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Tips for estate planning

One purpose of an estate plan for Ohio residents may be addressing family conflict. This conflict may spring from disputes over property, or it may be a more longstanding interpersonal dispute. Some people might avoid creating an estate plan because of this, but this only means that when the estate is settled, there will be even more. Working with professionals in creating an estate plan may help people find ways they were unaware of to resolve this.

Communicating with loved ones about the intention behind the estate plan may also help ensure that a person's wishes are carried out. However, there are situations in which a person might not be comfortable doing this, and if that is the case, a professional may be able to have this conversation with family members. A person who is concerned about how family members will manage assets can set up a trust. While making an estate plan is a task many people would like to do once and not think about again, regularly reviewing and updating the plan is important as well.

Business owners need to make a plan for business succession. They should keep a realistic time frame in mind for this succession whether the plan is to sell or have someone take over.

A person who consults an attorney about an estate plan may find that there are a variety of solutions for various family and financial issues. For example, trusts can be set up to shield assets from creditors and, in some cases, spouses in the event of a divorce. Trusts can be used in a number of other ways to manage assets for loved ones.

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