If you’re like most people, the idea of planning your estate is incredibly overwhelming. As such, you may assume that it’s easiest to avoid estate planning and pass away with no established Will. However, understanding what happens if you die without a Will is critical to understanding the importance of estate planning. Additionally, if you pass away without a Will or living relatives, the matter becomes even more complicated. As such, the following blog covers what you should know about these difficult issues and why working with a Medina County, Ohio Will preparation attorney is critical to help you through this process to protect your assets.
What Happens if Someone Dies With No Will or Living Relatives?
When someone passes away without an established Will or estate plan, the state of Ohio will take control of their estate. The will distribute the assets left behind according to the Ohio Intestate Line of Succession. Generally, if you have a spouse and children, they will receive predetermined portions of your estate, depending on who you are survived by. If you have no spouse or children, your parents will inherit your estate, followed by any siblings if your parents have passed.
However, if you have no living relatives, your property will be assumed by the state. It’s important to note that the state will look for anyone even remotely related to you to pass your estate to if you have no immediate living relatives.
How Can I Take Control of My Assets?
If you’re ready to plan your estate so your hard-earned assets don’t end up in the hands of the state, you can create a Will to ensure your property is distributed according to your wishes. Generally, dividing your assets among your relatives or loved ones is the most common option for those looking to leave their assets to beneficiaries.
However, you can include a clause in your estate plan that if you have no living relatives or loved ones at the time of your passing, meaning your estate would end up in the hands of the state, you would like your property donated to charity or any other organization you hold near to your heart.
If you are interested in creating a Will, it’s imperative to do so under the guidance of an experienced estate planning attorney. Unfortunately, trying to establish a Will or other estate planning document on your own can lead to serious consequences, as you may find that you made an error that resulted in your plan being deemed invalid.
When you’re ready to plan your estate, the team at Krause Law is here to help. We understand how complex this process can be, which is why we are proud to guide you through these matters to help you achieve peace of mind that your assets will be handled according to your wishes upon your passing. Contact our office today to learn how we can help you through these challenging issues.