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Estate Planning5 min read

Why Everyone Needs an Estate Plan — Regardless of Age or Wealth

Many people put off estate planning because they believe it is only necessary for the elderly or the wealthy. In reality, estate planning can help people at many stages of life protect themselves, provide for their families, and make their wishes clear.

Without proper planning, Ohio law may determine how your probate assets are distributed after your death. If you have minor children and no suitable surviving parent is available, the probate court may also ultimately determine who should serve as guardian. A well-designed estate plan allows you to make your preferences known in advance and can simplify matters for your family.

A basic Ohio estate plan often includes a will, a financial power of attorney, a healthcare power of attorney, and a living will. Depending on your circumstances, your plan may also include trusts, beneficiary designations, transfer-on-death arrangements, or other planning tools.

A will allows you to direct how your probate assets should be distributed after your death, nominate an executor to administer your estate, and nominate a guardian for minor children. If you die without a valid will, Ohio's intestacy laws generally determine who inherits your probate estate.

A financial power of attorney allows you to authorize a trusted person to handle financial and legal matters on your behalf. In Ohio, a power of attorney is generally effective when executed unless the document provides that it becomes effective at a later time or upon a specified event. Because Ohio powers of attorney are generally durable unless stated otherwise, the agent's authority can continue even if the principal later becomes incapacitated. A properly drafted power of attorney may help avoid the need for a court-appointed guardian to handle financial matters.

A healthcare power of attorney allows you to designate a trusted person to make healthcare decisions for you when you are unable to make or communicate those decisions yourself. A living will provides directions concerning life-sustaining treatment in the circumstances addressed by Ohio law. These documents can help ensure that your healthcare wishes are known and can reduce uncertainty for family members.

Estate planning is not necessarily a one-time event. Marriage, divorce, the birth or adoption of a child, the death of a beneficiary or fiduciary, significant changes in assets, or other major life events may make it appropriate to review your plan. Periodic review can help ensure that your documents and beneficiary designations continue to reflect your wishes.

A thoughtful estate plan can provide clarity for both you and your family. By planning ahead, you can decide how your property should be handled, identify trusted people to act on your behalf, and provide guidance concerning important financial and healthcare decisions.

Ready to start your estate plan? Contact Votel Law today to schedule a consultation and take the first step toward protecting your legacy.