For some people (OK, for legions of individuals and families across Ohio and spanning the nation), turning to estate planning is about as pleasant as contemplating a root canal.
Ergo, phrases like “putting it off” or “at a later date” often come to the fore in discussions centered on planning.
Procrastination is endemic, to be sure.
Moreover, it is also concerning.
And, as notes a recent article on estate planning’s broad applicability, that concern can easily rise to the level of alarm in given instances, because failure to plan is “a mistake that could be far costlier than you might imagine.”
Here’s the source of undue delay in planning for many people: the belief that estate administration is relevant only for the more well-heeled, who have complex asset-transfer matters to attend to.
Indeed, wealth transfer to generations down the line is often a core component in an estate plan, but it is just as often only one of myriad focal points in a well-tailored plan.
And sometimes it isn’t even implicated at all.
The aforementioned article mentions other fundamentally important objectives that can be addressed through planning as well, making execution of key documents such as wills and trusts essential for far more than wealthy individuals and families alone.
Guardianship is mentioned, for instance. Young couples with minor children have a compelling interest in safeguarding the futures of their most treasured assets. A well-drafted will that identifies a guardian who can step forward in the event that is necessary and that sets forth the parameters of guardianship is every bit as important as wealth-transfer concerns. Health issues can additionally be addressed through planning, as can numerous other objectives.
An experienced estate administration attorney can work with an individual or couple to identify key concerns and properly address them through responsive legal drafting and document execution.
Having a timely and well-considered plan in place can foster certainty on important matters and materially promote peace of mind for a planning individual or couple.