For many people, serious intentions for planning their estate are not entertained until later in life. Often, many people fail to recognize the critical need of planning for their long-term future when there are not very many immediate reasons for doing so. However, overlooking the importance of establishing an estate plan and articulating their desires ahead of time, can prove to be a detrimental mistake for many Ohio folks.
Planning an estate and coordinating the details of how one wishes their remaining assets to be divided and independents to be cared for, is not a process that has to be met with stress. According to the Huffington Post, there are some simple steps that proactive people can take when they begin to lay out their estate plan. Some of the things they can do include the following:
- Be straightforward: A common mistake people make when estate planning is to assume that their loved ones already know who gets what. When writing important documents like wills and trusts, people should be very straightforward in their approach. Using clarity will leave no room for the personal discretion of their loved ones and guarantee that all assets get to their desired heirs.
- Be timely: There is never a bad time to create an estate plan. In fact, folks who are proactive about their efforts in planning their future can reduce unnecessary drama, financial distress and emotional strain on their surviving family members. People who fail to plan ahead often leave a mess of confusion and uncertainty for the people left to sort through their assets.
- Be money-smart: While death is a subject that many people would rather avoid discussing, people who take proactive measures to finance their funeral in advance can save their family a lot of stress after their death. With money set aside for funeral expenses, a deceased person's loved ones can focus their time and attention on healing.
In an article shared by the New York Times, millennials are encouraged to establish an estate plan because often, their intentions are unknown because they have no spouse or children to verbalize their wishes.