What Is A Will ?
A Last Will and Testament (LW&T), commonly known as a Will, is a crucial component of any estate plan. This legal document outlines your desired distribution of assets to your heirs and beneficiaries, as well as appoints an executor to carry out your wishes. In addition, you may also use a Will to designate a guardian for your children and make other significant decisions concerning the treatment of your assets and family after your passing.
It Directs the Probate Estate Administration
When an individual passes away while owning personal property or real estate in Cuyahoga County, Summit County, Medina County, or surrounding counties, it is necessary to open an estate in the Cuyahoga County Probate Court, Summit County Probate Court, or Medina County Probate Court. This estate is a probate court case that is controlled by your LW&T. The court is responsible for supervising the distribution of your assets and appointing guardians for your children.
What is an Executor?
Every probate estate requires someone to manage it, who is given different titles depending on the circumstances of their appointment. In a LW&T, a male is named as an executor, and a female is named as an executrix. If the individual is not named in the LW&T but is still appointed to manage the estate, a male is called an administrator and a female is called an administratrix.
The term “personal representative” is a general term that may include people who would technically be referred to as an executor, executrix, administrator, or administratrix. For simplicity, the term “executor” will be used here, as it is commonly used by most people.
What Are the Executor's Duties?
When an individual passes away, their appointed executor must submit their LW&T to the probate court for probate. The probate process involves verifying the authenticity of the will and overseeing the distribution of the decedent’s assets. If the estate is relatively small, it may qualify for expedited processing under a fast-track case management schedule known as “release from administration.”
Use a Will to Distribute Your Assets to Your Heirs
If your estate plan does not involve a trust and is relatively straightforward, your Last Will and Testament (LW&T) will generally determine how your personal assets and real estate are distributed. You can designate beneficiaries such as your children, friends, family members, or charitable organizations and specify how much each should receive. This is commonly referred to as a residuary or general bequest, where you assign a percentage of the total value of the estate to each beneficiary. You can also allocate specific pieces of property to certain individuals, which are known as specific bequests.
Use a Will to Nominate Guardians for Minor Children
If you have children under the age of 18, it is important to have a document that appoints guardians to care for them in the event of your death. This is a crucial document that every parent, both mother and father, should have in their estate plan.
What is a Pour-Over Will
If your estate plan involves a trust, you will also need a special type of will known as a “pour over will” (POW). A POW functions similarly to a regular will, but instead of bequeathing your assets directly to beneficiaries, it transfers all of your property into your trust. This allows your trustee to distribute your assets according to the terms of your trust. In estate planning with trusts, the trust is typically the most important aspect of the plan. One crucial step in using a trust is funding it by transferring ownership of assets to the trust. While the goal is typically to transfer all assets into the trust for protection, any overlooked or forgotten assets can be transferred to the trust upon your death through the use of a POW.
What is Testate or Intestate and Testator?
These are legal terms that are still commonly used in the context of estate planning and Probate Court. While we try to avoid using such jargon when possible, it’s important to be familiar with these terms. If you have a valid LW&T when you pass away, you’ll be referred to as a “testator,” and your passing will be considered “testate.” However, if you don’t have a valid LW&T, then you’ll be deemed to have passed away “intestate.”
This is Technical, You Should Use a Will Lawyer
Wills have specific legal requirements, and even a minor mistake can render it invalid. In most states, including Ohio, the testator must sign the will in the presence of two witnesses. To ensure the validity of your will, it is essential to execute it correctly. For this reason, it is always advisable to consult a probate attorney for help in drafting and executing your will. The Ohio Revised Code governs the creation and execution of wills in Ohio, and you can refer to Chapter 2107 of the Code for more information.
Your will plays a crucial role in your estate plan, and it is essential to work with an experienced estate planning attorney in Cleveland or Akron to ensure that it is drafted and executed correctly. Our firm has helped numerous clients in Cleveland, Akron, and the surrounding areas with their wills and estate planning needs.
The Attorneys at Krueger and Valente Law, LLC
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