Estate planning is a very personal thing for an individual to do. After all, it puts in writing what should happen to an individual's most prized possessions after that person has died. Estate planning can be overwhelming to some. However, avoiding it may only create tension between family members, especially if plans aren't in place when an individual passes away.
Ohio residents may mistakenly think it is easiest to leave behind everything to one individual. However, that is likely to create big problems for that person. In addition to large tax liabilities, an individual in charge of distributing valuable assets will no doubt face conflict with other family members who feel they are entitled to certain assets.
To avoid problems between family members, people would be wise to create estate plans with an experienced legal professional by themselves. Bringing along an adult child may make others suspicious. In addition, an individual that completes estate plans alone can be sure potential problems are discussed in private and in entirety.
People in Ohio and beyond often put off creating estate plans. People may not realize how important estate planning is. Others may find it strange to be making plans for their death. In any case, everyone would benefit from proper estate planning.
Most parents hate the idea of their family members fighting with each other. To avoid heated arguments between adult children or other family members, Ohio residents would be wise to create estate plans well in advance of their death. That way they can live out their final years with peace of mind knowing that family members will be cared for after they have passed on.
Source: nwitimes.com, "Estate Plan: Plan for a fight," Christopher W. Yugo, March 2, 2013
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