A will gives you control over how your property and belongings are distributed. So what you want to happen, happens. Wills can benefit most people, particularly if you own a home or property. If you pass away without a valid will then under Ohio law you are considered to have died "intestate." Meaning, Ohio statutes will decide how your assets are distributed.
There are two things I hear a lot from clients. First, "I do not need a will yet." Yet? No offense but what are you waiting for? Wills are not reserved for the old and sick. Wills benefit all people and all ages.
Second thing I hear is, "Won't my wife/husband just get everything when I die?" Simply put: No. There is a big misconception that all of your assets automatically become your living spouses once you pass away. While I recognize that common sense would dictate this, the law does not. The reality is that under Ohio law, unless you have a will stating that your entire estate should pass to your living spouse, he or she will only receive a portion of the estate. Crazy? Right. This is probably the single most important reason why a will is necessary. Ohio intestate law is rather complex. A will can ensure your property is distributed how you wish and can help avoid the complicated applicable intestate succession laws.
Sure, thinking about the future after you have passed away can seem morbid. However, estate planning is a smart conversation that everyone should have. By asking questions now regarding your estate and having a plan in place you can eliminate the "what-ifs" from you and your loved one's minds. A will and other estate planning tools will take the guess work out of what will happen to your assets down the road.
If you need an attorney to assist you in estate planning please contact our office for a complimentary consultation at 859-982-9557 or email [email protected]