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Taking the mystery out of estate planning

On Behalf of | Dec 7, 2020 | Estate Planning |

There really is no mystery involved when it comes to writing an estate plan. Some Ohio residents may be put off by estate planning for a myriad of reasons, one of which includes the belief that it can be overly complicated. There are some people who are integral to help in writing a comprehensive estate plan, and they include a lawyer, an accountant, a financial planner and an insurance agent. There are many pieces in an estate planning puzzle, and these professionals can make writing an estate plan much less stressful.

No one likes to have the discussion about dying, but it is crucial for estate planning. A testator will want assets to pass seamlessly to beneficiaries, and so, sitting down with a lawyer to discuss one of the major documents in an estate plan — a will — is necessary. A chat with a lawyer will identify what documents are needed, such as trusts for minor children and a surviving spouse. An insurance advisor can make recommendations should a testator wish to fund a trust with insurance benefits.

Two other things to think about when estate planning are taxes and fiduciaries, such as an executor or a trustee. Advisors working on the testator’s behalf should confer to sort out the particulars of these types of issues. Having these professionals on board will ensure an estate plan addresses all it needs to on behalf of the testator.

An Ohio lawyer is an integral team player during estate planning. Writing an estate plan doesn’t have to be puzzling, especially when one knows something about the laws concerning the process. Having the right team in place can make a world of difference.

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