One of the most common misconceptions regarding the creation of a Will is that only the elderly or ultra-wealthy should establish plans. However, this is far from the truth, as everyone can benefit from starting estate planning early. It is important to understand, however, that you should not rush this process, as you risk making common mistakes that can impact the outcome of your Will. The following blog explores what you should know about these matters, including the importance of discussing your options with a Medina County, Ohio Will lawyer.
What Is the Function of a Will?
A Will is generally regarded as one of the most crucial estate planning documents one can have, as it sets the foundation for the rest of the plan. Generally, the purpose of a Will is to detail how you would like your assets distributed upon your passing. This allows you to describe, in detail, which of your Beneficiaries is to receive which assets. In addition, you can include terms regarding the guardianship of your minor children and burial wishes.
Without a Will in place, your estate will be assumed by the state as you will have been considered to have died Intestate. As such, your assets will be distributed according to state laws rather than your wishes. Under Ohio’s Intestate Succession laws, if you have children but no spouse, your children will receive everything. If the opposite is true, your spouse will receive everything. However, if you have both a surviving spouse and children, your spouse will receive the first $20,000 from the estate and half of the remaining balance, while your children receive the rest. Without a spouse or children, your parents, siblings, grandparents, aunts, uncles, and cousins are all eligible to receive portions of your estate. This means your assets could end up in the hands of someone you did not want to include in your Will.
What Mistakes Are Commonly Made When Creating a Will?
One common mistake many make when establishing a Will is failing to carefully consider who should serve as their Executor. This role is incredibly important, as this individual is responsible for ensuring that your assets are handled in accordance with the terms and conditions of your plan while also ensuring the legal process of estate distribution is carefully followed. As such, simply appointing anyone to this role can result in your estate being handled improperly.
However, by far, the most common mistake is also one of the most impactful. Unfortunately, many fail to consult an attorney during this process, opting to draft a Will on their own. While this may seem like a good way to save money, as there are a number of online templates available, without legal advice, you may make mistakes and errors that invalidate your Will, leaving your assets and loved ones vulnerable upon your passing.
As such, it is imperative to connect with an experienced attorney from Krause Law if you are ready to plan your estate. Our team can help guide you through this process so you can ensure the property and people that matter most to you are protected upon your passing. Contact us today to learn how we can assist you.
