You’re likely busy, and taking the time to sit down and plan for what will happen upon your death may not seem like the most lively or exciting use of your time. Unfortunately, many put off creating their estate plans because it’s a long process and morbid to think about. However, it is critical to take the time to sit down and examine your assets, as this process has many invaluable benefits. The following blog explores why having a plan in place is critical and how a Medina, Ohio estate planning lawyer can assist you during these challenging times.
How Can Estate Plans Benefit Families?
By far, the most crucial reason you should consider estate planning is to protect your family. Whether you and your spouse just welcomed your first child or already have grandchildren, it’s critical to ensure you do what you can to help support them after your passing. If you pass away without a Will, Ohio will take control of your estate and distribute your assets according to their line of succession rules. As such, when you create a Will, you have control over who receives which assets.
Additionally, estate planning allows you the opportunity to protect your own needs and interests. In many instances, some are so overwhelmed with ensuring their family is protected that they forget to consider themselves. Planning your estate allows you to establish a Power of Attorney, which can help provide peace of mind if you become incapacitated and unable to make your own choices. For example, you can set up a Financial Power of Attorney, which is an entity that can act on your behalf to make financial decisions. Additionally, you can create a Medical Power of Attorney who will advocate for your wishes in terms of the care and treatment you receive.
If you have minor children, estate planning is critical as it allows you to name guardians for your children in the event you pass away. This is one of the most important decisions you must make, so you’ll want to ensure you create your estate plan to help protect your little ones in the event the unthinkable happens.
If I’m Ready to Start Planning, What Should I Do?
When you’re ready to start planning your estate, understanding what you can do to make this process easier is critical to helping you navigate the complexities. The first thing you should do is take inventory of your assets, including your bank accounts, real estate, collections, debts, life insurance policies, and anything else you own. This can help make your consultation with an attorney simpler.
Next, you’ll want to connect with a lawyer from Krause Law to discuss your estate planning options. Our team can help explain which option is the best for your needs while helping you complete the necessary documents to get your plan in place. We pride ourselves on our dedication to ensuring clients feel peace of mind regarding the future of their estate. Contact us today to learn how we can assist you through these complex matters.
