An Ohio estate plan helps you maintain control over your financial, personal and medical affairs, letting you dictate where you want your assets to go, who you want to oversee your estate and more. However, many people neglect to create estate plans, meaning they relinquish a good deal of control over these areas. Many people who do not create estate plans say they neglected to do so because they feared the time or expense involved, but your estate plan does not have to be lengthy or complex to be effective.
Instead, Bankrate notes that a solid estate plan needs just three main components: a will, a power of attorney and an advance medical directive.
The will
If you neglect to do anything else when putting together an estate plan, create a will. A will lets you vocalize your wishes with regard to who inherits what. It also gives you an opportunity to name someone a guardian over minor children you may have.
The financial power of attorney
In Ohio, a financial, or general power of attorney, gives someone you appoint the power to make financial decisions that align with your wishes or interests. This is different from a health care power of attorney, which gives someone the right to make medical decisions for you.
The advance medical directive
Ohio recognizes several types of advance directives, among them living wills, do not resuscitate orders and organ donation requests. Different types of advance directives serve different purposes, but all help you dictate your wishes with regard to medical care, should you become unable to do so later.
You always have the option of adding other documents to your estate plan later, but having these three elements in place helps you cover some of the most pertinent estate planning bases.
