Why Having a Will is Not Enough
by James Boyd Esq.
“I’ve got a will, I’m fine… right?”
A will is essential for every adult. It can save your loved ones time, money, and hassle during one of the most difficult times of their lives by making your wishes known. A will appoints an executor with the authority and legal duty to carry out the instructions in your will and deliver any remaining assets to the heirs designated in your will. However, a will does not prevent your estate from having to go through probate. A will helps ensure that your estate is handled on your terms rather than how the state of Ohio thinks your estate should be handled.
To avoid probate entirely, you must have your assets titled to transfer in a way that avoids probate through survivorship rights, an on-death beneficiary designation, or placing the asset in a trust. Probate costs can exceed thousands of dollars and tie up the asset for years even if you have a valid will. The best method to avoid probate varies and depends on your specific situation and goals.
Assets that can be titled to avoid probate include:
- Cars
- Motor vehicles (RVs, ATVs, boats, etc.)
- Mobile Homes
- Real Estate
- Bank Accounts
- Stocks
- Bonds
- Personal Property
Further Reading
