ESTATE PLANNING FAQS
COMMON QUESTIONS CONCERNING ESTATE PLANNING
An estate plan allows you to control the distribution of your assets after your death. At StachlerHarmon in Dayton, we receive many questions about estate planning. Below are some of the most frequently asked.
WHY DO I NEED AN ESTATE PLAN?
It is a common misconception that only those with significant assets should have an estate plan. Rather, estate planning allows you to make your wishes known regarding who you want to inherit your assets and what end-of-life care you want should you become incapacitated. Individuals and couples can use estate planning to create a legacy for current family members and future generations.
WHAT HAPPENS IF I DIE WITHOUT A WILL?
If you die without a will, your assets will be distributed according to Ohio's intestacy laws. These laws may conflict with your wishes, which is why proper documentation of your wishes is essential.
WHAT DOCUMENTS SHOULD I INCLUDE IN MY ESTATE PLAN?
A basic estate plan should include the following documents:
A will: Used to designate your beneficiaries and distribute your assets.
A health care directive: A document outlining your health care wishes and appointing someone to act on your behalf should you become incapacitated.
Power of attorney: A document appointing a person to manage your financial affairs should you no longer be able to.
CAN I CHANGE AN EXISTING ESTATE PLAN?
Yes. You should review and modify your estate plan following a life-changing event or every three to five years. Reviewing your plan at regular intervals will ensure that it aligns with your wishes.