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Estate planning - objectively speaking

It is really easy to think of estate planning as something that is either far in the future or far from your economic status. Wealthy Ohio residents may easily see their need for a plan, but those who have few assets or are far from retirement may not. It is never too early to think about planning for it, however, no matter your life stage or financial status.

Ohio State University Extension gives a number of explanations for the importance of your estate plan. Its leaders suggest that everyone shares common objectives when thinking about the future, and these objectives exemplify the purpose of estate planning.

First, one of the main goals is for you to provide for any living dependents. When that involves young heirs, it is especially important that they receive funds to meet their basic needs. 

A second objective of estate planning is for you to prepare for retirement. A few years ago when many businesses offered significant benefits packages and life spans tended to be shorter, it may have been easier to prepare for career's end. In the current climate, with benefits shrinking and life spans increasing, the picture has changed dramatically, making estate planning even more important.

Finally, OSU Extension mentions taking care of children equitably. The report states equal distribution is a common approach but equitable consideration may be more appropriate. Ultimately, it will be up to you to decide how to divide assets among your heirs.

This information only intends to educate about estate planning. It does not offer legal advice. 

 

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