Estate planning is an essential part of life. Although getting your affairs in order can be an overwhelming process, doing so is an opportunity to remain in control of your assets, protect your personal interests, and allow your loved ones to focus on healing after you pass away. Every adult can benefit from preparing for the future, regardless of age or financial status. However, knowing where to start is often difficult. Here is some valuable information you can use when creating your own estate plan.

Why Having an Estate Plan Is Important 

In the event you pass away without an estate plan in place, your property will pass on according to your state’s intestate laws. This means it will be up to the court to decide whom your heirs are and how to allocate your assets. This can lead to a lengthy and expensive probate process and cause significant conflict among your loved ones during an already emotionally stressful time. Estate planning also ensures your final wishes regarding end-of-life care are known and carried out as you intended. 

Common Estate Planning Documents

There are several different estate planning documents to consider using, as they all serve their own purpose. A good estate plan will address issues that must be taken care of upon your death, or, if you become incapacitated. With a will, you’ll be able to leave instructions for asset distribution, name a guardian for your minor children, and appoint an executor to administer your estate. Living trusts help to avoid probate and also lower estate taxes. A power of attorney and health care directive ensures someone trustworthy is designated to make financial and medical decisions on your behalf if you’re unable to do so.  

Making Sure Your Estate Plan Stays Relevant  

One of the biggest mistakes people make in estate planning is getting their documents together and never looking at them again. Your estate plan should be regularly reviewed to make sure it’s still in line with your goals and relevant to your current situation. Modifications will need to be made after any major life event, such as marriage, divorce, the birth of a child or grandchild, adoption, the death of a beneficiary or executor, or the acquisition of new assets. 

If you are ready to begin estate planning, you can rely on an attorney from Pater, Pater & Halverson to walk you through each step of the process. They have been helping generation after generation of Hamilton, OH, family members develop solid estate plans since 1889. Their expertise in this area of law ranges from drafting wills and setting up trusts to representing clients during probate proceedings. Call (513) 867-1411 to discuss your goals for the future; or, visit them online to learn more about the legal services they offer.