If you want your wishes to be respected when you are gone, it is essential to make your will. Creating a will should be a priority, so you have a say in how your assets are distributed. Talk to a Cortland estate planning attorney at The Law Office of John C. Grundy for assistance today.
What Happens When You Do Not Have A Will
Dying without a will – also called dying intestate – means your property and money may not end up where you want them when you pass on. When you pass away without a will, your assets are frozen by the courts as they go through every detail of your financial and property affairs. The court then will apply the intestacy laws to decide how your assets will be allocated to heirs. This process takes time and is difficult for your surviving family. The Ohio intestate laws state the following if you die without a will:
- If you have a surviving spouse and no children, the entire estate goes to the spouse.
- If you do not have a surviving spouse and there are children, your assets are divided among all of them; that is to say that your surviving spouse will not inherit everything.
- If you do not have a spouse or children, your parents inherit your assets; then siblings; then nieces and nephews, etc.
- If the court cannot find any living relatives, the State of Ohio inherits your estate.
Many of us would want our assets to go to our spouses and children. Setting up a will ensures your assets will be distributed how you want. The state government will inherit everything you own if you have no close relatives. That is different from what most people want. Your will can designate a charity to donate your asset if you have no living relatives.
How Intestate Succession Works
If you are the loved one of someone who passed on without a will, it is critical to understand how the property will be distributed. First, just because you are administering the estate does not mean you will inherit money or property. You may step up and deal with the legal headaches, but in the end, you could end up with nothing. That is because, without a will, the State of Ohio will follow the rules mentioned above, no matter who does the estate work.
It is always best to hire a Cortland estate planning attorney to avoid dying without a will. You also should have the will updated every few years to reflect life changes, such as divorce, marriage, the birth of children, etc.
Talk To A Cortland Estate Planning Attorney Today
No matter where you are in life, it is always wise to have a will. If you pass away without a will, the courts will decide how to distribute assets to your heirs. The Law Office of John C. Grundy can help you with writing your will, trust, and handling other vital estate planning.
Our Cortland estate planning attorneys also serve Akron, Youngstown, Niles, Warren, Kent, and Aurora. Contact our estate planning attorneys for help with writing your will.