The elements of an estate plan

The elements of an estate plan

| Apr 18, 2017 | Estate Planning |

Some Ohio residents may have hesitated to create an estate plan because the subject is an uncomfortable one, but it can be a way of making a person’s passing less difficult for family members. There are a number of different elements to an estate plan. Wills and trusts can be used to pass assets down to loved ones. A will may also appoint a guardian for minor children.

Another element is a document that specifies a person’s wishes for end-of-life care. This may include whether the person would like to be an organ donor. People may also want to write about the type of funeral they would like to have.

Beneficiary documents should be filled out and kept up to date. It is possible to specify multiple beneficiaries for life insurance policies, bank accounts and brokerage accounts. All of these types of documents, along with things such as car deeds and real estate information, should be kept in a place accessible by and known to the estate’s executor.

A person who owns a business should make a succession plan. Another consideration may be leaving instructions about how social media accounts should be handled.

An attorney can often assist clients with creating an estate plan and understanding the types of documents they will need based on their individual situation. For example, people might be concerned about how one of their children will manage their inheritance. In such a case, a trust could be set up that only distributes assets at certain intervals or at the discretion of the trustee. People may also be concerned about who will manage their finances if they become incapacitated. A power of attorney appoints someone for this role.