Law Office of Macklin K Everly

Many people think that estate planning is only for the elderly or the wealthy, but having a will in place is important for anyone who wants to control how their assets are distributed after they pass away. Having a will ensures that your wishes are carried out and avoids the complications that arise if you die intestate (without a will). If you’re young, healthy, and just starting out, it may seem unnecessary, but here are five key reasons to have a will, even in your younger years.

1. Avoid Intestate Laws

If you die without a will in Ohio, your estate will be distributed according to the state’s intestate succession laws. This means that Ohio courts will decide how to distribute your assets, with no input from you. Under Ohio law, if you are married and die intestate, your spouse will typically inherit everything unless you have children from another relationship. In that case, your spouse will share the inheritance with those children. If you are single and without children, your estate could end up going to parents, siblings, or other relatives, regardless of your personal wishes. Some individuals may want to avoid this if they are estranged from their family members and would rather their estate be passed on to others.

By creating a will, you can specifically designate who will inherit your assets. You may want certain friends, extended family members, or charities to benefit from your estate, and a will is the only way to guarantee that happens.

2. Name a Guardian for Your Minor Children

If you have children under the age of 18, a will allows you to designate a guardian who will care for them in the event of your death. This is one of the most crucial reasons for young parents to have a will. Without a will, the court will choose a guardian for your children, which may not align with your preferences.

In Ohio, the probate court will make its decision based on the best interests of the child, but this may not reflect your wishes or the dynamics of your family. By naming a guardian in your will, you ensure that the person you trust most will be responsible for raising your children.

3. Make Specific Bequests

A will gives you the ability to make specific bequests, such as leaving sentimental or valuable items to particular individuals. Without a will, there is no way to ensure that these items will go to the people you want. For example, if you want to leave a family heirloom to a particular relative, a will is the only way to make sure this happens. Specific bequests can include anything from cash gifts to family photos, and creating a will is the best way to distribute these items according to your wishes.

4. Appoint an Executor

When you create a will, you can appoint an executor to manage your estate. The executor is responsible for carrying out your wishes as laid out in the will, settling debts, and distributing assets. In Ohio, if you die without appointing an executor, the probate court will assign someone to handle your estate. This person may not be someone you would have chosen.

By naming an executor in your will, you can select someone you trust to act in your best interests and manage your estate efficiently. You can also ensure that this person understands your wishes and is prepared to fulfill their responsibilities. Without a designated executor, the probate process can be slower and more complicated, leaving your loved ones with additional stress during a difficult time.

5. Plan for Unmarried Partners

If you’re in a committed relationship but not married, Ohio law will not automatically grant your partner any inheritance rights if you die without a will. Your assets will likely go to your parents, siblings, or other relatives under Ohio’s intestate succession rules, leaving your partner with nothing.

A will allows you to leave assets to your partner, ensuring that they are taken care of financially after your passing. Whether it’s shared property or savings, you can ensure your partner is protected through a properly drafted will.

If you don’t have a will yet, now is the time to create one, no matter your age or health. Contact me today to schedule a free virtual consultation and learn more about how we can help you secure your future.