Wills:
Simple Will
A straightforward document that outlines how your assets will be distributed after your passing.
Preparing is Caring
Ensure your wishes are carried out with a will to simplify asset distribution and appoint a trusted executor, giving your loved ones peace of mind.
Planning Ahead for Peace of Mind
There are several types of wills that individuals can utilize based on their specific needs and circumstances:
Types of Wills
Joint Will
Created by two individuals, usually spouses, to outline how assets will be distributed after both deaths.
Consulting with a qualified estate planning attorney can help you determine the most suitable will for your needs.
Living Will
A “Living Will” is not really a will, it is more accurately called an advance directive. A living will addresses end-of-life care preferences, not the distribution of assets.
Answers to Frequently Asked Questions
Here are answers to some of the questions we hear most often about Wills:
What is a living will?
Also known as an advance directive, a living will outlines your end of life wishes if you become incapacitated and are unable to make decisions for yourself.
I have a will, so I don’t need to worry about probate right?
95% of the time with only a basic Will, the case goes to Probate. This means waiting 6-9 months to settle an estate and incurring legal fees and costs up to 7% of the total value of the estate. However, there are estate planning strategies to avoid Probate. Cleveland Elder Law uses a robust estate planning strategy the ensures your loved one will not be left to navigate Probate.
What happens if I die without a will?
If you die without a last will and testament, it’s called dying intestate. In Ohio, the county court appoints an administrator to execute the probate process. You have no say about the beneficiaries of your estate, rather, Ohio law distaste beneficiaries. Also, the administrator has to post a bond, which is an expense to the estate, and how much depends on the estate’s size.
If you have a properly executed will in place, you can choose your own executor and where your assets go. Without a will, the administrator must get the court’s approval on transactions, such as selling a home, which can slow down the process by 6-9 months.