Like many others in Ohio, you may have neglected to make an estate plan up until this point for whatever reason. You may have had concerns about the time or cost involved in creating one, or you may have felt as if you did not have enough assets until recently to warrant making one. The truth is, estate plans offer benefits, regardless of how much income or assets you have to your name. Also, your plan does not need to take considerable time or money to make to help you accomplish some of the most important estate planning tasks.
Instead, Bankrate notes that many people create solid, effective estate plans that include just three main parts: a will, a power of attorney and an advance health care directive.
Arguably the most fundamental part of any estate plan, your will determines who gets to keep what once you die. If you do not make your wishes known by creating a will, distributing your estate falls upon the state of Ohio. This may lead to delays and expenses that are otherwise avoidable.
Powers of attorney
A financial power of attorney helps ensure that someone takes care of your financial affairs if you become unable to do so. You have a lot of leeway in terms of what you allow the person you give power of attorney to access and do.
Advance health care directives
Advance directives stipulate your medical wishes should something happen to you where you become unable to vocalize them. There are different types of these directives, including living wills and do not resuscitate orders.
Having these three elements in your estate plan helps you maintain control over your medical, financial and personal affairs – even if something unanticipated occurs.