How Ohio Estate Planning Helps with Money Management
Estate planning can help you to create a clear set of instructions on how your assets and property are to be managed in the event of a terminal illness or death. It is a planning process intended to protect your loved ones, social causes, or charities you support.
It is commonly thought that estate planning means creating a will. While a will is a good start, that instrument does not complete the job of creating a life affirming estate plan that works both when you are alive and after you pass. Estate planning includes more than describing who gets your property after you die. Estate planning describes the process of evaluating your financial objectives, medical concerns, business goals, and tax considerations, then developing a plan, using many different instruments to harmoniously address all objectives, concerns, goals, and considerations.
What is Involved in Estate Planning?
When creating an estate plan, it’s essential to understand your needs, requirements, and goals. This is very personal and individual for each of you. It’s necessary to be sure that there is no ambiguity in probate and estate management to make the most of the estate’s value with the best possible tax planning and financial planning.
The following are some helpful strategies to consider:
*Create a plan for the care of minor children and appoint legal guardians.
*Appoint the person who will manage your properties with your intentions in mind should you become incapacitated.
* List your assets and the value of your estate and specify beneficiaries and any specified conditions that apply.
*Choose the person responsible for managing your healthcare decisions and a person to care for your needs in the event of a severe illness.
*Decide how your property will be distributed before and after your death.
*Make a funeral arrangement plan.
*If you plan to divide up assets and wealth among many family members, create an idea on how everything will be distributed.
In summary, proper estate planning means that you make the hard decisions now and not leave your wishes unknown for those you leave behind to make at a time when they are least capable of making good decisions.
Who Needs Estate Planning?
Everyone needs estate planning, and you don’t have to be wealthy to get started. If you have loved ones you care about and want to protect, estate planning is a way to secure their future.