It’s surprising – and dismaying – to learn that half of all parents with young children do not have wills. Responsible parents who would research consumer reviews before buying a new child’s car seat have not done the single most important thing that they could do to ensure their children’s future. Even people who don’t have confidence in the ability of the government to handle just about anything well are allowing that same government to decide what happens to their children if something happens to them. Click here for more details.
The reasons people have for not making a will tend to be, “I’m too busy,” “It’s too expensive,” or “I don’t need a will.” Many find it uncomfortable to really think about making plans for how their children’s future and their assets would be handled after their deaths. Instead, they are willing to leave these crucial decisions to strangers.
The two most critical decisions would be who would care for the children and who would manage the assets. One person can be designated to do both or two separate people can be named. For example, there may be a relative who would be the absolute best choice to care for the children, but someone else is an expert at financial management. That is just one possibility. The best solution for any particular family would be as unique as that family.
Without a will, state laws will control what happens. A surviving spouse would not necessarily inherit everything. If you have a child with someone other than the spouse, Ohio state law has a formula that comes into force, giving a percentage to the spouse and dividing the balance among all of the children. If the children are under 18, a state-appointed administrator, paid by the estate, will control the children’s money until they reach 18. The surviving spouse will have to go through a complicated legal process to be able to access any of that money. If both parents die, the state will decide who will care for the children.
Discussing all of the possibilities with an Estate Attorney Piqua OH would be a wise decision. Shipman Dixon & Livingston Co. L.P.A. is a full service law firm founded in 1899. The firm’s attorneys have many years of experience serving the needs of the residents of Piqua, Troy and the surrounding area. Call today for an appointment and discuss the best way to safeguard your children’s future.