Why Having a Will Is Important for Your Family

No one wants to consider what will happen to their families when they pass away. That’s why many people don’t think about creating a Will until it’s too late. However, you may be surprised at how much you could benefit from having a Will, regardless of your socioeconomic standing.

If you own property or care for dependents, you need a Will. Creating a Will and making other plans for your estate make your wishes legally binding, and they help you dictate your estate’s management in the most precise terms. Drafting a Will is a proactive step that brings you and your family peace of mind.

What Will Happen If I Don’t Have a Will When I Die?

If you live in Ohio and die without leaving a Will, your county’s probate court will obtain jurisdiction over your estate, including any assets titled in your name. The court will appoint an administrator of your estate, and this person must know and follow Ohio probate laws covering asset distribution. The administrator is also responsible for paying any remaining debts from assets that are part of your estate.

Without a Will in place, your assets may not go where you would have wanted them to after you’re gone. What this means is that you have no decision-making power in terms of asset allocation. That power belongs to the state. On the contrary, proper estate planning ensures your money and assets get distributed according to your wishes.

How the Lack of a Will Affects Survivors

If there’s no Will at the time of your death or incapacitation, the court could split up your assets among your surviving spouse and any children, regardless of age. If you—the decedent—had no spouse or children, your estate would likely go to any surviving parents and siblings. However, this is not a guaranteed outcome.

Without a valid Will, there’s potential for conflict and bitterness among your survivors. Perhaps the most troubling outcome is when a spouse doesn’t receive the inheritance intended for them, even if the decedent verbally expressed this intention at one time. This oversight can leave a spouse disillusioned, bitter, or worse, in poverty or financial hardship. It also means that the surviving children will likely argue about who is entitled to a share of the decedent’s assets or personal property like a car or house.

Making a Will is the only way to guarantee that your funds, assets, and property will go to the people you designate. With the help of your estate attorney, you can draw up a Will that makes it clear how you want to distribute each asset or item. Only then can you be assured that your family can avoid conflict and won’t have to worry about their future after you’re gone.

Get Help from an Estate Lawyer Close to Home

One of the most important things you can do for your loved ones is protect their financial future, even in your absence. To find a Cincinnati attorney to meet your Will and Estate Planning needs, contact Donnellon, Donnellon & Miller today at 513.891.7087 or use our contact form to schedule your initial consultation.