While you might think that only wealthy families who have accumulated a lot of assets need estate planning, the truth is that advance planning can help reduce confusion and familial disputes after you're gone. If you die without a will or become unable to manage your own affairs, your wishes may not be respected, so retaining the assistance of an experienced attorney can provide peace of mind for you and your loved ones. Pater, Pater & Halverson Co., legal professionals with over a century of experience serving Hamilton, OH, recommend that everyone have at least three key items prepared.

Trusts or an updated will.

A will is a simple device that distributes your assets to your loved ones after you're gone, but the estate has to go through probate. This long process often involves several court appearances and extensive paperwork, so you might want to discuss establishing a trust with an attorney instead.

Durable Power of Attorney

If you're injured, fall ill, or can't manage your financial or medical affairs on your own, this document designates an individual who will take responsibility of them for you. Without it, the court will select this individual for you, and it may not be the person you would have chosen.

Beneficiary Designation

Updating the beneficiary on your life insurance and retirement accounts will ensure that they go to the proper individuals after your death.

For complete estate planning services, visit Pater, Pater & Halverson Co. online or call (513) 867-1411 to schedule a consultation.