last will and testament Cincinnati OH

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A "will" (last will and testament) is a document that disposes of your "estate" at your death. Your "estate" is all the property you own. If you have a simple estate plan (such as the desire to leave your entire estate to your spouse), your will can be a very basic document, consisting of only a few pages. In about half the states, it can even be handwritten. However, if you have a more complicated estate plan (such as the desire to provide both for your spouse and for minor children of a prior marriage), or if the value of your estate exceeds $675,000, you will probably need a longer and more complicated document. See a lawyer experienced in estate planning to help you prepare such a will.

• Advantages
  
• Trust assets
  
• Should I use a lawyer?
  
• How often should you review your will?
  

What are the advantages of having a last will and testament?

You can decide who will inherit your property upon your death. Without a will, your property will pass to those people whom the state designates as your heirs.

If minor children survive you, you can designate in your will the person you wish to serve as the guardian of your children.

You can designate in your will the person you wish to be the "executor" of your will. An executor (called a "personal representative" in some states) is the person legally charged with carrying out the terms of your will. The executor gathers your property, notifies creditors of your death, pays any debts due, and distributes your remaining property according to the wishes expressed in your will. If you leave no will (i.e., if you die "intestate"), the court appoints someone to make sure that your property is distributed according to the laws of the state.

The person appointed as your executor may be required to post a performance bond that must be purchased from an insurance company. You can avoid the cost of the bond by specifying in your will that your executor is to serve without bond.

Trust assets

"Will assets that I placed in trust be part of my probate estate?"

No. If you created a valid living trust, the property you placed in the trust during your lifetime will pass according to the terms of the trust and not under the provisions of your will. If you want to change the terms of the trust, consult your attorney. Normally, you cannot change the trust's terms through your will.

Should I use a lawyer for estate planning?

If you have a small estate and an uncomplicated estate plan, you might be able to draft your own will. Make very sure that you have followed all of the legal requirements for a valid will - otherwise your desires as to what should happen to your property will not be followed and your property might pass to people you did not intend to receive it.