FAQ About Estate Planning and Legacy Planning Services in Ohio
Questions About Will Writing in Ohio
What are the legal requirements of a will to be valid in Ohio?
To create a legally compliant will in Ohio, you must:
- Be at least 18 years old, and “be of sound mind, memory, and not under restraint”
- Get signatures from two witnesses who are at least 18 years old and have no connection to the contents of your will
- Draft the will in writing with the testator’s (person who creates a will) signature
Do all wills have to go through probate in Ohio?
In many cases, yes. Typically, a probate court judge will need to determine the legal validity of your last will and testament before assets can be distributed. While most wills go through the probate process, there are some ways to avoid going through probate court, such as placing your assets in a trust.
Drafting a will with the help of an estate planning attorney is the best way to ensure the probate process, if necessary, goes as smoothly as possible. They’ll make sure all the details are in place to distribute your assets and carry out any other instructions in your will. If you don’t have a will — with an assigned “estate executor” who ensures all of your final wishes are honored — the probate court will decide how to distribute your assets.
Do I need a lawyer to make a will in Ohio?
No, a lawyer is not required to create a will in Ohio.
Is it legal to write your own will in Ohio?
Yes, it is legal to write your own will, as long as it meets all of the legal requirements. The process can be complicated, and you can easily miss important details or advantages without an attorney. Working with an estate planning attorney who knows all of the details can make the process much easier.
Questions About Estate Planning in Ohio
What are the essential documents for estate planning in Ohio?
The most important documents for a thorough estate plan include:
- Last will and testament
- Financial power of attorney
- Healthcare power of attorney
- Beneficiary designations
- A plan with your loved ones for administering your will
Does Ohio have an inheritance tax?
No, there is no inheritance tax under Ohio state law.
Is it better to have a will or a trust in Ohio?
Whether a will or trust is a better option depends on your personal needs. A trust can be beneficial if you want your assets transferred quickly and to avoid probate court. A will can make sense, though, if you have simple estate planning needs. It’s typically a good idea to have both a will and trust in place, as a will also includes actions unrelated to finances, such as custody of any children.
How much does estate planning cost in Ohio?
Estate planning in Ohio can cost anywhere from a few hundred to more than a thousand dollars, depending on the complexity of your estate.
Questions About Probate Administration in Ohio
How does probate work in Ohio?
The probate administration process in Ohio takes one of two routes, depending on whether or not a person has a last will and testament in place when they pass. If they do, probate court will evaluate the validity of the will before any assets can be distributed. If a person does not have a legal will, probate court will determine how to distribute any assets within a person’s estate, unless they fall under the category of nonprobate property.
How long does probate take in Ohio?
The average probate process in Ohio is between 6 to 12 months, although more complex estates may take longer to administer.
Can you file probate documents in Ohio without a lawyer?
Yes, you can legally file with probate court without the assistance of an attorney or lawyer.
How much does probate cost in Ohio?
Probate costs vary depending on the size of your estate and a number of other factors. The primary costs include covering court, attorney, and estate executor fees, as well as the price for appraising any assets. Court fees differ between counties, but the average is about $250. Ohio Law stipulates that attorneys and executors receive a “reasonable fee” for their services. This amount is usually determined by the probate court judge, and averages about one to five percent of an estate’s total value.
What assets are not subject to probate in Ohio?
Assets that are not required to be reviewed by probate court (nonprobate property) in Ohio include:
- Any assets in a trust
- Retirement accounts and pensions
- Life insurance
- Transfer-on-death or Pay-on-death accounts
- Jointly shared financial accounts or property
Questions About The Law Office Of K. E. Whisenant
What legal services does Kori Whisenant provide?
The Law Office of K.E. Whisenant provides the following legal services in Ohio:
- Estate Planning
- Legacy Planning
- Trust Administration
- Probate Administration
- Will Writing and Execution
- Estate Planning for Young Adults
Does Kori Whisenant work with young adults?
Yes, attorney Kori Whisenant is an expert on estate planning for young adults. She leads an estate planning program geared specifically toward 18-26 year-olds.
Where did Kori Whisenant go to school?
Kori Whisenant attended the University of Dayton, Ohio. Before obtaining her Juris Doctorate, Law degree from the University of Dayton School of Law, she received a Bachelor of Arts in Psychology.
