KELLER, BARRETT & HIGGINS

How to Create a Will in Cincinnati

A will, also known as a last will and testament, is a legal document that outlines how you want your assets and affairs to be managed and distributed after your death. It allows you to specify your beneficiaries, appoint an executor to manage your estate, designate guardians for minor children, and distribute your assets according to your wishes.

Key Components of a Will

Designation of Beneficiaries

One of the most important aspects of a will is the designation of beneficiaries. These are the individuals or organizations that you choose to receive your assets. Beneficiaries can include family members, friends, charities, or any other entities you wish to support. Clearly specifying your beneficiaries helps prevent disputes and ensures that your assets are distributed according to your preferences.

Appointment of an Executor

The executor is the person you appoint to carry out the instructions in your will. This individual is responsible for managing your estate, paying off any debts, and distributing your assets to the designated beneficiaries. Choosing a trustworthy and capable executor is crucial, as they will play a key role in ensuring that your wishes are honored and that the estate administration process is handled efficiently.

Guardianship Designations for Minor Children

If you have minor children, it is essential to include guardianship designations in your will. This allows you to name a guardian who will take care of your children if you and the other parent are no longer able to do so. Selecting a guardian ensures that your children are cared for by someone you trust, and it can help prevent potential legal battles over guardianship.

Distribution of Assets

A well-drafted will clearly outlines how your assets should be distributed among your beneficiaries. This includes specific bequests of items such as real estate, personal property, financial accounts, and other valuable assets. You can also include instructions for the distribution of any remaining assets after specific bequests have been made. Providing detailed instructions helps ensure that your assets are divided according to your wishes and reduces the likelihood of misunderstandings or conflicts.

Legal Requirements for Creating a Will in Cincinnati

Age and Mental Capacity Requirements

To create a valid will in Cincinnati, the testator (the person creating the will) must meet specific age and mental capacity requirements:

Age Requirement: The testator must be at least 18 years old. This is a standard requirement across most states, ensuring that the individual is of legal age to make binding legal decisions.
Mental Capacity: The testator must have the mental capacity to understand the nature and consequences of making a will. This means they must comprehend the extent of their assets, the identity of their beneficiaries, and the effect of the will's provisions. This is also known as having "testamentary capacity."

Written and Signed Document

A will must be a written document to be legally enforceable. This requirement ensures that there is a tangible record of the testator's wishes. Oral wills are not recognized in Ohio for the purpose of distributing significant assets.

Written Document: The will must be documented in writing. This can be done either by hand (holographic will) or typed.
Signature: The testator must sign the will. The signature indicates that the testator acknowledges and approves the contents of the will. If the testator is unable to sign the document themselves due to physical incapacity, they can direct another person to sign on their behalf in their presence.

Witness Requirements

Ohio law requires that the will be signed in the presence of at least two witnesses. These witnesses must meet specific criteria to ensure the validity of the will:

Number of Witnesses: At least two witnesses are required.
Presence: The witnesses must be present at the same time and witness the testator signing the will. Alternatively, they must witness the testator acknowledging their signature on the will.
Qualifications: Witnesses should be competent individuals who are at least 18 years old. Ideally, they should not be beneficiaries of the will to avoid any potential conflicts of interest or claims of undue influence.

Notarization (Optional but Recommended)

While notarization is not a legal requirement for a will to be valid in Ohio, it is highly recommended. A notarized will can facilitate the probate process by providing additional verification of the authenticity of the will and the testator's signature.

Self-Proving Affidavit: By including a self-proving affidavit, which is a notarized statement signed by the testator and witnesses, you can expedite the probate process. This affidavit attests to the validity of the will and the signatures, reducing the likelihood of the will being contested.

Steps to Create a Will

Assess Your Assets and Liabilities

Make a Comprehensive List of All Assets

Begin by making a detailed inventory of your assets. This includes:

Real Estate: Homes, land, and other property.
Financial Accounts: Bank accounts, retirement accounts, stocks, and bonds.
Personal Items: Jewelry, collectibles, vehicles, and other valuable personal belongings.
Investments: Business interests, life insurance policies, and any other investments.

List Liabilities

Next, compile a list of your liabilities, including:

Debts: Personal loans, credit card debt, and other outstanding debts.
Mortgages: Any mortgages on real estate properties.
Loans: Car loans, student loans, and other types of loans.

Choose Your Beneficiaries

Decide Who Will Receive Your Assets

Determine who you want to inherit your assets. Beneficiaries can include:

Family Members: Spouse, children, grandchildren, and other relatives.
Friends: Close friends who you wish to leave part of your estate.
Charities: Organizations or causes you want to support.

Consider Alternative Beneficiaries

It's wise to name alternative beneficiaries in case your primary beneficiaries predecease you or are unable to inherit.

Appoint an Executor

Role and Responsibilities of an Executor

An executor is responsible for managing your estate, ensuring that your wishes are carried out, paying debts and taxes, and distributing assets to beneficiaries.

