LAST WILL AND TESTAMENTS


WHY SHOULD YOU WRITE A LAST WILL AND TESTAMENT?

Consumer Reports Money Adviser recently surveyed online subscribers. The results are informative. In only 40 percent of households did both spouses know where to find details of their financial accounts, required passwords, and keys to safe-deposit boxes. In only 30 percent of homes did both partners also share major details of the family's finances. The death of a spouse who controls the family money can leave survivors struggling to construct the financial puzzle. An easy solution is to designate a safe, file cabinet, or safe-deposit box to hold all important documents and account access information.

Just 37 percent of respondents with adult children said they'd told their kids where to find important documents, accounts, and passwords. Fewer than half of individuals with a parent 65 or older had discussed with their parents their wishes regarding powers of attorney, management of finances in the case of incapacity, location of the parents' important documents, long term care arrangements, or provisions of the parents' wills.

86 percent said they had not created their will and other estate-planning documents or updated them within the past five years.

WHAT IS A LAST WILL AND TESTAMENT?

A will is a legal instrument in which you may direct where and how your possessions are distributed upon your death, provide for the payment of your last bills, and provide for the administration of your estate. It is your blueprint regarding how you want your last affairs to be ordered. You create the blueprint.

The typical will is composed of some basic parts:
  • Executor's Powers of Administration
  • Bequests & Devises
  • Designation of Executor's, and Guardians
  • Directives to the Executor on the payment of the Estate's expenses and the distribution of bequests
  • A signature and attestation page at the end, where you sign your will and it is witnessed by at least two individuals of legal age.

Every citizen of the State of Ohio has a will, either one you create as outlined above, or one the State has created for you, via statute. If you die without executing your own personal will, the State has a substitute waiting for you in statutory law, which the local probate court will supervise the administration of of your estate on your behalf, after you die.

Both the personal Last Will and Testament and the alternative statutory code one accomplish the same objective, settling your last affairs on this Earth, both economic and social in nature [ex. guardian designation of your minor children]. Your assets and expenses/debts are accounted for, your creditors paid, specific bequests and devises distributed, and any surplus distributed to your residuary designations as you directed. Any final taxes are paid to the State, if any are owed.

HOW DO I WRITE A WILL AND WHAT SHOULD I INCLUDE IN IT?

You should have a fairly well developed idea of the following when you first consult with your Attorney:
  • The names and addresses of your first and second choices for Executor or Executrix. This is the person who will be charged with administering your estate upon your death, that is, carrying out your instructions as you have written in your will.
  • The names and addresses of your choice for Guardian of your minor children. [who will have legal authority and responsibility for your minor children should both parents be deceased]
  • The names and addresses of your beneficiaries of your worldly assets and a description of which assets each is to be given upon your death.
  • At least a general idea of the authority you wish to give your Executor in carrying out your last instructions. This may be guided by the extent and type of business you are engaged in, whether it is ongoing, etc. Specific instructions may be tailored to suit your needs.

Your attorney will review the above with you, perhaps have you fill out a brief questionnaire to flesh out areas you haven't thought of or need more work, and advise you as to the best course of action to meet your needs. Once you are satisfied with the basic outline, he will draft your personal blueprint to serve as your Last Will and Testament.

When all is prepared to your satisfaction, a brief formal ceremony will be held where you will sign your will before at least two witnesses, declaring same to be your Last Will and Testament.
 
A WORD OF CAUTION:  Do it yourself estate planning works out as often as do it yourself surgery. I recommend that all estate planning documents be professionally prepared by an attorney.

While you can attempt to write your own, purchase a form online or possibly from your local office supply store, you risk not complying with the legal requirements of Ohio. These one-size-fits-all documents often are prepared for nationwide distribution. Certain precise concepts and legal language must be used, to ensure that the will is valid and complete. Even if your documents are legally valid, you are at risk of not achieving your desired wishes due to poor drafting.  Clearly, use of such forms does not give the testator the benefit of the interview process, and the ideas that a professional can bring to the estate planning process. An estate plan that does not achieve its purpose is not a bargain.

Attorneys don’t simply fill in forms! I use my years of schooling and experience to:
  • analyze your unique circumstances,
  • explain the ramifications of your choices,
  • advise you on the best way to accomplish your goals and objectives,
  • and tailor your documents to address your unique estate planning needs.
  • Document preparation services and canned forms do not.

Most important, you will receive advice and directions regarding the proper use and implementation of these instruments and how they relate to each other. Your loved ones won't have to deal with making difficult decisions while grieving, and family misunderstandings may be avoided.

You've worked hard for your belongings and cherish your loved ones. Why short change them with anything less? I offer Will Packages & Estate Plans for the modest estate at reasonable prices.

For TIPS ON CHOOSING THE RIGHT LAWYER CLICK ON THE BUTTON BELOW.
LOCATION TO SERVE YOU:

1.   Clients:  Catalina Manufactured Home Park at 6501 Germantown Rd., Lot 41, Middletown, Ohio, 45042, on State Route #4  [My Home - by appointment only] (Near the Land of Illusion Haunted Scream Park.)
2.    Phone: 513 423-8912
3.    Email:  Monte K. Snyder, Attorney
THE INFORMATION PROVIDED ON THIS SITE IS INTENDED TO BE A BRIEF OVERVIEW OF SOME OF THE LEGAL PROCESSES INVOLVED IN THE ISSUES ADDRESSED. ALL INFORMATION IS LIMITED TO OHIO. IT IS NOT INTENDED AS LEGAL ADVICE ON YOUR PARTICULAR CIRCUMSTANCES. IT IS ONLY INTENDED TO ASSIST YOU IN UNDERSTANDING THOSE PROCESSES.