Wills
A Last Will and Testament is a legal document that allows you to direct how your estate will be administrated and your assets distributed after death. It is a written declaration of what you want to happen to your assets after you die.
We explain to clients - why you need a Will?
Estate Administration: Through your Will you can choose the beneficiaries of your estate, and designate an Executor to collect, manage, and distribute the assets of you estate in accordance with your wishes. Your executor should be the person you trust the most and who is able and willing to do the job.
Guardianship for Minors: If you have minor children, your Will also allows you to name a guardian of your own choosing, and vest the guardian with power to act in the best interest of your children, without undue interference by the probate court. You cannot use any other device for this purpose. Also in your will you can appoint a property guardian for your children, to manage any of their property not otherwise legally supervised by an adult.
Tax Planning: There are numerous tax saving arrangements that can be implemented under a will. Two of the most important are: (1) making sure that the unlimited marital deduction is used to its best advantage; and (2) that the unified tax credit is not wasted.
- The Unlimited Marital Deduction allows you during your life or upon your death to pass an unlimited amount of property to your spouse free of federal gift or estate taxes.
- The Unified Tax Credit entitles you to a $5 million dollar tax credit than can exempt a portion or all of your estate from estate and gift taxation.
We explain to clients what can happen when you die without a Will.
Dying without a will is known as dying intestate and in the absence of a Will, the State of Ohio dictates who your beneficiaries will be and how they will share your estate according to what is known as the Statute of Descent and Distribution. The probate court will also choose an Administrator for your estate, and if needed, a guardian for your minor children. If you have no known survivors or next of kin, the assets of your estate will Escheat to the state of Ohio. Thus, when you do not have a will you give up the right to:
- Choose the beneficiaries of your estate,
- Make gifts to friends,
- Name an executor who will ensure that your wishes are carried out,
- Name a guardian for your minor children, and
- Preserve tax planning strategies which reduce or eliminate taxes
