The untimely death of music legend Prince and the surprising news that he may not have had a Last Will and Testament has been in the news.
Unfortunately, Prince is not alone. Statistics suggest that a majority of Americans don’t have a will or a trust.
Court proceedings are now underway in a Minnesota Probate Court to determine the fate of Prince’s estate, estimated to be somewhere in the neighborhood of $300 million. While the size of your estate in relation to Prince’s estate may make you feel like a pauper, the story of Prince certainly emphasizes the importance of making a Will or Trust.
When a person dies without a Will, state law will govern who will be the beneficiary of your estate. In Ohio, Revised Code section 2105.06 it outlines who will inherit property from a decedent. If you do not have a will, you are deferring to the judgment of the Ohio General Assembly as to who will inherit your estate.
Also, if you do not have a will, you lose the opportunity to nominate an executor, the person responsible for managing your estate, and the ability to nominate a guardian, if you have minor children. In addition, there will normally be increased costs for an estate where there is no will.
Take the time to examine your estate planning needs. It is important for you and your family.