As people age, family and legacy become increasingly pressing concepts. In the legal realm, estate planning is the ideal way to ensure that both are taken care of after you pass. Here are a few of the most essential features of this process.

What Are the Essential Components of Estate Planning?

1. Will

When you create a will, you have a concrete representation of your wishes for after you pass. It can cover a number of issues, such as who should take over guardianship of your children and who should take care of your pets. The document also specifically assigns your assets to certain beneficiaries, so you can ensure your sibling gets that baseball card collection, or your daughter receives the family piano.

2. Trust

While similar to a will, a trust is different in that it is valid both while you are alive and after you pass. It also allows you to set aside assets for your children and other loved ones with guidelines for how they may use them. For example, you can set up a trust to leave money to your dog’s new caretaker for vet visits. At the same time, you could give your child funds that can only be used for college tuition.

Trusts allow your family and friends to avoid the long probate process during which the court must authenticate your will. Trusts can also help minimize the estate taxes that will have to be covered once you pass.

3. Powers of Attorney

Finally, prepare end-of-life documents that will serve you should you become incapacitated. If you experience memory loss in your later years, a healthcare power of attorney would allow your most trusted loved one, such as a spouse, to make decisions about your medical care on your behalf.

For example, they would have the power to take you off life support if you were unable to make that choice on your own. A financial power of attorney would operate similarly for decisions regarding your estate, such as paying off debts or selling properties.

If you’re looking to tackle these estate planning steps with a skilled attorney, contact Katzman, Logan, Halper and Bennett. This Cincinnati, OH, firm is committed to helping clients prepare for the future by setting up wills, trusts, and other crucial documents. They also have decades of experience in family and personal injury law. To learn more about their practice areas, visit the website. Call (513) 793-4400 to set up a consultation.