Did you know that a Last Will & Testament is an important estate planning tool? By having a Last Will & Testament:
a) You can designate to whom your probate assets shall be transferred after your death;
b) You can designate an executor of your estate;
c) You can designate a guardian for minor children under the age of 18 at your death; and
d) You designate a trustee to receive in trust a beneficiary's inheritance if the beneficiary is under a certain age that you can designate (for example, 21 years old).
A Last Will & Testament is a written statement of your wishes for the foregoing issues. Without a Last Will & Testament, Ohio law provides who shall receive your probate assets. In addition, the persons who are appointed by the Probate Court to serve as your executor, guardian and/or trustee may not be persons whom you wish to serve in those capacities.
For further questions regarding this topic, please call the attorneys at Bailey & Gunderson Co., L.P.A., with offices in Norwood and Western Hills, at 513-631-0022.
