We all think we know what a Will does. It says who gets your money after you die. Rich people spend much of their lives thinking about them. It is responsible for a lot of shenanigans in popular movies and television shows like Knives Out and Succession.
For most people, it can seem like a luxury, something you don’t actually need. Why should a regular working person without countless riches set up a will? You may not realize all that a Will can actually do.
A Will can:
- Appoint a guardian for any children you are responsible for
- Decide who gets your property, whether it is one person or several
- Control how and when your assets are distributed
- Decide who gets to handle the entire process
- Distribute your digital assets, such as photos, games, and online accounts
- Save your family money
- And much more!
If you are a parent of a minor, a Will is absolutely essential. There is no other way to say it. A Will can decide who raises your children in the event of anything tragic happening to you. You can set up provisions for different circumstances and share different responsibilities between several people. If you want to have a say in what happens to your child in the case of an accident — and I’m sure you do — creating and regularly updating a Will is the only way to ensure that.
Even if you aren’t a parent, a Will determines who is in charge of your estate. You can choose an executor, which is the person who will handle the process of distributing your assets. You probably know who in your life would be best suited to handle a process like this or, perhaps, who you don’t want to handle it. You can even set the rate at which your assets are distributed if you want to set up some sort of regular payment plan for a child or partner. It also streamlines the process for everyone involved, saving time and money for your loved ones.
Creating a Will basically puts you in control of your own assets, no matter what they are. When anyone dies, their estate generally goes to probate court, which is where the state they lived in decides what happens to their possessions. Most people also don’t realize that every state has different laws for this process which creating a Will can help navigate.
No matter what you own, whether it’s a mansion or just a few books, creating a Will puts you in control of the legal process. Your assets will be handled in probate court one way or another, and making sure you have a Will guarantees that everything will happen the way you want it to. The best way to make sure your estate plan accomplishes your goals and takes care of your loved ones is by consulting with a quality attorney. For help with your Ohio estate plan, get in touch with Attorney Charles Tyler, Sr., Esq by calling 330-665-0910.