There are many Ohio residents who probably believe that they do not need to execute an estate plan. Unfortunately, that is rarely true. Almost anyone can benefit from having an estate plan in place because, contrary to popular belief, an estate plan can address much more than just how assets will be distributed upon a person's death, although that is a crucial part of the process.
Beyond determining how assets will be distributed, an estate plan can also be useful for parents. In an estate plan, parents make plans should they pass away before their children are grown. They can appoint a specific guardian for their minor children, as well as establishing a financial apparatus for the care of those children.
However, even non-parents and those without significant financial assets can benefit from having an estate plan in place. Everyone should be able to have appropriate power of attorney documents in place, which can designate an individual to make financial decisions or health care decisions, if the need arises due to the planner becoming incapacitated.
At our law firm, we do our best to help our clients understand how they can benefit from having an estate plan in place, whether they are parents, non-parents, young or old. Each situation is different, so no two people are likely to have the exact same type of estate plan. For more information about how our law firm attempts to help Ohio residents with these oftentimes complicated matters, please visit the estate planning section of our website.