What Happens When You Don’t Have a will?
If you do not have a will or trust (or any other type of survivorship or transfer-on-death document) that directs where your assets should go after you pass, then the State of Ohio has made the decision for you. Ohio law starts by asking if you have a surviving spouse (no, common-law marriage does not count) and if you have any surviving children. If you have a surviving spouse and no children, then your estate passes to your surviving spouse. If you have a surviving spouse and surviving children, who are all the children of your surviving spouse, then your estate passes to your surviving spouse.Â
However, when you have surviving children, who are not the children of your surviving spouse, that is where the law gets tricky and can cause some problems. If you have a surviving spouse, and only 1 of your children is not the child of your surviving spouse (i.e. one of your children is your surviving spouse’s step child), then your surviving spouse receives the first $20,000 from your estate, plus ½ of the remainder of your estate, and the rest of your estate passes to that child (your surviving spouse’s step child). If you have a surviving spouse and more than 1 of your children are not the children of your surviving spouse (i.e., 2 or more of your children are your surviving spouse’s step children), then your surviving spouse receives the first $60,000 from your estate if your surviving spouse is the natural or adoptive parent of at least 1 of your children (reduced to $20,000 if they are not the natural or adoptive parent of any of your children), and 1/3 of the remainder of your estate, and the rest of your estate is divided among your children. With blended families, this law can create a mess when one of the parents passes away. The key here is to avoid letting the State of Ohio make these important decisions for you. It has never been easier or more affordable than now to make your own decisions and ensure that your assets are distributed to the people you choose. Lawfox is the way.
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