The estate planning process can be complex and difficult to think about. However, it's important to ensure your assets end up in the correct hands by creating a detailed plan. Drafting a will is a common part of this process, but many people never get around to this step. Here's a closer look at what happens if you don't have a will and why it's so important to have one on hand.

Where Do Your Assets Go Without a Will? 

The general rule of thumb is that the entire estate will go to the closest living relative. If you’re married, then your state will recognize your spouse as the eligible family member. For those who have children and were preceded in death by their spouse, the estate will then go to their descendants. Those who are single will simply pass their inheritance to another relative, such as a sibling, parent, or grandparent. 

Once the court approves the transfer, then any further distribution is completely up to the new owner of the estate. This means they could choose to provide a portion to other living family members or keep the entirety for themselves. However, any joint accounts will go to the surviving holder. The same goes for rental properties and other types of investments that have another person listed as the co-owner. 

What Do Wills Typically Include? 

These laws of inheritance do not always account for your particular preferences. To ensure that your estate is divided according to your final wishes, it's best to leave a detailed will, which is a legal document that dictates exactly how to handle your assets. It should include personal information, such as your full name, date of birth, and current address. This will serve as identification for the court and allow them to verify the document’s legitimacy.

It should also include a list of your assets. These can range from monetary amounts to physical belongings from the house. Name each of the beneficiaries for these assets to ensure that they are inherited correctly. You should also consider setting up a power of attorney and listing them in the will. This will be the person who carries out the terms of the will, closing the estate and managing your financial accounts. Including each of these elements will ensure the transfer can proceed smoothly and according to your preferences.

Start the estate planning process by reaching out to Dennis P. Faller, Attorney at Law. Located in Wapakoneta, OH, this local attorney has over 40 years of experience and is well-versed in the intricacies of probate law. He offers a personalized approach and will ensure that your assets are handled correctly. Call (419) 738-4578 to schedule a consultation, or visit his website for additional information on estate planning.