Planning a will is significant since it specifies how the estate of the individual will be distributed after death. An Ohio Will ensures proper distribution of the real and personal properties of the individual according to his or her wishes, and prevents further dispute amongst the successors. Read along to know more about preparation of Wills in the state of Ohio.
Everybody cannot create a will in Ohio since there are certain limitations and requirements, which have to be abided by, as indicated below:
Creation of an Ohio Will is done for the following purposes:
Notable Exceptions – The named beneficiary on the decedent’s life insurance policy can’t be changed through a Will. Under certain conditions, the surviving spouse might be entitled to a share of the estate, even if he or she is excluded from the Will.
The testator might make any change in the Will, whenever he or she wishes. The alterations or modifications need to be done through the codicil, in accordance with the probate laws of the state.
Revoking of an Ohio Will can also be done according to a testator’s wishes, by burning, tearing, cancelling, obliterating or destroying the written document. The testator might do it himself, or may request some one else to do it in his presence or through express written directions. Cancelling an Ohio Will might also be done with another subsequent written Will or codicil.
Probate laws in Ohio ensure that the designated beneficiaries receive their share of the deceased’s estate, after his debts and expenses are paid off.
Usually, the individual has to pay estate taxes if the value of the estate goes beyond a specific allowed point.
If an individual dies without making a Will, that condition is termed as ‘intestacy’. In such situations, the Ohio State Laws determine how the property gets distributed.