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Providing for Others in Estate Planning
19

2022

/November

Providing for Others in Estate Planning

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Few of us want to contemplate what will happen when we are no longer there to provide for those we care about. Having a will and estate plan in place can help to alleviate these concerns, but it does require you to be proactive. Aside from simply leaving money to beneficiaries, you may want to allocate certain funds for those people and places that have special needs or play a cherished role in your life. The following are options to consider. 

Allocating Money to Others Through Your Will and Trusts

If you do not have a legally valid and updated will in place, this should be your top priority. In addition to providing a detailed inventory of the property and assets you own, it can help make proceedings in the Stark County Probate Court or other jurisdictions less time consuming, costly, and contentious. 

Leaving everything to parents, spouse, or children divide evenly may seem logical, but it neglects to factor in certain situations. Consider making special allocations for the following: 

  • Elderly or disabled loved ones: If you care for someone older or disabled, include provisions for them in your will. You can leave money to an individual or organization to provide for care or place funds in a trust with guidelines on how they should be distributed. 
  • Those experiencing temporary problems: When a loved one suffers from issues such as addiction, you may be reluctant to leave them large amounts in your will. By setting up a trust, you can allocate how distributions are made and provide conditions, such as completing a treatment program. 
  • Special occasions: Regret that you may not be there to see a younger relative graduate college, get married, or buy a home? Share in the occasion by leaving them funds through a trust or in your will. 
  • Pets: Four-legged friends are often our most cherished companions and you want them to be provided for in the event of your passing. Consult with someone you trust regarding ownership duties and leave funds to ensure vet care and food are provided for. 
  • Charitable organizations: In addition to knowing their good works will continue after you are gone, CNBC advises that making a charitable bequest can have tax benefits now. 

Let Our Ohio Estate Planning Attorneys Assist You

As experienced Ohio estate planning attorneys, we can advise you on ways to ensure the people you love are provided for, now and in the years to come. Request a consultation to discuss your particular concerns and contact Fout Law Office. today.

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