Why do you need a will in Ohio?
There are numerous reasons why everyone should take the time to have a will prepared. In this article, we will recap the five reasons why you need a will in Ohio.
5 Reasons Why You Need a Will in Ohio
1. Peace of Mind – First, and foremost, is the peace of mind that a well thought out and properly executed will provides.
2. Naming Rights – By having a will in Ohio, you are the one who gets to name your state’s successor executor and executor, the option to waive the requirement for an executor to post a bond, and the powers granted to the executor. The State of Ohio will do this for you when there is no will.
3. Guardians of Minor Children – A will allows the parents of (minor) children to appoint and name guardians. If necessary, you can also appoint successor guardians (for example, if the original guardians are unwilling or not able to serve). If you do not have a will, it is possible that litigation could occur. In which case, a temporary guardian could be specified by the State of Ohio.
4. Property Management & Distribution – A will in the State of Ohio makes it possible to appoint a person to oversee property management and distribution. This person could be someone different from those appointed as guardians of your children.
5. Answers to Other Questions – A will in Ohio can also provide answers to other numerous questions that may arise after your death. For example, will a trust be created? How will debts be paid and managed? How are estate taxes to be allocated?
Periodic Will Review
One final note. It’s important to periodically review your will. As your life changes, so should your will. New children, property acquisitions or sales, and new business ventures are just a few of the things that should be considered.
Have questions about your will? We’re here to help. Please contact our firm to ask us your questions or to schedule a consultation.