Many residents of Ohio are under the impression that if they simply cross “drafting a will” off their list of things to do, their estate plan is finished and can be put into action whenever the time is right. Even though a will is undoubtedly one of the most crucial documents in an estate plan, a will on its own is not likely to be sufficient to constitute a comprehensive estate plan. There are a variety of other forms of documentation that a person can require.
It is advisable to consult with an experienced Ohio family law attorney if you need specific answers about your legal options.
According to Bankrate, a comprehensive estate plan should include the following components:
- Enduring power of attorney so that another person can act as the financial proxy if it ever becomes required.
- An advance medical directive is a document that allows a person to select a health care proxy and decide what medical procedures they consent to and deny if they cannot express this information themselves.
- Throughout their lives, beneficiaries will look to trusts to determine how and when they will receive benefits.
- Life insurance plans are crucial for breadwinners because they are designed to compensate for lost income after death.
- Beneficiaries who have been designated on accounts such as individual retirement accounts (IRAs), 401(k) plans, and bank accounts
At this point, it should be abundantly evident that there is more to estate planning than simply tying up loose ends after death. There are situations in which a person may become temporarily incapable of making decisions for themselves despite the fact that they are still very much alive. These situations include Instances like these that need to be considered and planned for.
According to Forbes, there is now one more factor that must be considered. It brings to light the fact that new legislation enacted in states throughout the United States makes it more difficult for a deceased person’s heirs to access their online and digital information after they have passed away. During the process of estate planning, certain permissions may be required to be given to allow this or those assets to pass with the deceased person’s estate.
These are only some of the many considerations that a standard will probably take into account. There are many more. For this reason, having a comprehensive strategy is of the utmost importance.