Estate planning might not seem like an urgent matter if you don't own property and are reasonably healthy. However, disaster can strike anyone, so a well-written will is essential. The lawyers at Vernau Law LLC in Granville, OH, understand the adverse effects of not having a plan, such as loss of control over an estate and the probate process. To avoid this unfortunate outcome, they recommend you start the estate planning process now, beginning with these basics.

5 Essential Steps of Estate Planning

1. Divide Your Assets

The most basic function of a will is to determine how your belongings will be distributed when you die. Assemble a list of all your assets and consider how you would like to disburse them, taking into account special needs, interests, circumstances, and relationships.

2. Leave Instructions in Case of Disability

In case you're disabled and unable to make decisions, your will should include instructions for your care as well as the management of your assets, funds, and business interests. If you don't appoint someone to take care of these considerations, the court will — which may not be what’s best for you and your family.

3. Provide for Minor Children

If you have children, it's crucial to consider their welfare if you and your spouse die. Choose a guardian for them as well as backups in case your first choice is unable to accept the responsibility. You also should plan when and how your children will receive their inheritance.

4. Determine the Timing

If you'd like to leave gifts to loved ones but are worried about having them distributed immediately, you can establish a trust that will dispense assets according to your instructions. This can be a complicated process, so you should consult a lawyer about the specifics.

5. Update as Needed

You should update your will whenever there is a significant change in your life, including a major investment, shift in your finances, or change to your family and intended beneficiaries. Keep your will up to date so it will be ready in the event of an emergency.

If you have questions about estate planning or need guidance, Vernau Law, LLC in Granville, OH, can help you write, finalize, and update your will. To take advantage of their estate planning expertise, call (740) 587-2637 to arrange a consultation. You also can contact them on their website, where you’ll find more information about their practice areas, including family law and guardianship.