A will helps to ensure that upon your death your assets will be transferred according to the wishes that you have. In the event that you pass away without a will, your assets will pass down according to the state’s individual laws on intestacy. When putting together a will there are four key things you need to keep in mind, including:
- Putting together a document that you will use to designate a guardian for your minor children. In the event that your family includes minor children your will, will allow you to name someone else to assume responsibility for these children until they reach the age of maturity.
- Keep your will in a secure location. The signed and original document should be stored in safe keeping such as in a bank safe deposit box.
- Choose an executor to administer the estate. This could be a professional executor, a trusted friend or a family member. You might also wish to name a successor executor.
- Understand that your estate may still be subject to probate. Probate is the official court process to ensure the payment of your debts and an orderly transfer of your assets. There are certain assets that may pass outside of the probate process including insurance policies, annuities, property inside a living trust, qualified retirement plans, and property held in joint tenancy.
To learn more about how a will can assist you, consult with an experienced estate planning attorney today. An experienced lawyer in Ohio can help you whether you need a will or more comprehensive estate planning or elder planning assistance.