October marks National Estate Planning Awareness Month, a nationwide initiative designed to educate individuals and families about the importance of estate planning. Despite its critical role in protecting assets and ensuring personal wishes are honored, estate planning is often overlooked or misunderstood. This month serves as a timely reminder for individuals to review their existing plans or take the first steps toward securing their legacy by embarking on the journey to create an estate plan.

Why Estate Planning Matters

Estate planning is the process of planning for life’s unexpected and expected events using various legal strategies and legal documents, including a will, trusts, and powers of attorney. Estate planning is important for many reasons…

• Protecting Loved Ones: Estate planning allows you to provide for your family, designate guardians for minor children, and ensure that your assets are distributed as you intend.
• Avoiding Probate Delays: Proper planning can help your estate avoid lengthy and costly probate proceedings, allowing for a smoother transition of assets.
• Planning for Incapacity: Powers of attorney and health care directives ensure that trusted individuals can make financial and medical decisions on your behalf if you become unable to do so.

Taking Action This Month

National Estate Planning Awareness Month is the perfect opportunity to:

• Review your existing estate plan to ensure it reflects your current wishes and circumstances;
• Consult with an estate planning attorney to create an estate plan; or
• Educate yourself and your loved ones about the benefits of proactive planning.

What Do I Think?

Many people believe estate planning is only necessary for the wealthy or elderly. My belief is that if you are an adult with a paycheck and a heartbeat, you should have an estate plan. Without one, Ohio’s intestacy laws will determine how your assets are distributed, which may not align with your wishes.