Criteria for Choosing a Reliable Executor

Choose an executor who is trustworthy, organized, and capable of handling the responsibilities. Consider someone who:

Has Financial Acumen: Understanding of financial matters.
Is Reliable and Trustworthy: Will act in the best interest of your estate and beneficiaries.
Is Willing to Serve: Confirm that the person is willing to take on the role.

Designate Guardians for Minor Children

Importance of Choosing a Guardian

If you have minor children, it's crucial to designate a guardian to care for them if you and the other parent are no longer able to do so.

Criteria for Selecting a Suitable Guardian

Choose a guardian who:

Shares Your Values: Aligns with your parenting style and values.
Is Financially and Emotionally Stable: Can provide a stable environment for your children.
Is Willing to Serve: Ensure the person is willing to take on this responsibility.

Draft Your Will

Using a Will Template or Software

You can start by using a will template or online software to draft your will. However, these options may not cover all legal nuances and personalized needs.

Consulting with an Estate Planning Attorney

For a more customized and legally sound will, consult with an estate planning attorney. An attorney can help you:

Ensure Legal Compliance: Meet all legal requirements.
Address Complex Situations: Handle special circumstances like blended families or business ownership.
Provide Peace of Mind: Ensure that your will is comprehensive and enforceable.

Sign Your Will

Requirements for a Valid Signature

To make your will legally binding, you must sign it. Ensure you:

Sign in the Presence of Witnesses: At least two witnesses must be present when you sign the will.
Witness Signatures: The witnesses must also sign the will, affirming that they witnessed your signature.

Ensuring the Presence of Witnesses

The witnesses should be:

Competent Adults: At least 18 years old and mentally capable.
Disinterested Parties: Ideally, not beneficiaries to avoid potential conflicts of interest.

Store Your Will Safely

Keeping the Original Will in a Safe Place

Store the original will in a secure location, such as:

Safe Deposit Box: A secure and accessible place.
Home Safe: A fireproof and waterproof safe at home.

Informing Your Executor and Loved Ones About the Will’s Location

Make sure your executor and key family members know where to find your will. Provide copies to your attorney and keep a list of people who have access to it.

Common Mistakes to Avoid When Creating a Will

Not Updating the Will Regularly

Importance of Regular Updates

Your will should reflect your current circumstances and wishes. Major life events such as marriage, divorce, the birth or adoption of a child, significant changes in your financial situation, or the death of a beneficiary or executor necessitate an update to your will. Failing to update your will can result in unintended consequences and disputes among beneficiaries.

Regular Reviews

Schedule regular reviews of your will with your estate planning attorney to ensure it remains current and effective. This proactive approach helps address any changes in your life or the law that could impact your estate plan.

Failing to Include All Assets

Comprehensive Asset Listing

A will should include a comprehensive list of all your assets to ensure they are distributed according to your wishes. Overlooking assets such as digital assets, personal items, or minor financial accounts can lead to confusion and potential disputes.

Detailed Inventory

Create a detailed inventory of all your assets, including real estate, bank accounts, investments, personal property, and digital assets. This ensures that nothing is left out and that all your assets are accounted for in your will.

Not Considering Potential Tax Implications

Estate Taxes

Depending on the size of your estate, there may be significant tax implications that affect the value of the inheritance your beneficiaries receive. Proper planning can help minimize estate taxes and maximize the assets passed on to your beneficiaries.

Consulting with an Attorney

An estate planning attorney can help you understand the potential tax implications of your estate and develop strategies to minimize taxes. This may include setting up trusts, making charitable donations, or utilizing gift tax exemptions.

Overlooking the Need for an Executor Backup

Importance of a Backup Executor

An executor is responsible for administering your estate according to your will. If your primary executor is unable or unwilling to serve, having a backup executor ensures that your estate is managed efficiently and according to your wishes.

Choosing a Reliable Backup

Select a reliable and trustworthy individual as a backup executor. This person should be capable of handling the responsibilities and willing to step in if needed.

Forgetting to Review Beneficiary Designations on Other Accounts

Consistency Across All Accounts

Many assets, such as life insurance policies, retirement accounts, and payable-on-death bank accounts, have designated beneficiaries. These beneficiary designations take precedence over your will, so it’s essential to ensure they are up-to-date and consistent with your overall estate plan.

Regularly Review and Update

Regularly review and update the beneficiary designations on all your accounts to ensure they align with your will and reflect your current wishes. This helps avoid conflicts and ensures a smooth transfer of assets.

Contact Keller, Barrett & Higgins for Professional Assistance in Creating Your Will

Creating a will is an essential step in securing your future and protecting your loved ones. The experienced attorneys at Keller, Barrett & Higgins are here to provide you with professional assistance in drafting a comprehensive and legally sound will. Don’t leave your estate planning to chance—ensure your wishes are honored and your assets are protected.

Take the first step towards peace of mind and security. Contact Keller, Barrett & Higgins today to schedule a consultation and discover how our expert attorneys can help you create a customized will that meets your specific needs and goals.

How to Reach Us

Phone: (513) 351-6058
Email: info@kbhlawyers.com
Website: Keller, Barrett & Higgins