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3 elements a basic estate plan needs

On Behalf of | Mar 29, 2023 | Estate Planning |

Some people in Ohio put off making estate plans until they face a serious medical diagnosis. Others create plans early on as a means of maintaining peace of mind and control over their affairs. If you count yourself among those who have yet to put a basic estate plan together, know that there are some very strong arguments for doing so. Know, too, that your estate plan does not have to take a lot of time or be especially complex to prove effective.

According to Bankrate, creating an estate plan may help your loved ones avoid unnecessary time spent in the state’s court system. Having a plan in place also lets you make stipulations about your personal, financial or medical affairs if something occurs that makes you unable to do so. You should be able to accomplish many key estate planning objectives by including the following in your plan.

1. A will

If you do nothing else when putting together an estate plan, put a will in it. A will outlines where you want your assets to wind up when you die. You may decide to designate children as beneficiaries, or you may want to have friends, siblings or even charitable organizations inherit your assets once you die.

2. A power of attorney

A financial or durable power of attorney designates someone you trust to manage your financial affairs if you become unable to do so yourself. This individual typically gains access to your bank and other accounts.

3. An advance medical directive

Advance directives come in different forms and give you a way to make your medical wishes known to doctors and loved ones, should you become incapacitated.

In most cases, a basic estate plan containing these three elements should be relatively easy to create.