First, make sure that you are naming the right heirs. Especially if you’ve remarried or there has been a death in the family, be sure that your estate plan is up to date. Likewise, you’re going to want to be sure that you are choosing the right executor.

Similarly, you’re going to want to be sure that you are thinking about strategy. If, for example, you and your heirs would be in a better position if you were to set up a trust now rather than waiting and having everything distributed after your death, it’s a good idea to act now. Finally, you’re going to want to be sure that, when you are planning your estate, you are leaving assets with enough liquidity that your heirs will be able to pay estate taxes when they come due.

NEWARK — The Ohio State University Extension Licking County is sponsoring a one-day Estate Planning Conference from 9 a.m. to 3 p.m. Jan. 21 at The Reese Center on the Newark campus of Ohio State University and Central Ohio Technical College.

The program will be resourced by Paul L. Wright and Robert Moore, attorneys with Wright Law Company LPA in Dublin. The program will review the estate planning process, estate taxes, the importance of asset titling, powers of attorney, estate settlement costs, living wills, longterm care and health power of attorney, discounting and deductions, probate versus nonprobate, gifting, life insurance and how business organizations affect how estate planning moves forward.

• You get to be in charge of the who, what, when and how much regarding your estate. Whether you’re planning to donate to charity or pass everything to your children, you should be the one who decides on how your estate will be divided.
• Determine who will be in charge of carrying out your will.
• Planning your estate cuts back on the costs of probate, taxes and other elements of settling an estate.

In each case, you’re going to want to be sure that you are able to provide information about how the title is held (including joint owners) and the approximate value of the investments:

• Publicly traded stocks
• Corporate bonds
• Municipal bonds
• Long term US Treasury notes and bonds
• Limited partnership interests
• Other investments (if any)
• Interests in trusts
• Anticipated inheritances
• Other assets

While a broad overview of these elements is important, so is the ability to explore some of the topics with a bit more depth. Here in The Estate Planning Institute Blog, you will find more information about:

• Changes to federal and state laws that will affect the process of planning your estate
• Details about the way different states handle trusts, wills, power of attorney, living wills and other parts of the estate planning process
• Various types of trusts and how they are used
• Questions that you should be sure to ask your estate planning attorney
• Quick lists and tips that will help you through the process of planning your estate

Estate planning is a process in which you are able to put your affairs in order. It will allow you to know that your assets will be distributed in the way that you want them to be, to reduce the taxes on your estate and to avoid probate and other issues that are associated with dying intestate.

What’s included in an estate plan?

Your estate plan will include a will or trust, a directive to your physician about final care requests or a statement of power of attorney, final instructions for your funeral and other information.

When should you go back over your estate plan?

If you have a will in place or are drafting one, you should be sure that, when situations change you go over your documents. You’ll want to be sure that you go back over your estate plan when:

• A beneficiary dies or there is another birth in the family
• The value of your assets changes dramatically
• You move to another state
• Tax laws change

A trust is any arrangement in which a trustee holds the legal title to property for someone else. A living trust is a trust that you create and that goes into effect while you are living rather than after your death.

What are the advantages of a living trust?

Any property that is left through an independent trust does not have to go through probate court when your assets are distributed after your death. Unlike a will, a living trust is not made public after your death. The more complicated that your living trust is, additionally, the more likely you are to receive additional benefits including the reduction of estate taxes.

How much of a hassle is it to create a living trust?

Depending on where you live you will be able to create a living trust on your own. However, consulting an estate planning attorney is often beneficial.

Do I still need a will if I have a living trust?

In a word, yes. A will is necessary to address any property that is not included in the trust and how you want it to be distributed after your death.

At it’s most basic, a will is a formal, legal document that allows you to determine what happens to your estate after you die.

Who can make a will?

In most states, in order to make a will an individual must be over the age of 18 and of sound mind.

How long is a will in effect?

A legal will – once executed in writing, signed by the person making the will and by witnesses – will be in effect until it is revoked or amended. Re-marrying, divorce, having another child or adopting a child can all revoke a will. It is important to review your will periodically to make any necessary changes because it’s uncommon for situations not to change over time.

Can a will be changed?

A will can be changed, however formal documentation must be made. In many cases, this is done by creating a new will.

What happens if you don’t have a will?

If you do not have a will and die intestate, your estate will be divided in accordance with the laws in place in your state.

No States Require a Lawyer to Create Your Will

Ultimately, those who live in all 50 states along with the District of Columbia will find that it is not necessary to consult an estate planning attorney in order to create a valid will. However, it’s important to keep in mind that there are a number of cases in which consulting an attorney would be extremely advantageous:

• You have been married more than once and want to be sure that the children from each marriage are treated equally.
• You are thinking about disinheriting your spouse from your will.
• You anticipate that your will may be contested because of your desire to donate to a charitable organization or because of changes that you have made.

In other words, if you anticipate that there will be issues with the way that your family responds to your final choices, working with an estate planning attorney to create your will can ensure that your wishes are carried out.

Similarly, it is beneficial to consult an estate planning attorney to create your will if you are unfamiliar with whether or not your will needs to be notarized in order to go into effect, if you are unfamiliar with the requirements about who must sign your will in order to create a legal document.

Most importantly, however, you will find that if you want to do more estate planning than just the creation of a will – if you wish to assign medical power of attorney or to establish a trust, for example – state laws will again vary. In many cases, you will need to consult with an attorney in order to create a legally binding document.

Administrator

An administrator is the person who is appointed by the court to manage the estate of someone who has died without a will.

Beneficiary

Anyone who is designated to receive some or all of your assets in your will, proceeds of a trust, an insurance policy or your retirement plan.

Charitable Trust

Any trust that is established with a charitable organization as the beneficiary.

Estate Tax

Taxes that must be paid out of the estate’s assets.

Executor

The person who is appointed to carry out the provisions of a will.

Gift Tax

Taxes that are paid by the person making the gift rather than the recipient.

Guardian

An individual who is appointed in a will to provide care for children or for any other person who is unable to take care of his or her own affairs.

Heir

Someone entitled to inherit a portion of the estate of a person who died intestate.

Intestate

To die without a will.

Life Insurance Trust

A trust designed with the proceeds of a life insurance policy as the principal.

Living Trust

A trust that goes into effect while the creator is still living.

Power of Attorney

A document that authorizes someone to act as your agent.

Probate

Proving the validity of a will.

Trust

A legal arrangement in which property is transferred to and managed by a person or institution to benefit another person.

Will

A legal document that explains how property and other assets will be distributed after a person’s death.