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Why it’s Necessary to Have a Will
Wednesday, August 19, 2015

While no one enjoys talking about how things will be taken care of once they’re gone (unless, perhaps, you are an outlier to this statement), planning a will or establishing an estate plan before you’re actually in need of either is vital. As a firm of estate planning attorneys with offices in both Cincinnati and the suburb of Loveland, our team can — and will — tell you why planning a will or speaking with an estate planning attorney is important to do sooner rather than later.

First and foremost, a will is the basis of an estate plan. People can get a will and estate plan mixed up, but here’s an easy way to remember which document is which: A last will and testament is part of an estate plan, not the entire estate plan. To put it in laymen’s terms, a will is a legal document that discloses who will manage your estate after you die.

When drafting a will, a good question to ask yourself isn’t about what’s going to happen to all of your belongings once you’re gone, but instead, would you rather that you, yourself decide who gets your estate/property/assets, or would you rather have the state decide that? Creating a will with the help of an estate planning attorney lets you stay in control over who receives what — if anything.

Once you have created a will, you have the ability to amend it at any time (specifically, it’s best to speak to your local Cincinnati estate planning attorneys). You may be wondering why on earth would you need to amend a will after going through the process of creating one in the first place. Several reasons, actually. Your marital status could change, you may be expecting children, you may be diagnosed with a life-changing medical condition, or you may want to keep the family business running after you’re gone. The reasons are truly endless.

Among the top reasons these Loveland estate planning attorneys and Cincinnati estate planning attorneys recommend creating a will now rather than putting it off include:

  • It can help reduce the amount of inheritance tax that may be payable on the value of the property and money you leave behind.
  • You can choose a guardian for your children in your will and make sure someone you love and trust looks them after.
  • It can protect a small, family-owned business and ensure that enterprise is passed to your heirs or co-owners.
  • Wills aren’t just for immediate family; a close friend or mentor that you consider family can be included in a will. Or, if you’d prefer that some of your assets go to charity, that provision can be included in a will as well.

As Loveland estate planning attorney office, and sequentially a Cincinnati estate planning attorney office, our attorneys are more than familiar with the laws governing wills in Ohio. But it’s important to remember that these laws vary from state to state, so it’s important to consult another attorney to review your will or estate plan if you ever relocate.

Contact us today to have one of our estate planning attorneys draft your will, or to commence other estate planning needs.





 
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Wolterman Law Office LPA provides legal counsel for clients in Hamilton County, Warren County, Clermont County and Butler County in Southwest Ohio, including communities such as Loveland, Cincinnati, Mason, West Chester, Blue Ash and Milford.
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