Estate Planning Can Be Difficult to Understand

Estate planning is important for a number of reasons. If you have young children, own a business, or have several properties, you will need to make certain that your assets are distributed as you wish. When you do not specifically and legally state how you want this done, your estate will generally end up in probate. This could have a far different outcome than you intended.

Get Legal Help for Estate Planning

Since the laws of estate planning vary from state to state, a lawyer can help to advise you on the legal aspects in your area. These papers must be very exact, because even one word that is not clear can change how they are interpreted. It could result in the papers being considered invalid.

Any important documents, such as your will, power of attorney, and estate planning papers, should be at your attorney’s office. You can give copies to someone, but the originals should remain with your attorney. One example of a firm that offers an estate lawyer columbus ohio is Rathburn & Associates.

Taxes

The value of everything you own will need to be totaled, so that any outstanding debts can be subtracted. This is how net worth is calculated. Federal taxes must be paid. Once you have the net worth amount, a lawyer can estimate the amount of taxes. In addition to the federal, many states have inheritance and estate taxes. The estate taxes would be paid by you and the inheritance taxes paid by your heirs. Figuring all of this out will allow you to know exactly what you are leaving each person.

It may be difficult to determine exactly what is included in your estate. Generally, anything you own is part of your estate. This can include property, investments, personal items, life insurance, interest in or outright ownership of a business, and more. In some states if property is jointly owned by spouses, it is not considered part of an estate. This is why an attorney can be quite beneficial.