Whether you’re single, a parent of young children, in a blended family, or a grandparent caring for grandchildren, an estate plan is essential for protecting your loved ones and making sure your wishes are followed.
Why estate planning matters
Estate planning isn’t just for the wealthy or the elderly. It’s for everyone, especially families with children and families that don’t fit the traditional mold. Without a plan, you may unintentionally create avoidable challenges for the people you love. Here’s what a plan does, and what can happen without one.
Protect your children’s future. If you have minor children, an estate plan lets you decide who will be their guardian and care for them if something happens to you. Without one, a probate judge decides who cares for your children, without your input.
Avoid family conflicts. Single parents, blended families, and families with stepchildren all benefit from a plan that clearly says who inherits what. Many people are surprised to learn that under Ohio law, if you die without a will, stepchildren are last in line to inherit after your next of kin, such as a cousin or a relative you’ve never even met.
Minimize financial stress. A plan makes sure your home, savings, and investments are distributed according to your wishes. Without one, your estate could go through probate, a lengthy and costly legal process in Ohio that can delay your family’s access to financial resources at a difficult time.
Plan for incapacity. An estate plan includes a health care power of attorney and a financial power of attorney, which let you appoint a trusted person to make medical or financial decisions for you if you can’t. Without them, your family may have to go through the court system to appoint a guardian, adding stress and expense.
Ensure your legacy. Whether you want to leave specific assets to your children, fund their education or support a charity, an estate plan gives you control over how your hard-earned assets are used and who they support for years to come.
Take action to protect your family
Whether you need to create an estate plan or update an existing one, the peace of mind of knowing your family is protected is hard to overstate. At Northwest Law, we help Ohio families create estate plans tailored to their needs, from wills and trusts to powers of attorney and advance directives.
Don’t wait until it’s too late. Book your Peace of Mind Planning Session with Attorney Sinem Halterman to take the first step.
DISCLAIMER: The blog published by Northwest Law is available for informational purposes only and is not considered legal advice on any subject matter. By viewing blog posts, the reader understands there is no attorney-client relationship between the reader and the blog publisher. The blog should not be used as a substitute for legal advice from a licensed professional attorney, and readers are urged to consult their own legal counsel on any specific legal questions concerning a specific situation.