Crafting an estate plan is crucial in caring for your family. It can be an important step for making sure things are in order once you’re gone – and it’s never too early to start.
More than 70% of adults in the U.S. think that having an estate plan in place would make them feel like a good provider, yet they don’t start the process. Having the right documents in place can protect the assets you have, as well as make a roadmap for your family to follow when you can no longer hold the reins.
Planning for every occasion
When you pass without a will, you’re leaving Ohio law in charge of your estate. Creating a comprehensive plan and updating it throughout your life will make sure your wishes stay intact:
- Family future: Almost 70% of people say they worry about how their family will get by financially without them, but there’s more to planning than money. An estate plan can cover essential topics like long-term healthcare and assigning guardians for your kids.
- Tax protections: Less than 50% of Americans are aware that crafting a plan with trusts and partnerships can help protect assets. Keeping your drafts current could mean most of your property could pass to the people and organizations you care about without a big hit from taxes.
- Business succession: Even small family businesses need a plan to move forward. Just 42% of people are aware that an estate plan can cover handing the company to the next generation. You could decide the new management, assign ownership and detail any sales or transfers.
Taking care of your family doesn’t need to stop when you’re no longer around. Making an estate plan early and keeping it up to date can help you provide for your family for years to come.