Estate planning may be an unsettling topic for many people, but it is a necessary process that ensures a person’s affairs will be in order in case they pass away or become incapacitated. If you haven’t started preparing your estate, it’s not too late to start today. Here’s what you should know about estate planning.

4 Steps to Consider Taking When Estate Planning

1. Make a Will

A well-drafted will can protect your heirs and assets after you have passed on. You can lay out your wishes clearly and avoid potential family conflicts. A will can also prevent the intestate succession, wherein the state will decide how to distribute property among family members in the absence of an estate plan. Intestate succession usually will not allow the allocation of gifts or properties to charitable organizations, friends, or other people outside of your family.

2. Have a Trust in Place

Trusts are similar to wills because they can help secure your interests, along with those of your family. A trust primarily allows a person to hold a property or title for others. In other words, there will be a trustee and a beneficiary. While a will can save you time and money, a trust can lessen your tax burden, specifically when distributing real estate parcels.

3. Create an Enduring Power of Attorney

Assigning a power of attorney guarantees that all of your essential paperwork will be filed and organized and your taxes and payments are up to date upon your incapacity. Make sure that you appoint someone reliable and trustworthy who will make sure your wishes are carried out.

4. Inform Your Lawyer When You Change Your Plan

Your estate planning attorney is there to verify that the changes you want to make are valid and legal. Your lawyer will advise you on the best way to update your plan. If you fail to comply with local laws, your heirs may not receive the inheritance you prepared for them.

Estate planning goes beyond drafting a will. Trust Dennis P. Faller, Attorney at Law, in Wapakoneta, OH, to give you reliable legal advice when you want to protect your family and assets. Their dedicated legal team is highly skilled at updating a living will, creating a power of attorney, and performing other estate planning services. Call (419) 738-4578 today to schedule a consultation, or visit their website to learn more about their services.