Thinking about your death and what the future will hold for your loved ones is scary. Not planning for the future, however, might be even scarier, especially for those you leave behind.
Most everyone owns property, which makes up their estate. An estate may include money, investment accounts, real estate, vehicles, and other tangible property. Many people also have minor children for whom they’re responsible. What happens to your estate and to your minor children when you pass away depends on how you prepare.
Having a will is the best way to ensure that your wishes are followed as to your property and your minor children. To be legally valid and enforceable, a will must be in writing, signed by you and also by an uninterested witness, and must be made while you are of sound mind and body. If these element aren’t met, the will may not be legally binding.
Wills can be intricate, especially if you have a large estate. To ensure that your will is valid, and that your wishes will be followed, it’s a good idea to consult with an attorney with whom you’re comfortable. Prior to meeting with your attorney, make a list of your assets and debts. After you’ve documented your debts and assets your attorney will quickly be able to draft a suitable will. If you later decide to change your will, you can easily do so by calling or visiting with your attorney again. Once you’re satisfied with your will, be sure to give it to someone, like your financial planner, who will be able to locate it and make sure it is enforced after you’re gone.
A will may seem unnecessary, or something you’d rather not think about. But it can be helpful and reassuring to your loved ones. The ones you leave behind will appreciate a smoother transition to life without you, and you’ll rest easier knowing that your property and your minor children will be cared for in the way you choose.
If you chose not to have a will, or if you die before drafting a will, various state laws will govern the distribution of your property and other assets. Ohio’s intestacy laws can be found in the Revised Code Chapter 2105. The intestacy laws operate essentially like a will for people who don’t have one. When someone dies intestate (without a will) Ohio law provides a formula to determine who gets what, depending upon who survives you, and upon their relationship to you at the time of your death.
In Ohio, if you die without a spouse, but with children, your children will inherit everything. If you have a spouse, but no children, then your spouse will inherit everything. If you have both a spouse and children, then your spouse will receive a specified amount (usually $20,000 or $30,000 depending on how many children you leave behind) and the rest of your estate will be divided among your spouse and children. If you’re not married and have no children at the time of your death, then your estate will go to your parents. If you leave behind no spouse, no children, and no parents, then your siblings will inherit your estate. The formula continues through your immediate family, then to your extended family. If you pass away with no family whatsoever, your property will escheat to the state. The intestacy laws are designed to avoid involvement from the state, though that possibility still exists.
Making a will and planning for the future is something people don’t like to think about. Death is scary and uncertain. While it may be unpleasant, it’s important for your loved ones that you plan for the future. Making a will offers peace of mind to you and your family to know that everything you’ve worked for will be distributed as planned.
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