A Simple Guide to the Key Decision Points Involved in Drafting Your Will

Writing a will. That sounds like such a daunting, overwhelming, and nebulous task. Most of us know that we should have a will and that we need to get around to drafting one. Yet many people avoid pulling the trigger on getting their affairs in order because they feel uncertain about the steps involved or they’re unsure of how to begin the process.

It’s honestly not as difficult or involved as you may think. I’ll guide you through the key decisions that you’ll need to make when drafting your will. This breakdown will simplify the decision-making process and help you take the first step toward creating a will.

Who?

Decide who should inherit your assets.

Think about the people who matter most to you, such as:

• Family Members: Spouse, children, grandchildren, or other relatives.
• Friends or loved ones: If there are non-relatives who are important to you, they can be included in your will.
• Charities or organizations: Many people choose to leave a portion of their estate to a favorite charity or nonprofit organization.

Consider how each person will be impacted by your choices. It’s important to ensure fairness, but remember that what’s “fair” can differ for each situation.

What?

Decide what assets should you include in your will.

Personally, I think this is the step that most people dread the most. It’s easy to feel overwhelmed by the thought of identifying and organizing all of your assets. It’s actually simpler than you may think. Consider what you own in three main categories:

• Personal Property: These are physical items like cars, collectibles, family heirlooms, and jewelry. You might want to leave sentimental items to specific individuals.
• Real Estate: If you own a home, rental property, or land, decide who should inherit these.
• Financial Assets: This includes bank accounts, retirement accounts, stocks, bonds, and life insurance.

When?

Decide when should your beneficiaries receive their inheritance.

You can either choose to distribute your assets to your beneficiaries immediately upon your death or you can establish a schedule or conditions that govern when beneficiaries receive their inheritance. This is an especially great option if you’re planning to leave things to young children or other scenarios where you want additional control over the distribution of your assets.

Consider your options:

• Immediate Inheritance: Most assets are distributed soon after your passing. This is common for straightforward bequests, such as leaving a sum of money or personal belongings.
• Delayed or Conditional Inheritance: You can set conditions or timing for certain beneficiaries. For example, you might specify that a child inherits a sum of money only after they turn 21, or that a property is passed down only after your spouse’s passing.

For beneficiaries who are minors or who may need financial management, you might want to set up a trust as part of your will to ensure their inheritance is handled responsibly.

Why?

Why is dividing your assets through a will so important?

Without a will, your assets will be divided according to Ohio’s statute of descent and distribution-a one-size-fits-all, standard issue estate plan for every citizen who doesn’t make their own will or trust. This default plan may not reflect your wishes. Additionally, it could lead to family disputes, unequal distributions, and confusion over how your assets should be managed. Families with one or more of the following circumstances may be especially vulnerable to unintended consequences of the statute of descent and distribution:

• Blended Families: In cases where there are stepchildren or children from previous relationships, intestacy laws may not provide for all children equitably, potentially cutting off biological children from their parent’s assets
• Estranged Relationships: Families with estranged or distant relationships may find that intestate distribution forces them to share assets with relatives they have little connection with, creating conflict.
• Minor Children: If a deceased parent did not name a guardian in a will, intestacy may leave the decision up to the court, potentially resulting in guardianship arrangements that are not in the children’s best interest.
• Disinherited Loved Ones: Individuals who may have expected to inherit, such as long-term partners who were not married, may be left with nothing under intestacy laws, causing emotional distress and resentment.
• Dependents with Special Needs: Intestacy can complicate inheritance for dependents with special needs, as the distribution may affect their eligibility for government benefits.

Take the Next Step: Contact Ohio Heritage Law

Dividing your assets and writing a will doesn’t have to be complicated. At Ohio Heritage Law, I help make the process simple and straightforward. If you’re ready to start creating your will and protecting your legacy, contact me today for a consultation. Together, we can ensure your wishes are honored and your family is supported. Let me do the heavy lifting so that you can worry less.

The information provided on this website is for general informational purposes only and does not constitute legal advice. Visiting this website or contacting Ohio Heritage Law LLC through this website does not create an attorney-client relationship. You should not act or rely on any information provided without seeking professional legal advice tailored to your specific situation.  Ohio Heritage Law LLC does not accept representation of clients without a formal client engagement agreement. Please do not send any confidential information to Ohio Heritage Law LLC until an attorney-client relationship has been established.