Estate Planning

What happens to your estate after you are gone is very much within your control.

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Estate planning is not only for the wealthy; it is for everyone. It is simply the process of deciding where your assets are to be distributed after you die. You never know when you might need a will or an advance health care directive as illness, disability, or death can strike at any time.

Getting your affairs in order will help ensure that your assets go to the right people, your wishes about your medical care will be respected, and that the people you trust will be in charge of your affairs if you can’t make decision for yourself.

Estate Planning FAQs

Why is estate planning important?

All of the property you own (case, bank accounts, cars, life insurance policies, etc.) makes up your estate. Estate planning is the process of planning for the transfer and distribution of your property to your loved ones when you die.

When do I need estate planning? or when to start estate planning.

Everyone should consider getting their estate planning documents in order. It is never too early to start as you never know when you will need them. The type of planning will be different for everyone, whether you are a 30-year old with a young family or a 60-year old empty nester getting ready for retirement.

What does estate planning cost?

Estate planning is not going to break the bank. The cost depends on what documents you need to create so there is not a simple answer since everyone’s situation is different. But the cost to plan your estate is a small price to pay for the relief you will feel to know your property will easily be distributed to the people you choose.

What estate planning documents should I have?

Everyone’s situation and circumstances are different so there is not a one stop shop for estate planning documents. Everyone should begin with a Last Will and Testament document. Other documents to consider would be a Power of Attorney, Health Care Power of Attorney, Living Will, and a Trust. There could be other documents or planning techniques to consider depending on what property you own.

What are common estate planning mistakes?

Some common mistakes are not naming/updating beneficiaries on financial accounts, creating a Trust for the benefit of family members but not funding the trust, and simply failing to plan or making a Last Will and Testament document until it is too late.

Estate planning with real estate.

Depending on how your real estate is titled will determine how it is dealt with when you die. There are ways to title the real estate now to help avoid the probate process when it comes time to transfer it to your intended beneficiaries

Estate planning with blended families.

Planning is very important when you are a part of a blended family. If you do not have a will, Ohio law will determine what your surviving spouse and biological children will receive. Your step-children do not automatically inherit from  you. In order to ensure that your intended beneficiaries receive their inheritance you should create a will so there are no questions as to who inherits your property.

Win your financial security

With over 1,000 families assisted and an award-winning practice, David J. Smith is your best bet for securing your family’s financial freedom. Contact us today to schedule a FREE consultation and sleep soundly tonight.

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