It’s no secret that many believe the misconceptions that surround estate planning, despite an overwhelming majority of adults understanding how important this process is. Regardless, these misconceptions lead to procrastination surrounding planning for the future. To combat this, National Estate Planning Awareness Week was enacted by Congress to help bring awareness to the importance of creating a plan. If you’re unsure why you should take advantage of this week with the help of a Medina, Ohio estate planning lawyer, the following blog explores why now is a great time to secure your future.
Why Is Creating an Estate Plan Important?
Whether you believe you aren’t old enough, do not have enough assets, or don’t have enough time, creating an estate plan is something everyone over the age of 18 should do. Unfortunately, many are unaware of what happens if they do not have an estate plan established.
If you pass away without a plan, the state will assume control over your assets. They will then distribute your property according to Ohio’s Intestate Laws of Succession. As such, your assets may not be distributed in a way you would like them to. For example, if you are unmarried and estranged from your parents but do not create a Will, your parents are legally obligated to your estate. This may go against your wishes. By creating a Will, you can leave your belongings to friends, loved ones, or charity to ensure your assets are handled in a way that you approve of.
However, estate planning isn’t only important in the event of death. You’ll find that creating documents like an Advanced Healthcare Directive allows you to take control over your healthcare should you become incapacitated. For example, you can write down what kind of care you would or would not like through a Living Will, while appointing a Healthcare Power of Attorney allows you to name someone who can advocate for care on your behalf.
How Can I Take Advantage of National Estate Planning Awareness Week?
If you want to take advantage of National Estate Planning Awareness Week, taking the time to meet with an attorney to establish your estate plan is critical. For many, creating a Will is the best place to start, as it allows you to dictate how you would like your assets distributed to your Beneficiaries. You should also consider creating an Advanced Healthcare Directive, and potentially a Trust Fund to help protect your assets.
However, if you already have a plan in place, this is the perfect time to review it to ensure it still reflects your wishes. If you need to make updates, like including a new grandchild, adding real estate you’ve invested in, or amending it to write out your ex-spouse, this is an ideal time to make changes to ensure your wishes are accurate.
If you are ready to establish your estate plan, working with an attorney from Krause Law is in your best interest. Unfortunately, many try to navigate this process on their own, which can lead to errors that invalidate your documents. As such, you can trust our team to ensure your assets are protected and your wishes will be honored upon your passing. Contact us today to discuss your options.