What is Estate Planning? – Ohio Estate & Probate Q&A
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What is Estate Planning? – Ohio Estate & Probate Q&A

– Hello, and welcome to Ohio
Estate and Probate Q and A. I’m your host, Scott Hoberg, where I answer questions that you have involving the estate planning, and probate process, in Ohio. Today, I’m going to be answering a frequently asked question I get, and that question is, what exactly is estate planning? Now, many people sometimes
confuse estate planning with financial planning,
or investments in stocks. Other times when people
hear estate planning, they think it’s more on the wealth management side of things. Meanwhile, there are other circumstances, where people hear estate planning, and they think it involves real estate. And in some circumstances,
some people think estate planning actually involves issues when you pass away with
planning for your funeral. These are all topics, however, that intersect with estate planning. However, probably the best way
to describe estate planning, is taking steps to protect your family, and to prepare your
family for the unexpected. When it comes to preparing
your family for the unexpected, and protecting them, there
are a number of tools that you use through estate
planning, by creating documents. Specifically, many people
think of estate planning, they think of wills, and
this is a common document that estate planners use. A will allows you to
state where property goes when you pass away. And perhaps more
importantly for your family when you have minor children, it ensures that you are able to state who you want to care for your children, should something happen to
you, and your other parent. In other circumstances,
estate planning can be used to protect your family’s wealth, both before you die,
and after you pass away. In the sense of preparing
and protecting your wealth before you pass away, you can use instruments, such as trusts, to limit your liability,
or to limit your exposure to assets that could be
subject to potential creditors that come down the line. In other circumstances
estate planning can be used, and trusts can be used when you pass away, by
setting a set of rules for your beneficiaries to live by to make sure that money
doesn’t go completely away, or, and is spent in ways that you don’t want them to be spent. In other circumstances,
estate planning is used by designating people
that you know, you trust, and you love, to make
decisions on your behalf, when you can’t speak up, in the sense of a power of attorney, or act on your behalf after you pass away, by acting as a trustee, or
an executor of your estate. Essentially, what estate
planning also does, is that it allows you to leave a legacy for your family and for society, if that’s something that you
are interested in as well. Many times, people just want to make sure that they have the core
documents in place, to make sure that their
family is protected, both while you’re alive, and in the event that something happens. Regardless of your situation, estate planning is something that every family should use, if they feel that their
decision making rights are important to protect, as well as that their
property is something that they want to ensure that their family continues to have access to, and the ability to enjoy, even
if some hardship would occur. Now, if you have questions about the estate planning process, or if you want to learn more, now that you have a good grasp
on what estate planning is, feel free to reach out to me. I’ll be happy to answer any
questions that you have, involving the estate planning
process, here in in Ohio. Likewise, if you have other questions that you either want to
have me answer directly, I’d be happy to meet with you one on one, and discuss them, or,
in some circumstances, if you have other topics,
that you’d like me to cover, on Ohio Estate and Probate Q and A, I’d be happy to do that as well. I want to make sure that you have the best decision making ability, when it comes to preparing
for estate planning, and preparing potentially for
the probate process in Ohio. Thank you.

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