Some Ohio millennials may think estate planning is only an important topic for older, wealthy people with multiple heirs. Even many older adults who are single or do not have kids might feel that they do not need a will or other estate documents. However, making a plan can provide benefits to people at all levels of wealth or stages of life. In addition, it can provide peace of mind.
Estate plans do more than just encompass documents that direct the disposition of goods like wills and trusts. They can also lay out who is responsible for making decisions when a person is incapacitated. One of the most important documents for every adult to have is a health care advance directive. In some cases, this may be more important for single people. This kind of document can lay out a person’s expectations for lifesaving measures in case they are incapacitated after a severe accident or injury. It can also name another trusted person responsible for making medical decisions during incapacity.
Similarly, powers of attorney for legal and financial matters allow named, trusted people to make decisions on another person’s behalf in case of incapacity. This can prevent serious financial difficulties during an emergency. Even basic documents like wills can be important. By specifying how assets may be divided, people can help to stop family friction after a death.
Estate planning can provide benefits for people in many different kinds of circumstances. If necessary, an attorney can develop key documents such as trusts and powers of attorney that accurately reflect a client’s wishes for the future.