Goals of Estate Planning

Individuals often have conflicting estate planning goals. A thorough estate plan seeks to balance these objectives to accomplish your financial and non-financial goals. An estate planning attorney can help you determine which tools are most appropriate for accomplishing your goals.

Common Goals of Estate Planning

• Common estate planning goals include:

• Providing for Loved Ones

• Minimizing Taxes

• Protecting Assets Passing to Surviving Spouses/Heirs

• Ensuring Privacy

• Controlling the Distribution of Assets

• Disability Planning

• Asset Management

• Charitable Giving

• Simplicity

What Happens If You Die Without a Will or Estate Plan?

When an individual dies without a Will they are said to have died “intestate.” If you die intestate, the state’s intestacy laws will govern how your property is distributed. In Ohio this process will require supervision by the probate court.

To avoid having the probate court determine how your assets will be distributed, you should prepare a Will. Depending on your goals and the extent of your assets, a more comprehensive Estate Plan may be appropriate.