It is understandable when Ohio residents think of estate planning as overwhelming. For those who are just getting started on the task, it can certainly seem daunting to have so many different options to consider.
However, your estate plan will be specific to your family and financial circumstances. And, for most people, having a comprehensive estate plan in place can be a gift for loved ones when the time comes.
A recent news article mentioned that this time of year is one of the best times to think about estate planning because you are probably already thinking about your family members and what types of gifts they might want from you.
Sure, holiday gifts such as gadgets, books or air fryers, for example, might be nice, but just think of the stress that you could alleviate for family members with a solid estate plan in place.
Being prepared for the unexpected – and the expected – can help family members when they are dealing with potentially emotional situations.
For example, power of attorney documents can help family members know who you would like to have in charge of important financial or healthcare decisions on your behalf if you become incapacitated.
A living will can help them understand your own thoughts and preferences for medical care, should it be needed. And, of course, a will can dictate who should get your assets upon your death – saving family members from having to figure that out themselves.
Estate planning doesn’t have to be overly complicated. With the right information, any Ohio resident should be able to come up with a plan that is right for their own situation.