Understanding The Importance Of A Will
Most people may have an idea of what purpose a last will or “will” serves. A will is one of the several legal documents or “instruments” that comprise an estate plan. A will allows you to express your wishes regarding the transfer of your assets when you die. It is also the document wherein you appoint a person you trust as your personal representative or executor.
A personal representative or executor is responsible for completing a person’s final affairs, including inventorying and paying final debts, filing final state and federal tax returns if necessary, lodging the will in the probate court and initiating the probate process.
If you have children who are minors, a will can include a section for nominating your choice of guardian for their care if you and the children’s other parent die. Your will can also include your instructions for funeral arrangements or your burial instructions.
If you die without a will, your assets will be subject to distribution under Ohio’s probate laws. For some, this could be a devastating outcome as family members under the law could inherit and not the people you did wish to have your assets. In conjunction with a will, it is also recommended to create powers of attorney and a living will in the event of your incapacity.
Understanding The Importance Of A Will
Most people may have an idea of what purpose a last will or “will” serves. A will is one of the several legal documents or “instruments” that comprise an estate plan. A will allows you to express your wishes regarding the transfer of your assets when you die. It is also the document wherein you appoint a person you trust as your personal representative or executor.
A personal representative or executor is responsible for completing a person’s final affairs, including inventorying and paying final debts, filing final state and federal tax returns if necessary, lodging the will in the probate court and initiating the probate process.
If you have children who are minors, a will can include a section for nominating your choice of guardian for their care if you and the children’s other parent die. Your will can also include your instructions for funeral arrangements or your burial instructions.
If you die without a will, your assets will be subject to distribution under Ohio’s probate laws. For some, this could be a devastating outcome as family members under the law could inherit and not the people you did wish to have your assets. In conjunction with a will, it is also recommended to create powers of attorney and a living will in the event of your incapacity.
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