ones from unnecessary stress and financial hardship. Whether you’re drafting a will, setting up a trust, or navigating probate, seeking guidance from an estate law expert is essential.
If you’re ready to protect your assets and ensure your family’s future, Mike Christensen Law offers expert guidance in estate law in Columbus, OH. With years of experience, our team is here to help with will and estate, trusts, probate, and more. Call today for a free consultation—Michael Christensen is here to help you secure peace of mind for you and your loved ones.
