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Backpacks and Beneficiaries: Why Back-to-School Season Is the Perfect Time to Tackle Estate Planning


Derek Graham and Family

September is the first full month back to school for students everywhere.  As a parent, fall is fun because it marks a time full of activities and new experiences for my children.  It also reminds me that I may think I am a full-time attorney, but any parent of three teenagers will agree that my only full-time job is that of a cab driver/courier who drives kids around to events all evening, every night of the week! 


The kids going back to school and getting back into the mindset of learning and experiencing new things also makes me think of estate planning and things we should continually review and learn that relate to estate planning. 


Estate planning documents are only successful if the plan is properly funded and assets are titled in a way that will not require probate court.  If you do not know what this means—you need to call us.

In addition, estate planning should include way more than considerations of where your assets go when you die.  A comprehensive estate plan...


(i) addresses decision-making while you are alive and alleviates stress for loved ones as you age;

 

(ii) gives your family direction on how you want to be celebrated upon your passing—do not make your family guess about where you want to be buried or interned at death;

 

(iii) conveys all necessary information for your family to wrap up your affairs and distribute assets in accordance with your wishes;

 

(iv) minimizes the cost, errands and work inflicted upon family by inefficient planning.

 

Finally, remember that proper estate planning does not allow for short-cuts.  I teach a class on estate planning at Ohio State.  In my first class this year a student asked me if Legal Zoom and other software have hurt our business.  I truthfully told them that Legal Zoom and do-it-yourself estate plans have been great for our business—but not in a way I like or prefer. 


We have represented numerous families or beneficiaries who face challenges and expensive probate proceedings because parents or loved ones—with the best of intentions—tried to undertake estate planning through software or other tools. 

It is very easy to make mistakes planning in that manner. Fixing those mistakes can be very expensive — and sometimes even impossible.


So, this fall as your lives are changing with the season, take a few moments to think about your estate plan and ensure you are set up correctly to protect your family if something happens to you.



 

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