Living wills are not designed for use after a person's death as normal wills are. As the name suggests, a living will is for use during a person's lifetime, during a time when they may not be able to state their preferences or make informed decisions.
Life is a game of chance, and no one knows when their last day will be. That's why it's important for everyone, regardless of their age, to have an estate plan in place. This is even more important if you own your own business here in Dayton. If you have your own company and something suddenly happens to you, then an Ohio probate judge may end up deciding what happens to your family business instead of you. You can greatly reduce the chance of this happening by putting a business succession plan in place.
It's great being young, although it is perhaps older people who appreciate youth the most. Young people often put off thoughts of retirement planning or estate planning because they're busy enjoying life or building a career and a family. But exuberance and crowded schedules are no reason to avoid something that matters.
Estate planning involves a lot of different steps, such as listing your assets, deciding if you want to use trusts, writing a will, creating a medical directive, using powers of attorney and much more. You really want to take the time to think of everything; don't just assume that you can write a will and call it a day.
Estate planning means planning for the future, and you need to go beyond simply writing a will. One of the documents you may want to consider is a medical power of attorney.
Many Dayton residents believe that they don't need to do any estate planning. After all, they may reason, they are young, unencumbered and living paycheck to paycheck.
Have you never bothered to draft a will or do your estate planning? If you talk to friends, co-workers and family members, do most of them say that they have not done it either?
It's never too early to start thinking about planning your estate. If you are a young adult, it's likely that you don't have a lot of assets, and therefore you may think that planning your estate is unnecessary at this stage in your life. However, the benefits of planning your estate go far beyond the distribution of assets.
You and your partner have been together for the last 20 years. You were both coming out of other marriages -- via divorce -- when you met. You agreed that, while you were committed to each other, you did not want to get married again. It did not seem worth it to go through the whole process.
There are a lot of estate planning myths out there. People give bad advice about how to avoid estate taxes. They don't understand how trusts work. They think that only the super-rich need to have an estate plan.