Many falsely assume that only older adults should start the process of estate planning. It’s an unfortunate and sad truth that tragedies occur, so ensuring your affairs are in order is critical to prevent your loved ones from experiencing more loss and sadness following your death. Even so, many adults, young and old, procrastinate this process for a number of reasons. If you’re unsure why planning for the future with the assistance of a Medina, Ohio estate planning lawyer is so crucial, the following blog explores what happens if you pass away with no estate plan in place.
Why Do Many Ignore Estate Planning?
Unfortunately, many avoid estate planning for a number of reasons, many of which are misconceptions. For example, some feel like they do not have enough assets to warrant creating a Will or a Trust. However, this is far from the truth, as estate planning is not only for the wealthy. Leaving Beneficiaries any assets can help support them after your passing.
Additionally, estate planning can be complex, and many do not want to take time out of their busy schedules to plan their estate. However, failure to do so can result in additional stress for you and your loved ones should you fall sick or incapacitated. Planning an estate allows you to prepare for the future, even before you pass, to ensure your wishes are met.
Finally, many do not like thinking about death. While this is unpleasant, it’s important to plan for the worst, especially if you have minor children. Though morbid, you’ll feel peace of mind once you know your estate is in order should you pass.
What Happens if I Have No Estate Plan When I Die?
If you do not have a Will or estate plan when you pass away, you will die in Intestacy. Essentially, this means your property is left to the hands of the state of Ohio to distribute your assets. An estate without a Will or Trust will go through the Probate process, which occurs when the state has to validate your property, pay off debts, inventory the assets, and distribute property according to the Intestate line of succession in Ohio.
It’s important to understand that only assets that endure probate will be subject to Ohio’s Intestate line of succession. As such, the following situations can occur:
- Children but no spouse: Your children inherit everything
- Spouse but no children: Your spouse inherits everything
- Spouse and your shared children: Your spouse inherits everything
- Parents but no spouse: Your parents inherit everything
- A spouse and a child you share with someone else: Your spouse inherits the first $20,000 of your estate and half of the remaining balance, while your child receives the rest of the estate
As you can see, dying without a will leaves your Beneficiaries vulnerable to unfavorable circumstances. Additionally, someone you may not want to receive assets could be entitled to an inheritance simply because they are related to you. That’s why it’s in your best interest to consult an experienced attorney to create an estate plan that reflects your wishes. The team at Krause Law will work with you to explore which options are best for your needs, whether that be a Will, Trust, Power of Attorney, or other option. Contact us today to learn how we can assist you through these challenging times.