Prepare a Will in Dayton, Ohio

Will in Dayton Ohio

A Last Will and Testament is a document that every adult should have, and, surprisingly, most individuals do not have one.  A Last Will and Testament, or “will” for short, is a document directing the disposition of one’s assets after one’s death.  A will does not control those assets held in a trust, those assets with payable on death or transfer on death beneficiaries designated (provided the beneficiary survives the decedent) or those assets held in joint tenancy with rights of survivorship (provided the joint tenant survives the decedent).  No matter how well one plans, however, it is not unusual for an asset or assets to be held in the decedent’s name alone at the time of death.  Refund checks and unknown assets often fit into this category.  Also, assets where the co-owner or beneficiary predeceased the individual fit into this category.  Also, depending on the intended beneficiaries, it is impractical to have joint owners or beneficiary designations.  This is when the will becomes critical.

As stated above, a will dictates how one’s assets, after payment of debts, should be distributed at the time of death.  If one does not have a will, those assets in decedent’s name will be distributed to decedent’s next of kin in accordance with Ohio’s statute of descent and distribution.  These may or may not be the individuals that the decedent would have wanted to receive them.  Also, if the decedent has minor children, without a will in Dayton Ohio, any distributions to minors will have to be placed in a guardianship until the child is an adult, at which time, the child will receive the entire amount.  With a will, a testamentary trust can be created to allow for distributions over a period of time or allow for the assets to be used for specific purposes.  This can be established for both minor and adult intended beneficiaries.

A will can also designate whom the decedent would like to be appointed as guardian for any minor children until the children reach age eighteen.  Although the Probate Court ultimately has to approve any guardian, such a designation carries much weight.

One of the greatest advantages of a will is the designation of an executor.  By choosing an executor, to serve without bond, the decedent has chosen an individual whom one trusts to carry out his/her wishes.  By serving without bond, the estate does not have to pay for the executor to be bonded by an insurance company.  The executor is also usually granted broad powers in the will to carry out the executor’s duties without the approval of the court.  Without a will, an administrator has to be appointed by the court.  The administrator has to be bonded, creating an additional expense.  The administrator also has to receive the court’s approval to liquidate assets, which sometimes can create great complications (the sale of real estate may require a “land sale,” a costly and expensive process).

All of these reasons necessitate at least a simple will for every adult.  Most individuals put off estate planning believing that he or she will eventually get around to it.  Some never do.  Some individuals have trouble thinking about or discussing death.  However, having a will should provide peace of mind.  Once an individual executes a will, he or she can put it away knowing that his or her wishes will be carried out, and that he or she has made things much easier for loved ones at the time that one passes on.

We Can Help Prepare You A Will in Dayton Ohio

Attorney Joseph E. Balmer is one of only 20 area lawyers certified by The Ohio State Bar Association as a specialist in estate planning, trusts and probate administration.  Click here to read his biography page. Please don’t hesitate to call us at (937) 293-2141 or email us by using our form if you want to discuss any aspect of estate planning or preparing a will.  Additionally, we have an emergency phone number, (937) 760-4357, that is answered by one of our lawyers around-the-clock.