You have spent a lifetime amassing assets, and you may want to ensure your loved ones receive them after you pass. While you could administer money, real estate, business holdings, and treasured heirlooms over the years, using a will to distribute assets after death can help ensure your estate is inherited according to your wishes. Your gifts, passed down to family members and beloved friends, carry fond memories and reflect the legacy of support you have provided. Our skilled estate planning attorneys know how to draft a will that ensures your estate is handled properly.
Failing to create a will means dying intestate, leaving the state to allocate by statute who receives your assets. Do not put this task off until it is too late. A Dublin, OH wills lawyer could help you prepare for the future with peace of mind.
What Information Is Included in a Will?
Our attorneys could customize your will and all estate planning documents according to your goals and assets. Information that commonly appears in wills includes:
- The name of the executor, a trusted person who collects, values, and distributes your assets according to your wishes and will
- A list of your assets and the people you want to bequeath them to
- Specific mementoes, such as family heirloom jewelry, and who will receive them
- The disposition of your business interests if you do not have a business succession agreement in place
- Your wishes for burial or cremation
- Gifts to charities
- Instructions for the care of family pets
Creating a will is a gesture of care for your loved ones, as it helps avoid infighting at an emotionally fraught time. Once your will is in place, you will know your loved ones are taken care of, even in your absence. Schedule your confidential consultation with a wills attorney in Dublin, OH to learn more.
Passing Through Probate
Wills deal with probate assets. Probate assets are those that are not designated by contract to be transferred to a specific person upon death. These assets also must be in your name, and your name alone, at the time you pass away. For example, real estate, cars, and general household belongings are generally probate assets.
Some people may want to avoid probate because of the length of time the process takes and the expenses involved in it. A skilled wills attorney in Dublin, OH could discuss with you the different options you have and the tools that are available to you.
Some Assets Are Not Conveyed Through a Will
Your will does not govern the distribution of all your assets. For example:
- One of the most significant exceptions is the marital home, which, if it has a joint tenancy title, will often transfer automatically to your spouse upon your death
- Retirement accounts and insurance policies generally name beneficiaries at the time they are adopted, and because an insurance payout is not an asset you own, it is not distributed through a will
- You may also have bank accounts with pay-on-death designations, allowing your bank to distribute outside of probate
We have Certified Financial Planners and advisors on staff through our sister company, Advocate Wealth Solutions. Together, we can help you make informed decisions about beneficiary designations and how to allocate assets to best benefit your loved ones.
The Job of the Executor
The executor of your will works with the Probate Court in the county where you pass away to carry out your wishes and distribute your assets. A wills lawyer in Dublin, OH could help you nominate this person in your will. In Ohio, the courts prefer the executor to be a resident of Ohio, so that they are subject to this court’s jurisdiction. If the executor is not a resident of Ohio, the court may appoint a co-executor for you.
Under the guidance of the probate court in the county where you pass away, the executor will need to figure out what your assets are, pay any of your outstanding bills from those assets, and follow the instructions outlined in your will.
The executor declared in your will is not required to be bonded. “Bond” in this sense is similar to the type of bond you think of when someone leaves jail. The bond acts as an insurance policy should the executor run off with your assets. However, this bond costs money that will be taken out of your estate before distribution to your heirs. If you choose someone you trust to be the executor, you likely will not want to bond this person. By declaring an executor and waiving bond, you can reduce the cost of probating your estate significantly. Thus, leaving more money and assets for your heirs.
Challenging a Will
Certain formalities must be followed when creating a will. In Ohio, two disinterested parties are required to witness you sign the will. By definition, family members and others who stand to benefit under your will are interested parties.
You are also required to be of “sound mind” when you sign it. To be of “sound mind,” you must understand who your natural heirs are and the nature of your estate in terms of your assets. If you are of sound mind and not under the undue influence of others, then your will is legally enforceable in the probate court.
When there are questions regarding whether you were of sound mind, if the legal formalities were abided by, and/or if you were subject to the undue influence of others, a will contest can take place.
This process can greatly divide families and is expensive to try to resolve. This is another reason why it is important to speak with an experienced Dublin, OH attorney about creating your will. They will ensure that all the legal formalities are followed and that your documents make your wishes very clear.
The Pitfalls of Dying Intestate
Dying intestate, or without a will, often leads to disputes among family members, especially if their loved one made verbal promises about what they may inherit. Other consequences that may be less obvious include the possibility of an estranged spouse inheriting a portion of your estate before a finalized divorce.
If a person dies without a will and has no children or only has children with their surviving spouse, Ohio Revised Code § 2105.06 states that the surviving spouse inherits the entire estate. However, if there are children from a prior marriage, the court uses a formula to divide the estate accordingly. Our Dublin, OH attorneys could help you avoid this complexity by drafting a will.
Let a Dublin, OH Wills Attorney Safeguard Your Assets
Creating a will can help you build generational wealth, allowing your spouse, children, and grandchildren to enjoy stable, comfortable lives after you have passed on. With guidance from DuPont Law Group’s Dublin, OH wills lawyers, you could establish a solid foundation for your future and for those who will benefit from the assets you have worked hard to accumulate throughout your life. Contact us today to schedule a consultation about your family’s future.
Greg DuPont, JD, CFP®, is a well-respected estate attorney, financial advisor, public speaker, and published author. He centers his multiple businesses around education, guidance, and relationship-building. This comprehensive combination gives him, and his team, the opportunity to effectively serve both individuals and their families. He is a life-long resident of Central Ohio and spends the majority of his time with his wife, Julia, and daughter, Sophie.
