When preparing their will, Ohio residents may benefit from including a letter of final wishes. This non-legal document is a way for testators to express themselves to family members in a thoughtful and considerate manner. It includes information that is not typically included in a will.
Reasons to choose a trust over a will
Ohio residents may be able to meet their estate planning needs with just a will. However, it may be appropriate to include a trust in an estate plan because of the benefits that it may offer. For instance, those who have special needs children or grandchildren may use a trust to preserve assets while also retaining their eligibility for government benefits.
The effects of an estate tax repeal
People in Ohio who have an estate plan in place may want to review their documents to see how a potential repeal of the estate tax may affect their assets. There may be a number of changes they should make if the estate tax and/or generation-skipping tax is revoked.
How trusts may be used
There are a number of reasons that Ohio residents might want to use trusts as a component of their estate plan. In addition to avoiding probate, which is not private and can be expensive, trusts allow assets to be managed in a variety of ways both while the settlors are alive and after their death. For example, there are certain types of trusts that can protect assets from creditors. A trust might also be used to manage people's financial affairs if they do not want to actively do so.
How to handle long-term care needs
Ohio residents may be able to live for 20 or 30 years after they retire thanks to advances in technology. While living longer may be a nice thought for many, it also means additional financial planning as well as planning for long-term health care needs. People of the age of 65 have a 70 percent chance of eventually needing some sort of long-term care, according to the U.S. Department of Health and Human Services.
Estate planning in your 30s: It's time to take action
Are you in your 30s? If so, you know that you have a long life ahead of you. For this reason, it's easy to put estate planning on the backburner.
