Why Estate Planning should be on your to do list early in 2019 in Worthington, Ohio.
Most realize the future is just as important as the present and that what’s done today impacts the outcome of tomorrow. Yet, human nature is often to let the goals, concerns, and possible outcomes of the future fall by the wayside as present-day responsibilities, obligations, and problems take up their time and energy.
It happens every year as resolutions are made at the start of the year and then fade away from concern in the coming weeks or months. With an entire year to complete, such resolutions are often put off further and further as a future to-do. Estate planning is a similar happening. Many people aren’t so concerned about creating a will or living trust to protect themselves and their family tomorrow because they’re young, healthy, and/or thriving today.
What’s being ignored is that tomorrow isn’t promised to anyone. The future is uncertain and fickle, which makes it a necessity to plan for the worst-case scenario, not just hope for the best. One of the best tools for family security is estate planning. Want to know why estate planning in Worthington, Ohio should be at the top of everyone’s to-do list?
Five Reasons Estate Planning Should Be A Top Priority for Everyone
1. Estate Planning Is for Assets Both Large and Small
Many mistake estate planning as something only people with high-value assets and wealth need to do for their families. Nothing could be further from the truth. A person’s estate includes everything they own, including homes, vehicles, and insurance policies to their collective jewelry, clothing, and sentimental possessions. Estate planning provides a specified avenue and destination for each possession so that someone can know their savings will go to their child’s college endeavors, their heirloom ring will go to their eldest daughter, and so forth. It moots family disputes and questions over possessions and their future placement.
2. Estate Planning Isn’t Just Beneficial After Death
Life doesn’t have a pause or reset button, and there’s no crystal ball to alert that something is about to render a person physically or psychologically unable to advocate for themselves. A car wreck, work accident, an unexpected health crisis – the ways a person can unexpectedly pass away or remain alive but unable to voice their wishes are endless. Estate planning becomes that person’s voice in such events. A durable power of attorney for financial and legal matters enables family to attend to their incapacitated loved one’s personal and financial affairs. A medical power of attorney and living will give clear directives and eliminate uncertainties about what the incapacitated person’s medical wishes would be if they cannot voice them. A funeral services directive eliminates family arguments about the services you want and who is in charge of them, should you pass away.
3. Minimizes the Risks Of Probate
Without estate planning, the distribution of assets generally falls to probate court. This can be a lengthy, public, exhaustive, and costly process absent a Will and/or Trust prepared by a skilled attorney. Without an attorney-drawn estate plant it can be a year or longer before heirs gain their rightful inheritance, and it allows the court and state laws to determine how and to whom assets are awarded without consideration to what the deceased would’ve wanted. A well-crafted estate plan from O’Reilly Law can help eliminate the above by legally specifying how assets will be divided and to whom.
4. Estate Planning Isn’t Set in Stone
One of the beautiful things about estate planning is that a good plan is firmly protective without being unchangeable before it becomes needed. Illness, death, divorce, marriage, childbirth, etc are all facets of life that can alter how one’s assets would be divided in the future. Estate planning can be updated at any time to reflect such changes. In fact, it’s prudent to routinely revisit an estate plan every three to five years to see if any such revisions need to be made. Also, keep heirs in the loop so that they’ll be prepared for the contents of the estate plan when the time comes to put it to use.
5. It Offers Certainties in An Uncertain World
There’s a peace of mind that comes from knowing with certainty that family will be cared for and one’s own wishes will be forefront in the future when they’re not here to voice them. With estate planning in place, much of the burden of worrying about the future is removed, and life can then be enjoyed one day at a time in peace.
In closing, it’s clear to see that estate planning is an invaluable asset. It’s something no one, regardless of age, health, or wealth, can afford to put off for tomorrow’s to-do list. Contact the O’Reilly Law Office for a further consultation at (614) 833-3777.