What to Consider Before Drafting a Will

Each state has its own laws regarding estates, Wills, and inheritance taxes. Attorneys in Cincinnati who focus on Probate matters are familiar with the particulars of Ohio state law and can cover general concerns for adjacent states.

Some rules regarding Wills are more straightforward, such as requiring the signatures of two witnesses. Other issues can be more complex or less familiar to you. Fortunately, an estate planning lawyer in your area can turn your attention to important considerations, especially those relevant to laws in Ohio or surrounding states.

Estate Tax

The federal government imposes an estate tax, which usually affects the most asset-rich estates. However, several states impose their own estate taxes. While Ohio isn’t one of them, Kentucky is. This difference may matter to you depending on where your beneficiaries live.

Suppose you have one child living in Ohio while the other one calls Kentucky home. In that case, you may want to allocate their shares of your estate differently to account for the state taxes your Kentucky-based child will have to pay.

Limitations of a Will

A Will is powerless in determining the allocation of all your assets. Whether you have a Will, any accounts you have with a joint name will still transfer. The same applies to funds from a 401(k), investment account, or life insurance policy with a named beneficiary.

Because of the transferability of some funds without a Will, an experienced estate attorney will suggest assigning beneficiaries to as many accounts as possible. To further streamline disbursement after your death, consider setting up payable-on-death (POD) accounts that allow your beneficiaries to access their money without waiting for your estate to go through probate court. Many states, including Ohio and Indiana, will also let you set up transfer-on-death (TOD) deeds for real estate and property like cars, boats, and recreational vehicles.

Probate and Will Assistance in Cincinnati

The law firm of Donnellon, Donnellon & Miller has estate planning lawyers in your town who can help you draft your Will. They can also assist with other arrangements for transferring your assets and property in case of incapacitation or death. To schedule an appointment or get answers to your questions, call us today at 513.891.7087. You can also complete our online contact form.