Estate planning involves naming a personal representative to oversee the distribution of your property and assets after your passing. Estate planning also involves determining how your property and assets will be managed during your lifetime in the event that you become unable to care for yourself. What estate planning involves is providing for yourself and the people you love if you suddenly become incapacitated or pass away.
Estate planning further involves deciding how your assets will be distributed after your death. It can involve creating a will, trust accounts, and naming beneficiaries. No matter the size of your property and assets, estate planning is a complex process. A lawyer can help you create an estate plan that allows your final wishes to be honored.
The Importance of an Estate Plan
In addition to plainly stating your final wishes, an estate plan can serve another important purpose: it can help maintain peace among your family and loved ones. When a loved one dies, navigating the grieving process is tough enough without the added burden of fighting over assets.
When you put your wishes in the form of a legally binding estate plan, you, your family, and your friends have the comfort of knowing your final wishes are being satisfied. They might be less likely to argue over the distribution of your assets when they know you made those decisions yourself and were confident enough to put them in writing.
You can start this important process by assembling a series of documents that solidify your plans and goals. You can also get started by creating a simple list of your final wishes and discussing it with the estate planning team at a local law firm.
For a free legal consultation, call (877) 538-1116
Include These Important Documents in Your Estate Plan
An important part of estate planning is drafting a set of carefully and strategically planned documents that cement your preferred plans and goals.
Ohio State University recommends including the following documents when preparing your estate plan:
- A will, which will dictate who gets your assets in the event of your passing
- Health care power of attorney, which grants representatives the power to make decisions on your behalf when you are not mentally or physically capable
- A living will, which grants a representative to make decisions in the event that you are in a vegetative state
An estate plan can look very different for you than it does for a relative or friend. Each person’s estate plan will vary according to their assets, health needs, family members, preferred charities, and circle of friends. Many other factors will also contribute to the management and disposition of your property and assets. A lawyer in your area can help you determine what documents could benefit your estate plan.
Your Will is Only the Beginning of Your Estate Plan
According to Ohio State University, a will is the most commonly used document to determine what happens to an individual’s belongings after their passing.
A will can lay out your plans for:
- Guardianship of minor children
- Care for disabled adult children
- Management or disposition of real estate
- Establishing trust accounts
A will can also help clarify alternate plans in case any heirs or beneficiaries predecease you. While your will can make many of these intentions clear, it cannot address what happens if you should become physically or mentally incapable of verbalizing your wishes. That makes your will a good starting point, but not a complete estate plan.
Your will also allows you to name someone you trust as the executor of your estate. Without a will or estate plan in place, under Ohio Revised Code Section 2105.06, the state will step in and decide how your property and assets are distributed.
A complete estate plan is also a good idea in cases of blended families. Each spouse might want to leave certain pre-marital assets to their children or ensure they go back to members of their family of origin. A lawyer can help you put these plans in the proper legal form so that your wishes are followed when you pass away.
Start Building Your Estate Plan Now
It is never too early to start building an estate plan, but it can be too late if you wait too long. Do not let time get away from you. When you are ready to learn more about what estate planning involves, our team is ready to help.
Our founding partner, David Bressman, has phenomenal Google reviews and client testimonials. At Bressman Law, our team works hard to advocate on behalf of each client by providing warm, supportive legal assistance. The entire team at Bressman Law is ready to help you create an estate plan that gives you and your family peace of mind. Call (877) 538-1116 to speak to a member of our team today.