Estate planning is one of the most important steps you can take to ensure that your property and assets are distributed according to your wishes. It also allows you to name a guardian for your minor children and specify the type of medical care you do or do not wish to receive if you become incapacitated. Despite the benefits of having a comprehensive estate plan, many Americans delay this process.
If you are one of the approximately 60 percent of Americans who do not have an estate plan, your property will be distributed according to Ohio’s intestate succession laws, which may not reflect your wishes. These laws do not account for gifts to friends, charities, or non-immediate family members. Consulting with an experienced estate planning lawyer can help you create a plan that protects your interests and those of your loved ones.
What Do I Need to Know About Intestate Succession Laws in Ohio?
Under Ohio intestacy laws, if you die without a will or estate plan, your property will pass by “intestate succession” to your heirs. That means your estate will be distributed according to state intestacy laws and not your personal preferences. The probate court determines who inherits your personal property, bank accounts, real estate, and other assets.
If you wanted to leave part of your estate to a close friend, a charitable organization, or a non-immediate family member but do not have a valid estate plan, intestacy laws do not provide for these distributions.
Who Inherits My Estate if I Die Without a Will in Ohio?
Ohio’s intestate succession laws determine who inherits your estate as follows:
If you are married with no children: Your spouse inherits everything.
If you are married with children from your spouse: Your spouse inherits everything.
If you are married with children from a previous relationship:
Your spouse inherits the first $20,000 plus half of the remaining estate.
Your children inherit the rest.
If you are married with multiple children from another relationship:
Your spouse inherits the first $20,000 plus one-third of the remaining estate.
Your children inherit the rest.
If you have children but no spouse: Your children inherit everything.
If you have no spouse or children: Your parents inherit everything.
If your parents are deceased: Your siblings inherit everything.
If no immediate family members survive: Ohio law designates more distant relatives as heirs.
A common misconception is that the state automatically takes ownership of your estate if you die without a will. This only happens if you have no living heirs.
What Are the Most Common Reasons People Delay Estate Planning?
According to a recent survey, only 40 percent of Americans have a will or trust, and the percentage is even lower for younger individuals. Common reasons people delay estate planning include:
“I am too young to think about estate planning.” Many believe estate planning is only necessary later in life. However, accidents and unexpected illnesses can occur at any age.
“Thinking about death is too morbid.” Some people avoid estate planning because it forces them to think about death. However, having a plan in place provides peace of mind for you and your loved ones.
“I do not have enough assets to warrant estate planning.” Estate planning is not just for the wealthy. Even those with modest assets can ensure their belongings go to the right people and make important decisions about guardianship and healthcare directives.
What Should Be Included in an Estate Plan?
A comprehensive estate plan typically includes the following:
Last Will and Testament: A will outlines how you want your assets distributed after death. It also allows you to name a guardian for minor children.
Living Trust: Assets placed in a living trust bypass probate, allowing for a more efficient transfer. As the grantor, you appoint a trustee to manage the assets after your death.
Healthcare Directives and Powers of Attorney:
A living will specifies your medical treatment preferences if you become incapacitated.
A durable power of attorney for healthcare authorizes a trusted person to make medical decisions on your behalf.
Loveland Estate Planning Lawyers at Wolterman Law Office Help Clients Navigate the Estate Planning Process
If you have questions or concerns about setting up an estate plan, the Loveland estate planning lawyers at Wolterman Law Office can guide you through the process. We will help you create a comprehensive plan that protects your assets and ensures your wishes are carried out. To schedule a free, confidential consultation, call us today at 513-790-4207 or contact us online. Our office is located in Loveland, Ohio, and we serve clients in Hamilton County, Fairfield, Norwood, and Forest Park.