What is an estate plan?

An estate plan is a way to manage and protect your assets and belongings during your lifetime and after you pass away. It is an important part of planning for the future, especially for those living in Ohio. When creating an estate plan, you can decide how you want your assets to be handled and distributed after you pass away. Generally, this includes outlining what will happen with your estate, who will receive your assets, how taxes will be paid, and who will care for any dependents or minor children. Your estate plan should also include a will, which is a document that states exactly how you wish for your estate to be distributed to your heirs or beneficiaries. You can also create trusts to help manage and protect your assets for your beneficiaries. These can be revocable or irrevocable trusts. You can also use an estate plan to name someone you trust to make decisions and manage your finances, health care, and other financial matters if you become incapacitated or unable to make decisions for yourself. Finally, an estate plan can also include documents such as living wills or powers of attorney to ensure that your wishes for end-of-life care are followed. Creating an estate plan ensures that you and your family can feel secure knowing that your estate will be managed and distributed according to your wishes. It also allows you to ensure that your family will be taken care of financially if something happens to you.

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