You spend a lifetime working for what you want and carrying out your goals. As you get older, you may start thinking about the future you will leave behind for your family. While some of your assets may be simple to pass on, you may wonder about the other, smaller assets you will leave behind.
It is never fun to sit down and think about the fact one day you will pass away. However, that is precisely what you need to do when you create a will. Unfortunately, many Americans forego a will because they either forget to do so or do not want to have difficult conversations. Reports suggest less than half of American adults actually have some kind of will.
When people in Ohio are creating an estate plan, they may want to consider whether their beneficiaries will be responsible with assets. It is common for people to create a trust to protect assets for their minor children, but some adult children may require a similar amount of protection. Some people may simply lack the financial education to manage the inheritance. Other individuals may have problems with overspending, gambling or substance abuse.
Most Ohio residents can benefit from creating an estate plan -- even those who don't have a lot of wealth or valuable property. While many believe that estate planning only relates to how assets are distributed after a person passes, it could actually accomplish a wide range of goals. For instance, an estate plan may appoint guardians for minor children or dictate how a body is handled after passing.
Ohio residents who have an estate plan need to review it in the near future. This is true regardless when it was created, as a result of changes to federal estate tax laws. In 2018, the exemption has roughly doubled from what it was in the prior year. Very few meet that threshold. As a result, some estate plan tools that were created to minimize the impact of this tax may no longer be necessary.