Whether you are young or old, rich or poor, working or unemployed, a parent, uncle or aunt, son or daughter, you should always consider making a will a priority. Why, you ask? That is just what I’m about to tell you in this blurb. When you die without a will in Ohio, the laws of intestacy are triggered. Intestacy is defined literally as the state of dying without a will. In Ohio, the laws of intestacy can distribute your property in various ways depending on your family structure at death. First, if you are single with absolutely no living relatives and without a will, the State of Ohio takes your whole estate. Imagine everything you own being liquidated, or sold and turned into cash, and then the check being handed over to the state government. Many people would not be happy with that scenario, although some would want to make a donation to Ohio. It just depends on your viewpoint. Second, if you are unmarried with a significant other and without a will, your significant other will not be receiving anything at your death. If you are not related by law or blood, that person will receive nothing. If you share a home together, but the home is in your name only, that person will have no automatic right to remain living there. They will now have to work out a deal with one of your family members to see whether they can still live there. If the house is paid for, your significant other may have to begin paying rent to your family member in order to stay there. That would be something that would not settle well with most people as you want to take care of the people you love, married or not. Third, if you are unmarried and have children, your children will receive all of your estate; however, the person in charge of managing it for them will be court-appointed. That means your various family members or, if there are none, a professional in the community, will be in charge of your children’s finances. There will also be a court-appointed person in charge of their upbringing and well-being. The obvious choice would be the other biological parent. So you have to ask yourself, do you get along with this person? Do they have the maturity, level of responsibility, and lifestyle suited to rear children? Maybe; but maybe not. If that person is out of the picture, then the court will look at various family members, and the question ends up being the same: can they handle children and rear them in the fashion that you would have had you remained alive? If you are hoping the woman across the street who attends your church, is like a grandmother to your children, and babysits them on a daily basis will be an option, you are mistaken. She has no blood relation, and is not as qualified to handle finances either. She will have a tougher time arguing her eligibility and qualifications. On the other hand, if you had made a will and appointed her as guardian of your children, then the Court will see that as evidence that you believe she is qualified and considering her will be much more likely. Children make it very important that you have a will in place for taking care of them if something were to happen to you and your spouse. Obviously, if you are married and your spouse outlives you, they would be in charge of your children’s well-being. What happens if you and your spouse die in an accident of some sort? In that case, you are both seen as predeceasing one another under Ohio law titled “Simultaneous Death Act.” You end up running into the same problem as the single mother or father example above. Some people have responsible parents that can care for their children; others do not. If you were the person who had to be the “parent” to your parent growing up, then you know what I am talking about. A lot of people look great on paper or can play the responsible person for the Court. That does not make them qualified to rear your children in your absence. Unfortunately, the Court has to decide a high volume of these custody and guardian cases; some fall through the cracks and result in a wrong decision. Do not let that happen to your child. Finally, if you are unmarried but you have a varied family structure, the law works in differing way. If you have one or both parents still living, they get everything. If neither parent is alive but you have one sibling, they get everything; however, if you have more than one sibling, they share it all equally. Are you thinking—wait a minute! I do not get along with so-and-so! Does not matter. So-and-so just took a share of your estate anyway. With a will, you can state to whom you want your estate to go to, and it does not have to be a family relative. It can be your best friend, your distant cousin, your church or a group within your church, an SPCA or other charity, or even a neighbor. It is whomever you direct your personal representative to give your estate to, and that is it. Wouldn’t that be nice to do to those you leave behind? Organize everything in advance so that they are not stressed and wondering what they are supposed to do now? Wouldn’t it be nice to have your own peace of mind, knowing that you have taken care of everyone you wished to in your life? And if you are thinking, “man, I just don’t have enough of anything to take care of anyone.” I say to you: that is not always true. Anything can happen. You could purchase the winning lotto ticket moments before stepping out into the crosswalk on a red light when someone fails to see you. You could have more in your 401-k or pension than you realize. Frankly, investments are confusing and who is to say you do not own stock in a company you work for that goes HUGE right before you die? So, there are a million ways that you could become a millionaire. Stranger things have happened. Come in and see us and we will help you manage your what-ifs of the future.
Posted on: Wed, 19 Mar 2014 17:51:52 +0000
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