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Preparing for your own death may not be the most pleasant way to spend your time, but it’s necessary if you want to ensure your family is protected in the future. Estate planning provides peace of mind knowing your final wishes will be carried out per your instructions, and your loved ones will be taken care of after you’ve passed away. Regardless of your age or wealth, having an estate plan in place is essential.

The legal team at Pater, Pater & Halverson Co. has helped many Hamilton, OH, residents create and manage all the documents they will need to include to ensure every important aspect is covered in their plan. Below, they address a few common questions clients have about estate planning. 

Estate Planning FAQs

Why Is Estate Planning Important?

Estate planning helps to preserve your assets and make sure they are distributed among your beneficiaries to the exact specifications you desire. This keeps your property from ending up in the wrong hands, prevents family disputes, and minimizes the amount of taxes that must be paid on your estate.

What Is the Difference Between a Will & Living Trust?

estate planningOne of the biggest differences between a will and living trust is that you can only appoint guardianship for minor children in a will. A living trust allows you to leave direction for the allocation of your assets like in a will, but it has more flexibility and often eliminates the need to go through probate.

What Is Probate?

Probate is a formal court process that wills must go through to determine their validity. This can be time-consuming and costly, but it helps to avoid any challenges made against your wishes. During probate, your heirs will be identified, taxes and creditors paid, and the transfer of your property will take place. 

Why Should I Hire an Attorney to Help Draft My Estate Plan?

Estate planning is complex and must follow strict guidelines to hold up in court. Working with an attorney will ensure your plan complies with the law to avoid long delays in the distribution of your assets. After your death, they will also help your family navigate the complexities of probate.  

The more you understand the estate planning process, the easier it will be to secure your family’s future. The attorneys at Pater, Pater & Halverson Co. are available to answer any additional questions you have as they thoroughly assess your situation to develop an estate plan to serve your unique needs. Contact them by calling (513) 867-1411, or visit them online to learn more. 

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