some things to know about estate planning

Estate planning is an important part of an overall financial plan. It allows you to make decisions about taking care of the people who mean the most to you. It also lets you decide how everything you own will be distributed to your loved ones. Your estate plan makes it easier for those who will settle your affairs after you’re gone.

What is an estate?
An estate consists of your assets including life insurance, financial accounts, Social Security, pension and profit-sharing plans, stocks, bonds, real estate, employee benefits, business interests and investments. Everyone who has financial interests should have an estate plan.

Why have an estate plan?
An estate plan allows you to manage and preserve your wealth and consider tax implications so your heirs won’t have to.

“We try to emphasize the importance of planning the transfer of your property to whomever is selected so that taxes and expenses are minimized,” said Ed Zwolensky, financial sales consultant at Nationwide Insurance. “We work with people to ensure their needs are met when it comes to making decisions about their estate.”

How to develop an estate plan
Estate planning is very personal and can be simple or complex, so it’s best to work with a team of professionals such as an attorney, tax consultant, investment adviser and insurance professional. They will help you put together a plan to protect your loved ones and your assets from financial repercussions you cannot control without an estate plan.

Make a will
A key component of an estate plan is your will. A will is a written instrument through which you can direct the disposition of your property.

If you don’t have a will, heirs will not be able to sell, distribute or handle any property without asking a court for the authority to do so. This can be extremely expensive and time consuming. Estate and inheritance taxes could be higher, too.

Keep your will up to date
Wills should be reviewed periodically, especially if circumstances change that affect the conditions in the will. The following changes should cause you to look at your will:

• Change of beneficiaries

• Executor dies

• Change in family situation (marriage, divorce, children)

• Change in financial situation

Your estate plan should include life insurance to protect your family’s financial interests upon your death. An insurance professional can help you decide which type of life insurance fits best into your financial plan and will work closely with the rest of the planning team to help ensure financial security for your family.

For more information on estate plans, contact a Nationwide Insurance agent or visit www.nationwide.com/ofbf

Contributed by Nationwide Mutual Insurance Company, which is endorsed by Ohio Farm Bureau.

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