Is a will really that advantageous?
I’m often asked, “Is a will really that advantageous?” Won’t everything go to my kids equally anyway?
Let’s unpack the answers to these questions.
First, having will enables works around a few scenarios. Without a will, an out of state resident cannot administer the estate of an Ohio resident. That’s right, if you’re not named as executor in a will, you must be an Ohio resident to administer an Ohio estate.
Second, a will allows the executor to fulfill his or her duties without having to get a bond. Without this bond waiver, someone who needs to administer an estate will have to go to an insurance agent and get a bond to cover double the value of the personal property in the estate. So to get that bond amount, you take the value of the estate, then subtract the real estate, then multiply by two. Bond premiums are typically good for one year. If that estate administration lasts longer than one year, then the bond premium will be charged again. This consideration is avoided with a will that waives the requirement for a bond.
Third, most often a will has the power to sell real estate. This usually means that once the executor of an estate has been appointed, the executor may sell the real estate that belonged to the decedent. If there is no will, all of the estate beneficiaries will have to consent to the sale of the real estate and the property won’t be able to be sold until later in the estate administration process.
Fourth, when there is a will, the probate process can begin more quickly. As long as the named executor is ready, willing, and able to serve, the Probate Court will appoint the executor named in the Will. Without a will, there is often more than one person who has the same right to administer the estate. To avoid notice and a hearing, the other heirs must waive their right to administer the estate. With a will, all of this is avoided. The probate court appoints the named executor and things move forward.
As you can see, the answer to the question, “Is a will advantageous?” is decidedly yes. Don’t wait.
If you’re ready to quit worrying and get started, click here or call 330-421-6861.