If you don't have a will or a trust, your assets will be distributed in accordance the terms of an Ohio statute known as the statute of descent and distribution. Obviously, the distribution mandated by statute may not be the distribution you would have chosen. It is also important to have a will in order to name an executor for your estate and to indicate your preference regarding who will become the guardian of your minor children.
Failing to name an executor or to choose a guardian can result in disharmony among your loved ones if there is disagreement about who should serve in those roles. Ultimately a judge will decide who will serve as the administrator of your estate and who will be the guardian of your minor children if you do not designate anyone.
Estate planning can protect your assets from creditors, help you avoid probate, protect your privacy, and provide many other benefits. Failing to have an estate plan can result in serious estate tax losses. Lack of insurance planning can mean financial disaster for you in your old age or for your family after you have passed away. Failing to make plans for the management of your healthcare and finances during periods of disability could result in costly and time-consuming public guardianship proceedings.
By taking certain steps on your own and by spending a few hours with an experienced estate planning attorney, you can design a fitting estate plan that will serve you and your family well by removing uncertainty as to your wishes, providing for your care during periods incapacity, and avoiding devastating and unnecessary financial losses.
