Most people know they should have a will. Far fewer actually have one — or realize that a will alone doesn’t solve most of the problems they’re worried about.
If you’re 65 or older in the Dayton area and haven’t sat down to think through what happens to your assets, your home, and your healthcare decisions when you’re no longer able to make them, this is worth your time.
A Will Is the Starting Point, Not the Finish Line
A will tells Ohio probate court how you want your assets distributed after you die. But — and this is the part most people miss — it doesn’t avoid probate. In Ohio, the probate process is public, can take months, and involves court fees and administrative costs. Everything in your will becomes a matter of public record.
Assets with beneficiary designations — like IRAs, 401(k)s, and life insurance policies — pass outside of probate entirely. So does property held in a trust, or anything you own jointly with right of survivorship. That means your will might only govern a fraction of what you own, and the rest transfers according to documents you may have signed 20 or 30 years ago.
When did you last look at the beneficiary on your IRA?
The Beneficiary Designation Problem
This is one of the most common estate planning mistakes we see with clients throughout the Miami Valley. Someone updates their will after a divorce or a death in the family but forgets to update the beneficiary on their retirement accounts. The account goes to whoever is listed on file — regardless of what the will says.
Courts have consistently ruled that beneficiary designations override a will. So an ex-spouse, a deceased parent, or a child you’ve been estranged from for a decade could inherit an IRA worth hundreds of thousands of dollars because the paperwork was never updated.
It takes about 15 minutes to fix. Most people never get around to it.
What Happens Without a Power of Attorney in Ohio
A will only takes effect after you die. What about the years before, if you’re alive but unable to make your own decisions?
In Ohio, if you become incapacitated without a durable power of attorney in place, a family member who wants to manage your finances or medical care may need to go through a court guardianship proceeding. That process is expensive, slow, and public — often at a moment when your family is already under enormous stress.
A durable financial power of attorney and a healthcare power of attorney (along with a living will/advance directive) are documents that take effect while you’re still living. They give someone you trust the legal authority to act on your behalf without court involvement.
These are not luxury documents. They’re foundational.
The Conversation Families Avoid Until It’s Too Late
Here’s what we hear regularly: “We kept meaning to do this, but we just didn’t get around to it.” Then something happens — a stroke, a fall, a sudden diagnosis — and the family is left trying to untangle things under pressure.
Getting these documents in order is a gift to the people who love you. It removes ambiguity, reduces conflict, and ensures that the people you trust are empowered to help you rather than fighting through a legal process to do so.
Coordinating Estate Planning with Medicare and Retirement
Estate planning doesn’t happen in isolation. How you structure asset ownership affects your retirement income, your tax situation, and — importantly — your Medicaid eligibility if you ever need long-term care. Ohio has specific Medicaid lookback rules for nursing home coverage that can catch families off guard if assets were transferred without planning.
At Medicare & Retirement Solutions Group, we help Dayton-area clients think through these intersections — not by replacing an estate attorney, but by helping you understand how your Medicare, retirement income, and legacy planning fit together as a complete picture.
If you’ve been putting this off, there’s no better time. Schedule a free consultation or call us at 937-416-2991. These are conversations worth having before you need them.