Top 5 Reasons Why Having Just a Will in Ohio is Not Enough

Duydan Hoang Vu

Written by

Estate Planning Attorney - Monroe, OH

Posted October 21, 2012

A Will does not avoid the unnecessary cost and hassle of probate.

Although commonly misunderstood, the basic fact is that a Will is not in effect until the Probate Court admits it. It does not allow your estate to avoid Probate Court. Instead, wills are instructions to a Probate Court.

A Will does not protect the inheritance you leave to your beneficiaries from a future creditor or divorce.

Yes, believe it or not, many states, including Ohio, allow the creation of Trusts that can protect the inheritance you leave behind.

A Will does not protect your assets from the catastrophic cost of long term care.

A nursing home stay can wipe out the inheritance you meant to leave to your beneficiaries. Yes, you can also protect assets from this cost using specially created Trusts.

A Will does not allow for someone to act on your behalf while you are alive but need help.

A Will appoints Executors who can administer your estate at death, but what if you need someone to act on your behalf while you are living but lack the mental or physical capacity to manage your affairs? A properly drafted Trust and Power of Attorney can avoid the cost, hassle, and restrictions of a court appointed guardian.

A Will does not take advantage of potential estate tax savings.

The Federal and Ohio Estate Tax (or Death Tax) laws are always changing. Of course the estate tax law today does not matter, it is the estate tax law at the date of your death that really matters. The history on this subject has shown us that Trusts can be constructed to deal with the changes in law and can take advantage of serious estate tax savings that would not otherwise be available.

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