What is a will?
A will is a document that provides for the way in which a person's probate
property will be distributed upon death. To be valid, it must meet certain
formal requirements as provided by the laws of the state involved.
Who may make a will?
A person who makes a will in Ohio must be free from improper influences, must
be at least 18 years old and must be of sound mind.
a will made?
With limited exceptions, a will must be written. A will must be witnessed in
a special manner provided by law, and it must be signed in strict accordance
with the law.
The easiest way to ensure that these conditions are
met legally is to have the signing of the will supervised by an attorney.
May a will be changed?
A will may be changed as often as the person who wrote it wishes. Changes are
frequently made by the simple device of an addition called a
""codicil." However, changes should not be made without the
assistance and advice of a lawyer to ensure changes will be legally valid and
not adversely affect other portions of the will.
How long does a will last?
A properly drawn and executed will is generally effective until it is changed
or revoked. Changes in circumstances after a will has been made, such as tax
law changes, marriage, birth of children, divorce or even a substantial
change in the nature or amount of a person's estate, may raise questions
about the adequacy of that will. All changes in circumstances require a
careful analysis and reconsideration of all the provisions of a will and may
make it advisable to change the will to reflect the new situation.
will increase probate expense?
No. It costs no more to administer an estate when a decedent leaves a will
than when there is no will. Often it will cost less. When there is a will,
the executor distributes the estate to the parties named in it. When there is
no will, the probate court must determine who the legal heirs are and then
distribute the estate to them. In either case, administration under the
supervision of the probate court is necessary.
A properly drafted will may reduce expenses of
administration in a number of ways. Provisions can be placed in wills that
take full advantage of the "marital deduction" section of federal
estate tax laws. In most cases it is possible to avoid the payment of a bond
for the executor by so providing in the will. These examples illustrate that
a will can save money for you and your family if it is drafted by a lawyer
who is trained in all phases of the law.
How large an estate is necessary to justify a will?
Everyone who owns any real or personal property should have a will regardless
of the present amount of the estate. Estates grow in value almost unnoticed
through the repayment of mortgages, appreciation of stocks and other
investments, inheritances from relatives, and other sources.
May a person dispose of property in any way by making
Almost, but not quite. For example, a married person can make a will that
completely excludes his or her spouse, but the law of Ohio still provides the
surviving spouse with an "elective share" in the probate estate.
Also, a divorce revokes the portion of a will that refers to leaving property
to the spouse who has been divorced. There are certain other restrictions a
lawyer can explain.
What happens to property held in the names of both
husband and wife?
Property held in the names of both husband and wife may not automatically
pass to the survivor upon the death of one of them. However, there are some
forms of ownership in which property does pass to the survivor automatically.
Sometimes it is to your advantage to hold property in this manner. Other
times it can be disadvantageous. An attorney can advise you as to the type of
property that can be held in joint tenancy, or in other ways that avoid
probate, and the advantages that you might gain. For more information on ways
to avoid probate, see the following Ohio State Bar Association publications:
""What you should know about . . . Living Trusts"" and
""What you should know about . . . Probate."
Does a will let me avoid estate taxes and other
Whether or not there will be an estate tax depends primarily upon the value
of a person's estate. Deductions are also available for debts, expenses of
administration, or distributions to a surviving spouse or charity. However, a
properly drafted will might reduce the amount of taxes that have to be paid.
Wills written without consideration of recent federal tax laws should be
re-examined in light of tax law changes. An estate-planning lawyer is skilled
not only in the laws of wills and property, but also must be familiar with
both state and federal estate tax problems.
happens if I don't make a will?
When a person dies without a will, or dies "intestate" as the law
calls it, the property of the deceased is distributed according to a formula
fixed by law. In other words, if you don't make a will, you don't have any
say about how your property will be distributed.
In Ohio, for example, if a man dies without a will,
leaving two or more minor children, the wife would take a fixed sum of money
and one-third of the remainder of the estate. The widow or other suitable
person would need to be appointed guardian of the children by the probate
court and would need to give the court a surety bond. When each child reaches
age 18, his or her share of the guardianship estate would be required to be
made fully available to the child, regardless of his or her maturity level.
Such proceedings could cost a lot of money and could create legal problems
that might have been avoided had the husband made a will.
Who will manage my estate?
If you make a will, you may name the person whom you want to manage the
administration of your estate (the executor). If you do not make a will, the
probate court will appoint someone (the administrator), whom you may or may
not know, to handle your estate.
Can life insurance take the place of a will?
No. Life insurance is only one kind of property that a person might own. If a
life insurance policy is payable to an individual, the will of the insured
has no effect on the proceeds. If the policy is payable to the estate of the
insured, the disposition of the proceeds may be directed by a will. The
careful person will have a lawyer and a life insurance counselor work
together on a life insurance program, particularly in the area of estate
should draft a will?
No sensible person would engage "just anyone" to fill teeth, take
out an appendix, or adjust a sensitive and complicated instrument. The person
who wants these services performed with a minimum of risk to self and
property will engage a trained professional person.
drafting of a will requires professional judgment. A lawyer can help you
avoid pitfalls and choose the course best suited for your situation."