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What Happens If I Don’t Have an Estate Plan in Ohio
October 24th, 2024
No one likes to think about end-of-life decisions, and that is understandable. It is important to know, however, that not having an estate plan can cause a lot of problems for your family after you pass away. Estate planning is about deciding what happens to your things—your money, home, and other belongings—when you’re no longer here. If you don’t make those decisions now, Ohio law will decide for you. This can lead to delays, confusion, and even family disagreements, making an already difficult time even tougher for your loved ones. Here’s what happens if you don’t have an estate plan and why it’s so important to take care of it now.
What Happens If I Don’t Have a Will in Ohio?
If you pass away without a will in Ohio, the state follows what’s called "intestate succession" laws. This means the law steps in and decides who gets your things. While this sounds simple, it doesn’t always go the way you would want (or in the best interest of your loved ones).
For example, if you are married and have children with your spouse, your spouse will get everything. But if you have children from a different relationship, your spouse and children will have to split your estate. That could lead to confusion, disagreements, and stress for your family. Also, if you have no close relatives, your estate could eventually go to the state, which most people don’t want. By creating a will, you can avoid this situation. You get to decide exactly who gets what, rather than leaving it up to the law.
What About My Children?
One of the most important reasons to have an estate plan is to make sure your children are cared for if something happens to you. If you have young kids and don’t have a will, the court will decide who raises them if both parents are gone. The judge will usually pick a close relative, but it might not be the person you would have chosen.
Without a clear plan, there could be arguments over who should take care of your children, and this process can take time. By making a will, you can name a guardian to care for your children, ensuring that they are raised by someone you trust.
What Happens If I Become Incapacitated?
Estate planning isn’t just about what happens after you die. It’s also about what happens if you’re alive but unable to make decisions for yourself due to illness or injury. If you have not completed your incapacity planning, the court might have to appoint someone to make medical or financial decisions for you.
This can be a stressful and traumatic experience for your loved ones. Without your guidance, they might not know what you would have wanted. By including a power of attorney in your estate plan, you can name someone you trust to make these decisions, giving you peace of mind that your wishes will be followed.
Will My Estate Go Through Probate?
Yes, if you don’t have a will or estate plan, your estate will go through a legal process called probate. Probate is the court-supervised process of distributing your belongings after you pass away. While it makes sure that things are handled correctly, probate can be long and expensive, dragging on for months or even years. During this time, your family may not have access to the money or property they need.
Also, probate is a public process, meaning details about your estate and who inherits your things become part of the public record. Many people prefer to avoid this by setting up tools like a living trust, which helps keep your estate private and ensures that your assets are passed on quickly and efficiently.
What About Taxes?
While Ohio doesn’t have an estate tax, your estate could still be subject to federal taxes if it’s large enough. As of 2024, the federal estate tax only applies if the assets of a deceased individual exceed the exemption amount of 11.7 million dollars (or $23.4 million for a married couple). If your estate falls under this category, not having an estate plan in place could mean your family ends up paying more in taxes than necessary. By planning ahead, you can minimize any tax burden and ensure that more of your assets go to the people you care about.
Could Not Having an Estate Plan Lead to Family Fights?
Unfortunately, yes. When a loved one passes away without an estate plan, it often leads to disagreements among family members. Relatives might argue about who should get what, or even who should take care of your children. These arguments can turn into long, drawn-out legal battles, costing time, and money, and creating lasting rifts between family members.
Having a clear estate plan helps avoid these issues. It spells out your wishes clearly, so there’s no room for misunderstandings or arguments.
How Will My Family Feel If I Don’t Plan Ahead?
Losing a loved one is hard enough without adding extra stress. If you don’t have an estate plan, your family will be left to figure things out at a time when they’re grieving. They might not know what you wanted, and they’ll have to deal with legal procedures, court appointments, and tough decisions.
Creating an estate plan is a gift to your family. It helps them avoid unnecessary stress and confusion, and it gives them a clear path to follow during a difficult time.
Contact Gudorf Law Group for Help with Your Estate Planning Needs
Planning for the future doesn’t have to be unpleasant. At Gudorf Law Group, we understand that estate planning can seem disconcerting, but we’re here to help. With over 35 years of experience, our knowledgeable attorneys will guide you through the process, ensuring your assets are protected and your family is taken care of according to your wishes.
Don’t leave your family with uncertainty. Contact Gudorf Law Group today for your consultation. Let us help you create an estate plan that gives you peace of mind and ensures your loved ones are cared for, no matter what the future holds.