Many people in the greater Cincinnati area probably have heard that the estate planning process involves choosing how one wants to divide up her property after she dies. The documents an Ohioan drafts, if done properly, should ensure that her loved ones or favorite charities receive an inheritance with minimal conflict or inefficiency.
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.
Many of our readers in Ohio can probably guess that no two estate plans are the same. Everyone has unique family and financial dynamics that must be accounted for in an estate plan. For some people, a simple will and some power of attorney documents are sufficient. However, for others, alternative estate planning tools may need to be considered. Trusts could be a possibility for many Ohio residents.
Ohio residents are taking an important step when they start putting together an estate plan. No matter how much in assets they have, almost anyone can benefit from having an estate plan in place. However, there are certain missteps that need to be avoided in the estate planning process. What mistakes are important to avoid?