You may have heard of estate planning, but do you know what it entails? It may sound complicated, but an estate plan just refers to the documents that almost every individual needs, regardless of how complex their financial and familial affairs are. The purpose of these documents is to help avoid problems that may arise in the event of your death. Without an estate plan, these problems are often resolved by courts and state law — a sometimes less-than-ideal situation for the surviving family members. A properly-prepared estate plan will let you decide for yourself ahead of time important choices like the care of surviving minor children or pets, division of assets, and who will ultimately be the executor of your estate. Here are just several ways estate planning will benefit you and your family, from the American Bar Association:
- Get your property to beneficiaries quickly. You can opt to have insurance paid directly to your beneficiaries.
- Plan for incapacity. This is important if you want to decide in advance what happens if you become physically or mentally incapacitated and life support is in question. You can also choose someone who will make medical decisions for you in the event of incapacitation.
- Minimize expenses & ease the strain on your family. Good estate planning can keep the cost of transferring property to beneficiaries as low as possible, leaving them more money. It also takes the burden from your grieving loved ones if many of the big decisions, such as funeral arrangements, are prepared ahead of time.
- Give to your favorite charitable cause and/or establish a trust fund. Have a charity you wish to help out? Or a grandchild whose education you want to assure? Philanthropy and trust funds can be a part of your estate plan, too.
Need assistance planning your estate? Skinner & Associates works with Ohio residents through the estate planning process to create a plan that may include a Will, Living Will, Healthcare and Financial Powers of Attorney, and a Transfer on Death Affidavit, if applicable. If you’re looking for a unique and useful Christmas gift for a loved one, consider an estate planning package from Skinner & Associates. Contact us for more information!
The information at the Skinner & Associates, LLC website is intended for general informational purposes only and not as specific legal advice. Use of this site is not intended to and does not in any way establish an attorney-client relationship. Visitors to this site should seek professional legal counsel regarding their specific matters. Attorneys at Skinner & Associates, LLC would be pleased to speak with interested parties, but we can only represent clients where we are licensed to practice, and where no other bar to representation exists. If the information provided by this website does not comply with the legal or ethical requirements of a particular user’s state or country, we may be unable to represent you.
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