Estate Planning

Ohio Wills

No one wants to think of the possibility of death, but it is important to make sure that your family and other loved ones are provided for if something should happen to you. If you do not have a Last Will & Testament, then now is the time to give it some serious thought.

If you have made a Last Will & Testament and you want to make changes to it, then do so now because it will be too late to make those changes if something should happen to you.

Always make sure that your wishes are properly documented because the court will look at your Last Will & Testament as the final proof of your wishes regarding the distribution of your estate on your death. Remember, if you don't have a written Last Will & Testament, the court will assess what is to happen to your assets by using state law. The problem with that is state law will probably differ from your wishes are; so, make sure you look seriously at making or revising your Last Will & Testament now.

What is a Will?

A Will (also known as a Last Will & Testament) is a document containing your instructions and wishes as to how your property and assets are to be distributed after your death. A Will can also express a person's wishes concerning who is to be named as guardian of one’s minor children or mentally incapacitated dependents at death.

A Will is a written statement, signed in compliance with the formalities governed by the Ohio Statute of Wills. A Will becomes effective at the date of your death. Thus, you can change it as many times as you would like before your death. Any person of majority age (18 years of age) and of sound mind can create a Will in Ohio.

The people who you want to benefit are naturally called the beneficiaries. The person(s) who you put in charge to administer your estate is called an executor (male) or executrix (female). As creator of the Will, you are called the testator. Once you pass away you are called the decedent.

Your property or possessions will include everything you own, such as your home, land, vehicles, bank accounts, benefits of insurance policies, furniture, boats, investments, shares of stock, jewelry, artwork, and so on. A Will is one method in which you can ensure that your assets will be distributed according to your wishes (and not according to state law) after your death.

What is a Valid Will?

A valid will must have the following features:

1. It must be in writing - handwritten, typed or printed

2. It must be signed with your signature at the end of the document.

3. It must be witnessed by at least two disinterested people present at the time of signing. These witnesses need to acknowledge that they were present and must sign the will as witnesses in your presence.

If your will is not made in this manner then the court may not accept it and it would be unenforceable (the courts will not enforce it). The court has discretion to grant probate (probate is confirmation that the will is valid and accepted) and your possessions could be disposed of as if you hadn't made a will at all. When the court exercises this discretion, it has to be satisfied that the document sets out clearly how you want your assets to be allocated or distributed.

Why Make a Will?

If a person dies without making a will, then the rules according to state law apply. If you die without a will, then you are said to have died "intestate", meaning that your estate will be distributed according to Ohio’s law of decent and distribution. If you die intestate, then the court rules on how things are done, how your property is distributed, and who the beneficiaries would be are set forth for you. The intestacy laws may not be according to your wishes, so dying intestate is not a good position to be in as far as your beneficiaries are concerned.

The following are a few examples of what could happen if you died intestate. You may not be particularly happy about some of them.

1. If you die without a surviving spouse or children, but are survived by your parents, then your parents will generally receive the assets of your estate.

2. If you die and are survived by a surviving spouse, then the whole of your estate will generally pass to your spouse.

3. If you die and are survived by a spouse and children, then your estate will most likely be divided between your spouse and children.

4. If you die without spouse, children or parents, but are survived by brothers and sisters, then your estate will be divided equally among those siblings.

There are a number of reasons why you should make a will as soon as you can.

1. To protect your loved ones - Making a will is one of the ways to be certain that your lifetime's work and assets, built up over the years, are passed on to the people you want. It provides security for your family and those you are responsible for.

2. Smooth transfer of assets - Having a Will enables your assets to be transferred smoothly on your death. You need to prepare a detailed list of your assets, as well as your personal goals before putting your plan in place. Your ultimate plan will involve investment advice and planning so that there is a provision for the orderly transfer of your assets.

3. To secure your children's future - If you have minor children, you may wish to nominate guardians and make arrangements for their support, health and education.

Second marriage - If you are currently in your second marriage, you need a will to protect the members of your new family. A marriage generally invalidates any Will made prior to the date of marriage, so unless you have a new Will including reference to your new family, your new family may not get the protection you want.

Read more about the different Estate Planning services we offer:

Estate Planning & Taxes

Wills

Trusts

Powers of Attorney

At Sheppard Law Offices, Co., L.P.A. we listen, we advocate, and we care about the individuals and families who come to our office. Contact our Columbus (Westerville) or Newark Law Offices to schedule a free one-half (1/2) hour initial consultation. We look forward to serving you.

Contact Sheppard Law Offices and Attorney Kenneth L. Sheppard, Jr. to discuss your particular situation. Call today to schedule your free consultation at 1-877-505-9455.

 

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