Caring for both your children and your aging parents can feel overwhelming. You may be helping with doctor visits, saving up for college or maintaining your home—sometimes all at once. Estate planning can help you manage these responsibilities by providing tools that protect your family and give you more control over your future.
Here is how some simple tools can make a significant difference.
Set up a trust to control your assets
A trust lets you manage how your money is used after you are gone. For example, you can create a trust that pays for your children’s education or your parents’ long-term care.
In Ohio, you can use a revocable living trust to avoid probate and keep your plans private. This tool gives you control while you are alive. It also helps your loved ones avoid court delays after you pass away. Additionally, it can protect your assets from creditors or help if you have a child with special needs to provide for.
Appoint a guardian for your children
If you have minor children, you should name a guardian in your will. It tells the court who should care for your kids if something happens to you. Without a named guardian, a judge will choose one that might not reflect your wishes. On the other hand, planning gives you peace of mind and helps avoid family conflict.
Update your beneficiary designations
Check your life insurance, retirement accounts and bank forms. These beneficiary forms state who gets the money, regardless of what is stated on your will. Make sure the names listed are current. If your situation changes—like finalizing a divorce or a parent becoming dependent on you—update the forms right away.
Estate planning is for today, not just tomorrow
Estate planning is not only about what happens after you pass. It is also about helping you manage your current responsibilities, such as making financial or medical decisions for your parents.
If you are unsure what your next steps are, consider asking for advice from an experienced estate planning attorney. They can help you prepare the correct documents and avoid costly errors. They can also help tailor your plan to your family’s needs. Their guidance can bring clarity to a process that often feels overwhelming.