Many Ohio residents want to create an estate plan, but it is common for them to feel uncertain about where to start. These feelings are understandable as there are many estate planning tools and options to choose from. Fortunately, this type of planning is an active process, which means that individuals will likely want to update their plans over the years as aspects of their lives change. As a result, even if parties do not know exactly what they want to include, starting with a few key elements could set them on the right path.
First, most people jump to needing a will when they think about their estate plan. A will is a vital document for many reasons. A will can allow an individual to appoint his or her chosen executor, choose a guardian for any minor children and provide some detail on how assets should be distributed. Still, it is not necessarily the sole document that a person should have.
Going beyond just those details is typically a wise step, and some other essential documents to consider including are:
- A living will that can explain wishes for medical care in an incapacitating situation
- Power of attorney documents to ensure that a trusted person can make medical or financial decision on a person’s behalf
- A trust to have more control over the specific distribution of assets
These documents could act as a jumping-off point and give Ohio residents an idea of what they could include when estate planning. Of course, a person’s plans do not have to stop there. With the abundance of planning tools available, interested parties could create an inclusive and detailed plan that addresses all areas of their life that they see fit.