No one wants to think about death, disability or other incapacity. Sadly, the uncertainties of modern life make estate planning all the more important. Setting up a proper estate plan, will ensure your wishes are known for the medical care you wish to receive, will outline how you wish to dispose of your property, and allows you to choose someone you trust to act on your behalf if and when you’re unable to manage your own legal affairs and health care decision making. Doing this when you are not under pressure to make life-altering decisions, will be one of the best things you can do for your spouse, for your children…and for yourself.
Wills
A Last Will and Testament is a document in which you state where you would like your assets to go after your death. The probate court must be involved when relying solely on a Will. Although having a Will is better than not having one so that your assets will be distributed how you want, there are some downsides to just having a Will:
- Creditors are given six months from the date of death to file a claim in a probate estate.
- The average probate estate is open for 18 months in the state of Ohio.
- Attorneys can usually charge a percentage of your estate for Attorney fees. There are also court costs for filing the probate estate and sometimes appraisal fees.
- Probate estate records are public and available either online or at the court house for anyone to view. These records contain personal information regarding you, your assets, and your beneficiaries.
Estate Planning
Aside from having a Will or Trust, the following are basic estate planning documents that everyone over the age of 18 should have:
- Financial Power of Attorney. This is a document that names someone to handle your financial affairs if you are unable to do so.
- Healthcare Power of Attorney. This is a document that names someone to make your medical decisions if you are unable to do so.
- Living Will. This is a document where you make your wishes known on whether or not you want to be kept alive on artificial food and water if two doctors state that those machines are not making you any better, if you are in a terminal condition or permanently unconscious state.
- Right of Disposition of Remains. This is a document that names someone to be in charge of your funeral arrangements after you pass away.