Estate Planning

What is a will?

A will is a document that provides for the way in which a person's probate property will be distributed upon death. To be valid, it must meet certain formal requirements as provided by the laws of the state involved.

For a no-cost consultation, call Glantz Law Offices at (330) 492-1800.

Who may make a will?

A person who makes a will in Ohio must be free from improper influences, must be at least 18 years old and must be of sound mind.

How is a will made?

With limited exceptions, a will must be written. A will must be witnessed in a special manner provided by law, and it must be signed in strict accordance with the law.

The easiest way to ensure that these conditions are met legally is to have a will drawn up by an attorney.

May a will be changed?

A will may be changed as often as the person who wrote it wishes. Changes are frequently made by the simple device of an addition called a "codicil." However, changes should not be made without the assistance and advice of a lawyer to ensure changes will be legally valid and not adversely affect other portions of the will.

How long does a will last?

A properly drawn and executed will is generally effective until it is changed or revokes. Changes in circumstances after a will has been made, such as tax law changes, marriage, birth of children, divorce or even a substantial change in the nature or amount of a person's estate, may raise questions about the adequacy of that will. All changes in circumstances require a careful analysis and reconsideration of all the provisions of a will and may make it advisable to change the will to reflect the new situation.

Does a will increase probate expense?

No. It costs no more to administer an estate when a decedent leaves a will than when there is no will. Often it will cost less. When there is a will, the probate court distributes the estate to the parties named in it. When there is no will, the probate court must determine who the legal heirs are and then distribute the estate to them. In either case, administration by the probate court is necessary.

A properly drafted will may reduce expenses of administration in a number of ways. Provisions can be placed in wills that take full advantage of the "marital deduction" section of federal estate tax laws. In most cases it is possible to avoid the payment of a bond for the executor by so providing in the will. These examples illustrate that a will can save money for you and your family if it is drafted by a lawyer who is trained in all phases of the law.

For a no-cost consultation, call Glantz Law Offices at (330) 492-1800.

How large an estate is necessary to justify a will?

Everyone who owns any real or personal property should have a will regardless of the present amount of the estate. Estates grow in value almost unnoticed through the repayment of mortgages, appreciation of stocks and other investments, inheritances from relatives, and other sources.

May a person dispose of property in any way by making a will?

Almost, but not quite. For example, married persons cannot completely exclude their spouses. A divorce revokes the portion of a will that refers to leaving property to the spouse who has been divorced. There are certain other restrictions that a lawyer can explain.

What happens to property held in the name of both husband and wife?

With a few minor exceptions, such as joint bank accounts, property held in the names of both husband and wife does not automatically pass to the survivor upon the death of one of them. However, there are some cases in which property does pass to the survivor automatically. Sometimes it is to your advantage to hold property in this manner. An attorney can advise you as to the type of property that can be held in this way and the advantages that you might gain.

Does a will let me avoid estate taxes and other "death" taxes?

Everyone who owns more than a home has an estate that might have tax problems. However, a properly drafted will might reduce the amount of taxes that have to be paid. Many wills written without consideration of recent federal tax laws should be re-examined in light of tax law changes. A lawyer skilled in these matters can give you safe advice, since he or she must not only know the laws of wills and property, but must be familiar with both state and federal estate tax problems.

What happens if I don't make a will?

When a person dies without a will, or dies "intestate" as the law calls it, the property of the deceased is distributed according to a formula fixed by law. In other words, if you don't make a will, you don't have any say about how your property will be distributed.

In Ohio, for example, if a man dies without a will, leaving small children, the wife would take a fixed sum of money and one-third of the remainder of the estate. If the man had owned a business, it would probably be most advantageous for the wife to carry on the busi­ness after his death, but to do so she would have to be appointed guardian of the children by the probate court and give a bond.

Such proceedings could cost a lot of money and could create legal problems that might have been avoided had the husband made a will.

Who will manage my estate?

If you make a will, you may name the person whom you want to manage the administration of your estate (the executor). If you do not make a will, the probate court will appoint someone (the administrator), whom you may or may not know, to handle your estate.

Can life insurance take the place of a will?

No. Life insurance is only one kind of property that a person might own. If a life insurance policy is payable to an individual, the will of the insured has no effect on the proceeds. If the policy is payable to the estate of the insured, the disposition of the proceeds may be directed by a will. The careful person will have a lawyer and a life insurance counselor work together on a life insurance program, particularly in the area of estate planning.

Who should draft a will?

No sensible person would engage "just anyone" to fill teeth, take out an appendix, or adjust a sensitive and complicated instrument. The person who wants these services performed with a minimum of risk to self and property will engage a trained professional person.

The drafting of a will requires professional judg­ment. A lawyer can help you avoid pitfalls and choose the course best suited for your situation.

For a no-cost consultation, call Glantz Law Offices at (330) 492-1800.