Six Things to Consider when Writing Your Will
By Marta J. Williger, Attorney at Law, Akron LIVING WELL Magazine
1. Non-probate Property: Your will only controls property that transfers through the probate court. Non-probate property includes: Property held jointly which passes automatically upon your death to the other owner. Property may be “payable on death” to another person. Insurance proceeds, annuities and IRAs go directly to the named beneficiary.
2. Specific Bequests: When a specific bequest of an item is made, the law requires that item be appraised and subject to an inheritance tax at the appraised value. Giving gifts of sentimental value during your lifetime avoids this and allows you to share in the recipient’s joy. When a specific bequest of cash is made, keep in mind that specific gifts are always paid first. Depending on how large or small your estate is at your time of death, your specific bequest may be far more or less proportionately than you intended.
3. Residual Gifts: After specific bequests are made, you need to decide who gets everything else. This can be divided between several people. Be sure to consider what you want to happen if one of your beneficiaries dies before you. Would you want that person’s share to go to her children, to the other beneficiaries, or somewhere else entirely?
4. Taxes: Estates over $338,333 are subject to Ohio estate tax. Those over $5,000,000 may also be subject to federal estate tax. If your tax burden appears very large, you may find a trust more suitable than a will.
5. Minor Beneficiaries: If any of your beneficiaries could be under the age of 18, you should consider naming a trustee to hold the property until the child comes of age. If your own children are young, you will want to name a guardian to care for and raise your children.
6. Executor: Your executor is the person who will gather together all your assets, pay your bills, and then distribute the remainder of your estate according to the will. The person you choose should be trustworthy, organized and patient. Be sure to name an alternate executor in case the person you name is unwilling or unable to act.
As your life situation changes, your will should be revised to suit your needs and desires. It is generally a good idea to review your will at least every five years to be sure it reflects your wishes. Your individual situation may raise additional issues and considerations that your attorney can address.
When facing the complex legal issues that affect seniors, you need expert guidance and someone you can trust. Marta is a certified elder law attorney serving seniors and their families for more than 25 years. To schedule an appointment, please call 330-686-7777.
