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The right approach to estate planning could prevent costly errors

When people begin planning their estate in Ohio, they are faced with many important decisions to make regarding everything from wills and trusts to guardianship of their dependents. Deciding where to begin can be challenging for many people, especially if they do not already have an idea of what they would like. With some basic education and a little time spent researching the process, people can make much more efficient and confident decisions regarding their future. 

Planning an estate can be a stressful and time-consuming process, especially if care is not taken to do things the right way. For people who take shortcuts, they may temporarily feel good about their arrangement, but may have to alter it in the future. A major mistake that people should avoid is relying too heavily on the authority of a power of attorney. This document is a valuable tool for many people who can provide details about who they want to handle major decisions in the case of incapacitation. These decisions can be about medical treatment, paying debts and even the management of a person's assets.

Once a person has written their POA and have signed the document, they need to guarantee that it is legally binding to avoid causing confusion and stress for their loved ones. When people take the initiative to write a POA long before it may be needed, they can have the confidence that their affairs are in order even if they are unable to make decisions independently in the future.

When someone decides it is time to write a POA, they may benefit from contacting an attorney. A legal professional has both the experience and the knowledge to help draft an estate plan that is legal, concise and customized to that person's needs. 

Source: Forbes, "7 Big Estate Planning Mistakes - Part 2," Bob Carlson, Feb. 23, 2018

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