What makes Kori Whisenant different from other estate planning attorneys in Ohio?
Kori Whisenant brings a unique perspective and compassionate approach to estate planning. Her background in psychology strongly influences her work, as she is committed to considering every client’s individual needs when creating a legacy plan that fits their values.
Where is K. E. Whisenant’s office located?
The Law Office of K.E. Whisenant is in Cleveland, OH.
Common Terms and Definitions: Last Will and Testament
What is a last will and testament?
Also called a will, a last will and testament is a legal document that expresses a person's wishes as to how their property is to be distributed after their death. A will also appoints a person to manage the property until the final distribution.
What is a pourover will?
A Will that leaves all assets in the Testator's name to a previously created Trust.
It is a "catch all" document that allows anything that was not titled in the name of the Trust prior to the death of the Testator/Grantor to be included in the Trust assets and governed by the Trust instructions.
The assets will still have to go through the probate administration process, however, in order to be placed in the Trust.
What is a testator?
A testator is a person who creates a Will.
What is a decedent?
A decedent is a person who has passed away.
What is an executor and what do they do?
An executor is a person or entity (such as a bank or other financial institution) is nominated within a Will to serve as the manager of a decedent's probate estate once approved by the Probate Court.
Common Terms and Definitions: Probate and Probate Administration
Who is an administrator of a probate estate?
The administrator is a person or entity (such as a bank or other financial institution) that is approved to manage a decedent's probate estate by the Probate Court when there is no Will.
What is probate?
Probate is a person or entity (such as a bank or other financial institution) that is approved to manage a decedent's probate estate by the Probate Court when there is no Will.
What is probate court?
The main purpose of probate court is to oversee the distribution of assets within someone’s estate after they pass. If the decedent (person who passed) had a will, the court judge will confirm it’s legally valid before any beneficiaries can receive any property or monetary assets. The probate court judge will also review any debts or outstanding tax payments held by the decedent before paying out the estate.
What is release from administration?
Filing for a Summary Release From Administration allows you to expedite the probate process. Beneficiaries can receive property without a lengthy court process, but only certain estates qualify, such as very simple estates.
Common Terms and Definitions: Trusts
What is a trust?
A trust is an estate planning tool in which a grantor or settlor entitles another party, the trustee, to hold title to property or assets owned by the grantor/settlor for the benefit of a third party, the beneficiary.
Who is the grantor or settlor?
A grantor, also called a settlor and sometimes called a trustor, is a person who creates a Trust or a Deed to property.
Who is a trustee?
This is a person or entity (such as a bank or financial institution) that is nominated by the Grantor/Settlor to hold and manage the assets that are titled in the name of a Trust.
Common Terms and Definitions: Financial Power of Attorney
What is a Financial Power of Attorney?
A financial power of attorney is the person or entity you appoint to make financial decisions for you if you can no longer make your own financial decisions. It is a legal document created by one party, the Principal, that grants another trusted party, the Agent, the authority to act on behalf of the Principal in financial matters. This is also referred to as a General Power of Attorney or a General Durable Power of Attorney.
Common Terms and Definitions: Healthcare Power of Attorney
Healthcare Power of Attorney
A healthcare power of attorney is the person you appoint to make healthcare decisions for you if you are no longer able to do so, such as if you lose consciousness. A legal document created by one party, the Principal, granting another trusted party, the Agent, the authority to act on behalf of or make decisions for the Principal in medical or health-care matters. This is also referred to as an Advanced Healthcare Directive when included in the same document as the Living Will.
Living Will or Advanced Directive
A living will is a legal document that dictates a person's desires regarding the medical treatments that they would or would not want to be used to keep them alive in the case of a terminal illness or injury, as well as other medical decisions such as pain management and organ donation.
HIPAA Release
HIPAA stands for the Health Insurance Portability and Accountability Act, which requires the protection of sensitive patient health information from being disclosed without the patient's permission or knowledge.
A HIPAA Release is a medical directive that allows the Agent to receive medical records and information from medical professionals on the care of the Principal.
Principal
The principal is a person who creates a Power of Attorney, Living Will, or HIPAA Release.
Agent
An agent is a person who is given the ability to act on behalf of another through a Power of Attorney, Living Will, or HIPAA Release.