While you may not want to think about the end of your life, it is a necessity if you want to make sure your loved ones are provided for. This means planning your estate. Knowing how to get started when it comes to estate planning in Ohio can be confusing. You may not have any idea what you need to do to get things going and start planning for what happens with your assets when you die.
Time explains that the first step to solid estate planning is gathering information. You need to take inventory of your assets. You might be surprised at all the things you will need to account for. Remember to note any accounts you have, including retirement accounts. Make a list of your assets. Anything with any value should be included. You may want to list values of assets, too. Also, gather your paperwork. This is great time to get organized and get all this paperwork in one place.
After you know what you are working with, you need to think about who gets what. If you are married, then under the law, most of your assets will automatically go to your spouse. However, you may some assets that will not or that you do not want to go to your spouse. Make note of who gets what.
You also need to think about who will make medical decisions for you or what you want to happen if you are unable to make your own decisions. The same with your finances. Estate planning is not just for when you are dead. It is helpful when you get into a situation where you are incapacitated.
Once you have all this information you can begin the formal process of planning your estate. This information is for education and is not legal advice.