Once you’re financially independent, you should start thinking about your future and assets. One crucial aspect related to these factors is estate planning. Although you may have heard this term before, you might not know what it entails. The following guide details this process to help you prepare.

4 Frequent Questions About Estate Planning

What do estate plans cover?

The primary purpose of an estate plan is to ensure your wishes are respected when you cannot see them through. This may relate to the division of your assets or preferences for a funeral service, both of which you would outline in a will. It might also be related to medical or financial decisions if you're incapacitated; this would be a power of attorney. If you have children, your estate plan might also dictate who should obtain guardianship over them.

Can you make changes to your estate plan?

Yes, and you should do so regularly. Specifically, whenever you have a significant life change. This might include getting married or divorced, having a child, or obtaining new assets. This will ensure your estate plan is always reflective of your current lifestyle.

When do most people set up their estate plans?

Many people begin estate planning once they’re married or have children, primarily because they’re already reevaluating their assets from sole ownership to shared. Ideally, you should establish an estate plan once you become financially independent.

What is probate?

Probate refers to the legal process that estates must go through before the distribution of any assets to beneficiaries. It ensures any outstanding taxes and debts are settled.

If you’re ready to start estate planning, turn to Dennis P. Faller, Attorney at Law in Wapakoneta, OH. Since 1979, this knowledgeable lawyer has provided residents throughout Auglaize County with customized counsel to ensure their assets and loved ones are cared for after they’re gone. Visit him online to learn more about his practice, and call (419) 738-4578 to schedule a consultation today.