If you die in the State of Ohio without a will, your estate and property will be distributed according to the state’s intestate probate court laws. This means that the court will administer your assets based on a statutory formula and not your wishes. It is important to have a plan in place for when it comes time to divide your assets.
What Is Probate Law?
Probate law governs how the estate of someone who has passed away is distributed. Not all wills require court supervision settlements, but some do. This process ensures that a legal and fair procedure is followed, helping to protect the rights of the deceased, their decendants, and any creditors who may be involved. In many cases, if the deceased has left a will, the court can validate it so assets can be dispersed. The court will also manage the payment of debts and any taxes that may be outstanding before approving the distribution of any remaining assets. If an estate has no will or living trust, it will go through court supervision. The court will appoint an administrator to the estate to disperse assets to decedent heirs. Probate law also helps settle disputes that may occur between beneficiaries if they have any disagreements over how the estate is dispersed. There are some Ohio estates that will skip this process. Life insurance policies, joint bank accounts, and assets that are placed in a living trust can avoid probate law and be distributed to descendants as the deceased intended.
What Happens If You Aren’t Married And Have No Will
If you die without a will and are not married, your estate will be distributed based on Ohio’s intestate succession laws. These laws follow strict rules that are based on blood relationships. Personal relationships and verbal intentions are not considered options to be a beneficiary in this situation. If you have a child, they will inherit everything. If you have no descendants, but either of your parents are still alive, they will inherit your entire estate. If neither of these apply to you at the time of your death, your administrator will continue down the list of descendants. The list will continue with your grandparents and move down through your aunts and uncles, cousins, and any distant relatives or descendants that may be left until your estate is claimed. If no living relatives can be found, the estate is taken by the State of Ohio. This common law doctrine is called escheat. Escheat is a transfer that ensures that any property is not left unclaimed.
Who Inherits Your Assets If You Are Married But Have No Will
If you are married and have no will, your estate will still be distributed based on Ohio intestate laws when you pass away. Your specific situation will determine who inherits how much of the assets that need to be divided. If you have no children with your surviving spouse, your surviving spouse will inherit all of your estate. Your surviving spouse will also inherit all of your estate if you have any children with them. If you have any children from another relationship, your surviving spouse will get the first $20,000 and one-third of the remaining estate. The children you have from previous relationships will inherit the rest. If you have children with your surviving spouse, as well as children from past relationships, your surviving spouse will inherit the first $60,000 as well as one-third of the remaining balance. The remaining two-thirds will be divided amongst your children.
How To Avoid Ohio Intestate And Probate Laws
There are many ways to protect your Ohio estate and help it avoid going to court. This can help save your loved ones time, money, and stress. Below are a few ways you can avoid getting the court involved, or minimize the time of its involvement.
Create A Will Or A Living Trust
If you want your estate to be inherited by certain people, you need to create a will or a trust. Creating a will and a living trust can help the court understand how you want to transfer your estate to your beneficiaries upon your death. These methods can ensure that your estate is inherited by the people you intended it for without the state deciding for you.
Name Beneficiaries On Your Financial Accounts
Taking the time to name beneficiaries on your financial accounts will make transferring easy upon your death. When you use Payable on Death or Transfer on Death designations for your bank accounts or investments, your accounts will bypass probate and go directly to the beneficiary you have named.
The Importance Of Estate Planning
Without a will, you lose control over all of your belongings and how your loved ones are protected. Estate planning is an important process that will help give you control over what happens to your money and your property when you pass away. Taking the time to plan for your future can help avoid confusion and stress for your descendants and ensure that your assets are protected with a plan. Proper planning can also help save your family time and money. Depending on the situation, some estates that enter probate take months, sometimes longer, until they are completely appointed. Your descendants may also be subject to fees, court costs, and estate taxes if you have not planned properly.
How To Protect Your Spouse, Children, And Family’s Future
If you are interested in protecting your spouse and your descendants future, writing a will, or starting the process of estate planning, contact Taneff Law today. Let us help you plan where your property and money go after you have died. We can guide you through the entire process. It is important to take the time to name the people you trust most so you don’t have the stress of needing to make any decisions at the last minute or not having a plan in place in case of an emergency. Not only can we help you name a guardian for your child if you don’t have a spouse, but we will also help you appoint someone to make medical and financial decisions on your behalf if you are incapacitated or unable to. Estate planning is a great tool for anyone ready to protect their property and their family’s future. If you are interested in learning more, contact the associates at Taneff Law today. We can help you create a plan that will protect you, your spouse, and your descendants from Ohio’s inheritance laws and help avoid taxes that may come with acquiring your property.
Call Taneff Law Today To Start Planning Your Future
Taneff Law has been helping individuals and families in Columbus, Ohio since 1989. It is our mission to provide people with legal services that will protect and help them have access to resources that help them understand the complexities of Ohio’s laws. We have the experience that ensures you and your family can stay stress-free during an already difficult time. Let us help you prepare for your future and keep your estate safe from the State of Ohio’s laws. Give us a call today to get in touch with one of our associates and we will guide you in preparing any wills, trusts, or plans you need to keep your spouse and family safe.