There is no one-size-fits-all approach to planning for the future. Each individual has different goals regarding what will happen to his or her estate, which is why it is critical for every adult to take the time to create a meaningful plan that is suitable and sustainable. If you do not currently have an estate plan in place, there are many reasons why it is in your interests to move forward with this process as soon as possible.
You may be unsure of where to start, which is common. Many Ohio adults do not understand their need for an estate plan, and they may not think they need one based on their wealth, income or the size of the estate. However, it is a process that can provide security and protection for everyone regardless of health, wealth and other factors. It may be helpful for you to learn about the estate planning process and what you should include in yours.
Tips for the planning process
As every estate is different, it will be important to first carefully evaluate your estate and your goals for the future. You do not have to be immensely wealthy or possess valuable assets in order to benefit from having a plan in place. As you move forward through this process, the following steps will be helpful for you:
- Create an inventory of your estate, including valuable assets, real estate and more.
- Account for the long-term needs of your family, such as the care of a special needs loved one or leaving wealth for a minor heir.
- Create advanced financial and medical directives that will provide you with control in case of incapacitation.
- Consider the estate tax laws when you make important estate planning decisions.
Once you have a plan in place, it is in your interests to conduct regular reviews of your plan. Life changes, such as divorce or marriage, will likely necessitate changes and require adjustments to your current plans.
Look to the future with confidence
When you have a complete estate plan, you can look to the future with confidence. It will benefit you to know that you have the final say over what happens to your personal property and with your medical care. If you are unsure of where to start, you may find it beneficial to seek professional assistance.