On February 5, Wright State University’s Office of Planned Giving and WSURA held a helpful session all about estate planning. The event was led by two WSU graduates: Shon Anderson, president of Anderson Financial Strategies, and David Cusack, an attorney who focuses on estate planning and estate administration. Even though the weather was terrible that day, many people still came out to the Student Union to learn. And those who did attend walked away with a lot of useful information that could make a big difference in their lives and their families’ futures.
The main message of the session was simple but important: if you already have an estate plan, you should review it regularly. If you don’t have one yet, now is the time to create one. Things in life change, and your estate plan needs to keep up with those changes. Ignoring this can have serious consequences. In Ohio, if you pass away without an estate plan, the state decides who gets your assets—not you. That could mean money or property you meant to leave to your children ends up going to an ex-spouse or someone else entirely.
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What Is an Estate Plan?
An estate plan is more than just a will. It’s a set of legal documents that explain how you want your assets handled if you become ill or pass away. Shon and David stressed that every adult should have one, regardless of how much money they have. Whether your estate is small or worth millions, having a plan in place can save your loved ones a lot of stress and confusion.
Documents Everyone Should Have
Here are the key documents they recommended everyone prepare and review regularly:
- Last Will and Testament – This document explains who should receive your assets when you die. It also names the person you want to be in charge of carrying out your wishes (called an executor).
- Durable Power of Attorney (Financial POA) – This lets someone you trust take care of your financial affairs if you are ever unable to do it yourself.
- Healthcare Power of Attorney – This allows someone to make medical decisions for you if you can’t speak for yourself.
- Living Will (Advance Healthcare Directive) – This records your wishes for medical care if you are very sick or in a coma. It includes choices about life support and other treatments.
- Beneficiary Designations – These forms tell banks and insurance companies who gets your life insurance, retirement accounts, or any accounts that transfer upon death.
- Letter of Instruction – This optional letter gives your loved ones extra information like passwords, funeral wishes, or other personal instructions that might not be covered in legal documents.
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What About Trusts?
Shon and David also talked about revocable trusts. These are special legal tools that help people manage and distribute their assets. A trust can help avoid probate, which is a court-supervised process that happens after someone dies. In probate, a court confirms your will is valid, appoints an executor, and makes sure your debts and taxes are paid before distributing what’s left.
The problem with probate is that it can be slow, expensive, and public. Anyone can look up what was in your estate and who inherited it. A trust can keep your finances private and help your loved ones get their inheritance faster. It’s especially helpful if you own property in more than one state. Without a trust, your family might have to go through probate in each state.
Still, a trust is not for everyone. Shon and David agreed that for many people, a well-written will and other basic documents are enough. But for those with more complex estates or special needs (like a second home or a disabled child), a trust may be the better choice.
The Importance of Regular Updates
One of the biggest mistakes people make is creating an estate plan and then forgetting about it. Life changes—people get married, divorced, have children, or experience changes in income or property. You should review your estate plan every few years or whenever a big life event happens.
For example, if you name your spouse as your healthcare proxy and then get divorced, you might not want that person making decisions for you anymore. Or if you have a new grandchild, you may want to include them in your will.
Asking the Right Questions
When meeting with an estate planning attorney, it’s important to ask questions to make sure your needs are being met. Here are some you should consider:
- What type of plan is best for my situation: a will, a trust, or both?
- How can I reduce estate taxes for my heirs?
- What steps can I take to avoid probate?
- How often should I review my plan with you?
- Can you help me make sure my beneficiary designations match my plan?
- What happens if I become unable to make decisions?
Don’t be afraid to bring up personal situations, like blended families, special needs children, or property in multiple states. The more your attorney knows, the better your plan will be.
Charitable Giving and Your Legacy
Shon and David also encouraged people to consider charitable giving as part of their estate plan. This could include leaving a gift to a charity, a nonprofit, or your alma mater. Even a small gift can make a big difference, and it’s a meaningful way to leave a legacy. If you’re not sure where to start, you can talk to your community foundation or a local council on aging.
At Wright State, you can also reach out to Bill Bigham in the Office of Planned Giving. He can offer help and information, even if you’re not planning to give to the university. Estate planning is about making sure your wishes are honored, and giving back to your community can be part of that.
Why Many Still Don’t Have a Plan
Despite how important estate planning is, around 60% of adults don’t have one. Many people think it’s only for the rich or that they can do it later. But accidents and illness can happen anytime, and not having a plan can make things much harder for your loved ones.
It’s never too early to start. Even if you’re young or don’t own much, having a few simple documents in place can help you—and your family—feel more secure.
Final Thoughts
Estate planning might seem overwhelming, but it’s really about peace of mind. By setting up the right documents and reviewing them regularly, you’re making sure your wishes will be followed and your loved ones will be taken care of.
The estate planning session at WSU showed that this is something everyone should do, no matter their age or income. Whether you just need a simple will or a full trust, taking action now can save your family time, money, and stress in the future.
If you haven’t started your estate plan yet, talk to a professional and begin the process today. It’s one of the most thoughtful and responsible gifts you can give to the people you care about.
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