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How professionals can help create an estate plan

Some people in Ohio who are creating an estate plan might want to consider working with professionals on that plan. This team of professionals may include an attorney, an accountant and a financial planner.

One financial expert says that many of the clients he sees think a will is the same thing as an estate plan. With little knowledge about the necessary documents in an estate plan, a person may leave out some crucial elements. Professionals may be able to help guide a person away from errors that could arise because of this lack of knowledge. An estate plan that is prepared with professional assistance may make things easier on heirs after a person's death.

The types of legal documents a person may need include a will, a trust and powers of attorney for medical and financial matters. The first two documents are for distributing property after a person's death. The other two are for appointing people to manage a person's healthcare and finances if that person becomes incapacitated.

People may use referrals from family, friends and other professionals to find the right team to work on an estate plan. It may help to meet and interview a few professionals to find the right fit.

An attorney may be able to explain more to a person about what documents are needed based on individual situations. For example, a person may be concerned about a beneficiary spending an inheritance frivolously and might not realize that a trust can be used to control how distributions are made. People with minor children may be unaware that a guardian can be named in the will. Once created, an estate plan should be reviewed regularly to make sure it still reflects a person's wishes and is consistent with any changes in the law or a person's assets or family.

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