Planning for the end of life is almost never a pleasant topic of conversation. It is understandable that many people are reluctant to discuss estate planning and the preparation of their wills. However, it is very important to make some kind of plan for the disposal of your estate after death. Leaving the matter open can lead to a lengthy probate process and make things very difficult for your heirs.
Here are some of the biggest reasons individuals ought to prepare wills in Columbus, Ohio.
Distribute assets
The primary function of a will is to make sure that your property is distributed as you intended. Wills can be very specific, naming individual items and who they ought to be given to, or they can be general, divvying up estate in terms of percentages of your total assets.
Individuals who die without wills in Columbus Ohioare declared intestate. This means that their property is divided by the court according to a set formula. This can lead to assets such as your home being liquidated. It can also be very inconvenient for your heirs, who may have been counting on a larger portion of your estate in order to maintain their standard of living.
Provide for dependants
If you die and leave behind minors or other dependants, another important function of your will ought to be designating a caretaker. Wills allow you to designate a guardian by name, or commit adult dependents to a specific care facility.
In the event that you die without designating a caretaker, dependents will be placed in the care of qualified family members who petitions for guardianship. Qualification is generally determined by the court on a case by case basis. If no family members come forward, minor children may be placed in foster care of declared orphans of the state.
Set up charitable trusts
Maybe you want to be remembered upon your death for your charitable contributions. Using your will to establish a charitable trust ensures that you will be able to support causes that matter to you even after your death.
Charitable trusts can be established in your will that pay out in one large donation, or that pay out at regular intervals such as college funds. You can either leave money in trust or other assets, for example, an old house that you wish to have donated to the local historical society upon your death.
AlerStallings Law Firm offers wills services for your pets in Columbus, Ohio. Get in touch with them for all law services.
