👉Get started on your estate plan—watch our, on-demand workshop: https://www.daytonestateplanninglaw.com/how-to-not-go-broke-in-a-nursing-home-even-if-you-think-its-too-late/

Ted Gudorf, a board-certified estate planning attorney, addresses common misconceptions about estate planning, emphasizing that it can be completed in a relatively short time frame of 60 to 90 days. He outlines a structured process that simplifies planning and encourages individuals to prioritize protecting their families. Ted also highlights the financial implications of delaying estate planning and shares a cautionary tale about the consequences of not having a plan in place.

Takeaways

• Walking into that first meeting unprepared is like showing up to a foreign country without knowing the language.
• Understanding the basics allows you to spend more time on strategic advice tailored to your situation.
• A will only takes effect at death and goes through a court process called probate.
• A trust is a legal arrangement where assets are held by one party for the benefit of another.
• Choose people you trust completely for roles like executor and trustee.
• A financial power of attorney designates someone to make decisions if you become incapacitated.
• Guardianship for minor children is critical to avoid court decisions.
• Creating a rough inventory of your assets helps your attorney understand your estate's complexity.
• Prepare questions in advance to ensure you cover important topics during the meeting.
• Preparation transforms your attorney meeting from a confusing ordeal into a productive planning session.

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube