By Jessica LoPiccolo
People often think that when they write a Will their estate planning is done. They believe that nothing else is required. Wrong! A Will states who you want your executor and beneficiaries to be, but it does not keep your heirs out of Probate Court. In fact, a Will is the document used by Probate Court to appoint an Executor and to handle your assets – pay your bills, taxes and distribute what’s left – after you pass away.
A Will does not go into effect until the Executor is appointed by the Probate Court. Probate protection requires that you have a beneficiary named to receive assets (your home, your cars, your bank accounts, stocks, bonds, etc.) who is living at your death. There are many ways to accomplish this.
Probating your estate is both costly and time consuming. It will take at least a year in Ohio and can take years to settle up an Estate if there are conflicts.
There are ways to avoid probate, and there are even ways to protect assets from Nursing Home situations. Here at Cooper, Adel & Associates, we specialize in this type of planning. In fact, Elder Law planning is all that we do. Please give us a call to set up a free consultation and to learn how your heirs can avoid the probate process.