Estate planning can be scary. It requires us to make tough decisions and contemplate the idea that we will not be around forever. But as hard as it is to make these decisions, doing so is one of the greatest gifts we can give those who we will ultimately leave behind. It also makes it possible for us to impact what will happen to our businesses and our families after we are gone. That is why it is important to understand some of the key parts of estate planning.
Three Important Parts of an Estate Plan
The Wall Street Journal recently reported on common estate-planning mistakes. In its report it discussed the three most important parts of an estate plan. These are:
- A will: This is the basic document that states what will happen to your assets after your death. It also addresses what will happen to any minor children you may have, and who their guardians will be until they reach adulthood.
- A health care durable power of attorney: This document allows you to make decisions about your health care ahead of time should you become incapacitated. This document allows you to make clear whether you want any life-saving measures to be taken.
- A financial durable power of attorney: This document allows others to make certain financial decisions on your behalf. Every state has different laws on these documents, including Ohio.
Contact an Attorney Today
When you are addressing your legal needs, both in handling your business today and in deciding what will happen to your business after you are gone, you will need help. You should call Akron estate planning and business lawyer John C. Grundy. At the Law Office of John C. Grundy we can address all of your business law and estate planning needs. Call today at (330)637-9030 and we can schedule a free consultation.