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Estate Planning Basics

Estate Planning Basics

It is a myth that estate planning is only for the wealthy. If you have a family or own property, you need an estate plan to ensure that your wishes are fulfilled. Thoughtful estate planning can help you provide for your family’s well-being and arrange for the most efficient use of your hard-earned assets - both during your life and afterwards. A properly crafted estate plan allows you to maximize enjoyment of your property and reduces tax liability.

An estate plan

An estate plan normally includes:

  • A will, which is the most basic estate planning instrument
  • A trust, which can detail how your assets are used both during your lifetime and afterwards. A trust can also be used to protect your spouse or special needs children.
  • Advance directives such as a living will, or an anatomical gift order. A living will allows you to provide instructions to your health care provider whether you want to have life support if you are terminally ill or permanently unconscious and unable to make health care decisions.

If you do not have a will, your property will be distributed according to the Ohio Statute of Descent and Distribution - and not according to your wishes. However, estate planning can be highly complex. To develop a sound estate plan, it is necessary to be knowledgeable in several areas, including:

  • Federal and Ohio estate taxation
  • Wills
  • Trusts
  • Insurance
  • Different forms of business entities

Without an estate plan, you cannot ensure that your spouse will be able to maintain an acceptable standard of living or that your children will receive the education that they deserve. Do you want to decide how your hard-earned property will be distributed after you are no longer living, or do you want Ohio law to decide for you?

For experienced and compassionate estate planning counsel in Ohio

If you care about the welfare of your family and maximum protection of your hard-earned assets, you need an estate plan. You should consult with experienced and knowledgeable Ohio estate planning and probate attorneys. Call Fox & Associates today at (937) 204-1555 to schedule a personal consultation. Don’t wait until it’s too late to protect your family and your assets.

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