Estate Planning

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.

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.

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.

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.

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.

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

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.