08 Jul Intestate Succession
What would happen to all your things and money if you died tomorrow? If you already have a Will set up, you know what will happen to all your money and personal property (called “assets”) after you pass. However, what if you had no Will established? Would all your assets go to a pushy relative who wants it all? Or will it be a “free for all” to your family and friends of whoever can run to your home first?
In fact, Ohio has laws of how assets will be distributed if an individual passes without a will. This is called intestate succession. The statute does not intend to pass over those who may be important in an individual’s life, but distributes the assets to those relatives who were “closest” to the deceased. This often includes the spouse and natural children of the husband and wife.
But unfortunately, intestate succession is not always clean cut and often, the court’s ruling of who receives what from a deceased’s assets is not always fair. This is why the creation of a Will is highly important. With a Will, an individual is able to name who receives what including step-children, aunts, uncles, grandparents, etc., and go against what the State may figure as a “fair” distribution of assets.
For legal assistance in writing a will or amending your current will, please contact Attorney Jacqueline Ferris MacLaren, with MacLaren Law, LLC, at (614) 855-6527 or firstname.lastname@example.org. This information is designed to provide a general overview with regard to the subject matter covered and is not to be construed as legal advice.
By Dalyn Watson