Over the course of your lifetime, you probably now have a home or two, a 401 K retirement plan, a possible business, stocks, money saved away, and more. While there is no right time to put together a will, you don’t necessarily want to wait until it is too late and you aren’t physically able to make certain decisions on where your assets will go once you die. Of course a will isn’t a requirement as the state of Ohio has laws and regulations on how your wealth will be transferred, but shouldn’t you be the one to decide this?
An estate plan is going to encompass a number of different things which include:
- Your living will which can be used to designate power of attorney, guardianship over your children, and more.
- Who is going to receive your assets and how you want them to acquire this wealth.
- Will your tangible assets go to friends or family, or both?
- Name your executor who is going to be responsible for carrying out the probate process. This person is rather important as they not only can make certain decisions, but can also help avoid disagreements.
- Name a guardian, especially if you have a disabled child in the event you pass away.
- Provide a trust for individuals who you want to directly receive assets and avoid going through the probate process.
- Decide if you want heirs to inherit real estate or executor to sell your home
The most efficient way of ensuring yours has everything it needs is simply by hiring an estate planning lawyer in Ohio to check. While you may be able to write your will up on your own, don’t you want to be certain that it will hold up in court?
Common Complications that Arise with Estate Planning
Not only can an Ohio will and estate planning attorney assure your will meets all state requirements, but they can also help you avoid making any mistakes. For instance, one common mistake people make is providing a verbal demand. For example, if a parent wishes to have their assets split among their children, but then states it in a differ manner in their will, whatever is listed in the terms of the will is what is going to go into effect. So if you have taken the time to designate a bank account to each child with different amounts, that is what they are going to receive, regardless of whether or not you wanted your money to be divided evenly among them.
With the legal expertise and guidance Ohio trusts and estate planning lawyers can offer, you could be on your way to having a legal and legitimate estate plan. USAttorneys.com specializes in connecting individuals such as yourself with these reputable professionals and will gladly assist you in the event you need our help too.