Planning an estate becomes a necessary part of life as we get older. Because something must happen to our possessions after we die, it is essential for individuals to plan for the transfer of their assets to family, friends, or charity.
But crafting a will doesn’t have to be a headache. The Dayton estate planning lawyers at Wiggins and Hall can help guide you through the process with little to no hassle. Their expertise is your benefit.
Why Do I Need a Will?
When a person dies, their property and assets must be transferred to another party. Without a will that specifically lays out the intent of the deceased, your probate estate is subject to the Ohio Intestacy laws. These default rules mean that you will have no say in the people who will inherit your estate.
Ohio’s Intestacy laws distribute all property and assets of the deceased to the surviving spouse, next of kin or other heirs whom you may not have chosen. In the event that no living family members exist, your assets will escheat (be surrendered) to the state. Second marriages, adoptions, a desire to provide for step-children, and other issues facing today’s families are not adequately provided for in Ohio’s default distribution scheme.
The Dayton estate planning lawyers at Wiggins and Hall can help you determine how to settle your affairs so that your wishes are honored and there is no confusion regarding the division of your assets.
What Goes Into Creating a Will?
There are several pieces that must come together when creating a will. These can include:
- Naming an executor: The executor of your will is in charge of ensuring that all the terms and requirements that you lay forth are carried out correctly.
- Naming a personal guardian: If you have minor children, you should name a legal guardian that will take responsibility for them.
- Divide financial assets and property to one or multiple beneficiaries: You may leave some or all of your estate to chosen beneficiaries. For example, many families leave a modest financial gift to a friend or their favorite charity, with the remainder of their estate being split among their children. Anything that you do not specifically distribute will is typically distributed to your residuary beneficiaries in equal shares.
A lot goes into the process, but our Dayton estate planning lawyers can easily guide you through the process.
Is it Necessary to Hire a Lawyer When Creating a Will?
No, a lawyer is not a necessary part of the process. However, just like with any legal process, there is always the chance that something can go wrong. If you do not properly plan your estate, you could end up with a will that is either contested or voided after your death.
For instance, you must sign your will in front of two witnesses, who must also add their signatures to the document. There are many specifics that must be handled in the correct manner so as to make the document legal and binding.
The Dayton estate planning lawyers at Wiggins and Hall know how important your will is to the future of your family and friends. We will make sure that everything is in order so that you can rest easy knowing that your estate will be carefully divided as per your exact wishes.
For more information on planning your estate or to speak with an attorney, give us a call at (888) 474-0703.