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When is the Best Time to Begin Estate Planning?

More than 50% of American adults do not have an Estate Plan or Will in place for themselves. Many people think that they do not need one if they don’t have a family, enough assets, or maybe that there will be time to do it later. If these thoughts have crossed your mind, you really should reconsider! The best time to prepare for tomorrow is today.

Everyone everywhere should have their Estate Plan in place. Keeping your Estate up to date is one of the most important things anyone can do for their loved ones. Even if you don’t have any assets to your name, Powers of Attorney (part of your Estate Plan) allow you to determine who will make medical and financial decisions on your behalf if you are unable to do so for yourself. In those difficult circumstances, having an Estate Plan set up will expedite the decisions being made and greatly reduce the pain and stress of the situation on your loved ones.

If you already have an Estate Plan in place, it might be a good idea to review your documents annually to make sure they are still up to date. There are some specific times when checking your documents is particularly important, though. Some such times may include an unexpected death or disability, change in marital or economic status, and changes in your primary residence or state or federal laws, to name a few. 

If you’ve never had an Estate Plan, or need to review your old documents, the professionals at Skinner & Associates serve clients all over Central Ohio. We cover several areas of law including estate planning and pride ourselves on our compassionate and effective legal services. Contact Skinner & Associates Attorneys at Law for a no-obligation, free consultation at (614) 664-0200 or visit our website for more information.

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The information at the Skinner & Associates, LLC website is intended for general informational purposes only and not as specific legal advice. Use of this site is not intended to and does not in any way establish an attorney-client relationship. Visitors to this site should seek professional legal counsel regarding their specific matters. Attorneys at Skinner & Associates, LLC would be pleased to speak with interested parties, but we can only represent clients where we are licensed to practice, and where no other bar to representation exists. If the information provided by this website does not comply with the legal or ethical requirements of a particular user’s state or country, we may be unable to represent you. Although we are a general practice law firm, we may be considered a debt relief agency because we help people file for bankruptcy relief under the Bankruptcy Code.

The Importance of Estate Planning

You may have heard of estate planning, but do you know what it entails? It may sound complicated, but an estate plan just refers to the documents that almost every individual needs, regardless of how complex their financial and familial affairs are. The purpose of these documents is to help avoid problems that may arise in the event of your death. Without an estate plan, these problems are often resolved by courts and state law — a sometimes less-than-ideal situation for the surviving family members. A properly-prepared estate plan will let you decide for yourself ahead of time important choices like the care of surviving minor children or pets, division of assets, and who will ultimately be the executor of your estate. Here are just several ways estate planning will benefit you and your family, from the American Bar Association:

  • Get your property to beneficiaries quickly. You can opt to have insurance paid directly to your beneficiaries.
  • Plan for incapacity. This is important if you want to decide in advance what happens if you become physically or mentally incapacitated and life support is in question. You can also choose someone who will make medical decisions for you in the event of incapacitation.
  • Minimize expenses & ease the strain on your family. Good estate planning can keep the cost of transferring property to beneficiaries as low as possible, leaving them more money. It also takes the burden from your grieving loved ones if many of the big decisions, such as funeral arrangements, are prepared ahead of time.
  • Give to your favorite charitable cause and/or establish a trust fund. Have a charity you wish to help out? Or a grandchild whose education you want to assure? Philanthropy and trust funds can be a part of your estate plan, too.

Need assistance planning your estate? Skinner & Associates works with Ohio residents through the estate planning process to create a plan that may include a Will, Living Will, Healthcare and Financial Powers of Attorney, and a Transfer on Death Affidavit, if applicable. If you’re looking for a unique and useful Christmas gift for a loved one, consider an estate planning package from Skinner & Associates. Contact us for more information!

The information at the Skinner & Associates, LLC website is intended for general informational purposes only and not as specific legal advice. Use of this site is not intended to and does not in any way establish an attorney-client relationship. Visitors to this site should seek professional legal counsel regarding their specific matters. Attorneys at Skinner & Associates, LLC would be pleased to speak with interested parties, but we can only represent clients where we are licensed to practice, and where no other bar to representation exists. If the information provided by this website does not comply with the legal or ethical requirements of a particular user’s state or country, we may be unable to represent you.

Although we are a general practice law firm, we may be considered a debt relief agency because we help people file for bankruptcy relief under the Bankruptcy Code.