Financial services

BY NANCY COOKE

Attorney Charles D. Rittenhouse is a man on a mission. He believes that creating an estate plan is an act of love that gives families peace of mind – and his passion is to help them accomplish that goal. In his role with the Sylvania, Ohio, law offices of LaValley, LaValley, Todak and Schaefer, Charles focuses on estate planning, estate and trust administration, and residential and commercial real estate transactions. People often misunderstand what an estate plan is, what it does and who needs one. In a recent conversation, Charles helped sort through the confusion by addressing a few of the most prevalent myths:

MYTH 1. ONLY WEALTHY PEOPLE NEED AN ESTATE PLAN.

Truth: People often underestimate their total net worth and are surprised by the true value of their assets. Nevertheless, an estate plan is a roadmap for your desires that is necessary for all people, regardless of their income level. From health care decisions to final asset distributions, a good estate plan provides clear guidance to loved ones based on your stated desires.

MYTH 2. I AM NOT OLD ENOUGH TO WORRY ABOUT HAVING AN ESTATE PLAN.

Truth: Unfortunately, death and incapacitation can affect us at any age, and there are real consequences associated with waiting too long to create an estate plan. If you care for an elderly parent or relative and they lose their capacity to think and communicate clearly, they can no longer execute a Will or power of attorney and you cannot legally do so on their behalf. Also, without the proper estate planning documents, you cannot legally make health care or financial decisions for a child over the age of 18, without going through the lengthy and costly process to appoint a legal guardian. Further, parents can only designate guardians for minor children or children with special needs through their Will.

MYTH 3. ALL I NEED IS A WILL, AND I HAVE THAT ALREADY.

Truth: While it is true that a Will controls how some of your property will be distributed at the time of your death, it does not impact how other important decisions are carried out. For example, if you become permanently unconscious in Ohio, without a Living Will Declaration, you must remain in that state for at least twelve months before your family can apply to the probate court to take action on your behalf. Incapacitation for someone with only a Will creates an avoidable hardship for that person and their loved ones.

MYTH 4. MY FAMILY WILL SORT THINGS OUT WHEN I’M GONE…

Truth: This way of thinking often creates a whirlwind of chaos for those who are left behind, especially if there are sibling disagreements, blended families, second marriages, creditors or other unresolved issues. This unpleasant scenario and the resulting legal fees and family turmoil can be avoided by using an estate plan that clearly outlines your desires.

MYTH 5. I ALREADY MADE AN ESTATE PLAN, SO I DON’T NEED TO DO ANYTHING ELSE.

Truth: Your estate plan may guide your loved ones to an undesirable destination if it is not properly updated to reflect changes in your desires or to account for certain roadblocks put in the path of your loved ones (e.g., divorce, death, bankruptcy, or addiction or other behavioral issues). Even the best plans need to be updated to keep up with major life milestones – such as the birth of a child or a marriage. If there are changes in life, there will also be changes in the law and in your assets.

If you need help and want to know where you stand when it comes to estate planning, please contact Attorney Charles Rittenhouse at 419-8820081, or cdr@lavalley-law.com. You can also visit charlesrittenhouse.com to request his free e-book entitled, “The Smart Guide to Selecting an Estate Planning Attorney,” to learn more about starting the estate planning process.