“The word “estate” has always been connected to “ultra-rich” families, those with a lot to leave behind after their death. However, definitions have changed, and anyone who has anything to leave behind needs to plan their estate. “Estate planning” essentially becomes your family’s guidebook, once you are no longer in the picture. Sounds important? Definitely, and here’s why.”
Big Easy Magazine’s recent article “Estate Planning Is Essential and Here’s Why” says that writing a last will isn’t limited to what happens to your house, car, company, or other assets after you die. It also states who will take care of your minor children, if they are orphaned.
Your instructions for burial and other smaller things can be included.
If you fail to provide specific instructions, the state intestacy laws will apply upon your death. Here is a glimpse of the consequences of not writing your last will:
- Your burial preferences may not be honored.
- Your properties may be managed by an individual you don’t necessarily trust. Without a named executor to your last will, some other family member may be asked to file taxes, make transfers and manage your estate.
- Family members may not get an inheritance. Under intestacy laws, same-sex relationships and common-law marriages may not be recognized. So, your partner may not get a portion of your estate.
- Your favorite charity may be left out. If you are committed to leaving a legacy, your charity, religious organization, or other organization of choice should be mentioned in the last will.
- The government will name the guardians for your minor children.
With a last will, you can designate a guardian for your children and avoid additional taxes. Ask an experienced Cincinnati estate planning attorney about developing a comprehensive estate plan.
Aside from this, estate planning can also save your loved ones considerable angst and money.
A detailed last will with your instructions will avoid complications and provide comfort, while your loved ones recover emotionally from their loss.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Big Easy Magazine (May 17, 2021) “Estate Planning Is Essential and Here’s Why”