Even though it may sound complicated, estate planning does not have to be. Many people in Ohio and the rest of the United States often put off estate planning entirely or deem it so important that they often over complicate decisions to the point where an estate plan is not created. In this post we will quickly talk about a few points that may help you start to think about your estate planning needs.

If you have children under the age of 18, a will is an important estate planning tool because it can name the guardian of your children in case you or your spouse pass away. When it comes to naming a guardian try not to over think it. The first trustworthy person that pops into your head is probably the best person. The most important point is to name a guardian. As circumstances change over time, a new guardian can always be named.

If you own a home or other property, you may want to consider a trust. If your home or other property is jointly owned with a spouse or partner, the property will go through probate upon the second death. A trust may be appropriate if you would like to forego probate.

If you have a fairly modest and simple estate, you may be able to name a beneficiary to all of your assets. If you do not own property, have less than $5 million in assets and your assets are held in bank accounts, brokerage accounts, retirement accounts and credit union shares, then you may be able to name a beneficiary for each account and bypass probate.

When a beneficiary is named on an account, the assets pass to that person upon your death without going through the probate process. To ensure the assets go to the right person, check the names listed as beneficiaries. In such a situation, a will may still be needed to make specific bequests for personal items like family heirlooms or jewelry.

Hopefully talking about these situations will help you think about your estate planning needs.

Source: Forbes, "A common sense approach to estate planning," Nancy Anderson, Jan. 19, 2012