why does my lawyer need my assets for my will

Advantages of Keeping Your Estate Plan at Your Lawyer's Office

The principal advantage of keeping your will at your lawyer's office is so that it will not get lost or destroyed and will be safe. Many, though not all, attorneys, provide this service to their clients as an accommodation. Attorneys who are willing to store clients' original wills typically have excellent document storage systems.

Disadvantages of Keeping Your Will at Your Lawyer's Office

The practice of attorneys "safekeeping" clients' wills at their office originated in a time when most people did not have a secure place in their home for the storage of valuable or important papers.

Ohio Offers a Third Option for Storage of Wills and Trusts

Ohio Revised Code section 2107.07 says that a testator (maker of a will) can deposit his or her will in the office of the judge of the probate court in the county in which he or she resides.

Why is a will important?

Having a Will in place, no matter how many or few assets you may have now, can potentially save your loved ones time, frustration, and money in the long run. Below are just a few reasons why, even with minimal assets, a Will is a critical document for everyone to have:

What happens if you don't have a will?

Without a Will, your assets would go through the probate process, where the court decides what happens to your belongings . With a Will, you can name a Personal Representative and beneficiary of your choosing, and keep your estate out of the lengthy and expensive probate process.

Why do older people not have a will?

Even some older demographics neglect to put a Will in place for varying reasons—from avoidance, to not believing they have enough assets to warrant one. However, as uncomfortable a thought as it may be, everyone must plan for the inevitable reality of death.

Who Are the Important People in Your Life?

This is probably the most important question an estate planning attorney will ask you. Family set up greatly affects the estate planning process. In fact, some states have laws that won’t let a person write certain relatives out of a will. Are you married? Most states protect spouses from being written out of a will.

What Do Your Finances Look Like?

Putting together a list of your finances will help your estate planning attorney make the best decisions for your financial future. Since most states have estate and gift tax laws for assets that exceeds certain amounts, you’ll need to make your attorney aware of every asset and liability to your name.

What Do You Want to Give Away?

Once you take out any spousal shares and pay off liabilities of the estate, it’s time to talk personal bequeathments. Do you want to leave a sum of money to your favorite niece? Do you want to set up a trust fund for your children? How about those heirloom pearls your mother gave you?

Do You Have Life Insurance?

Life insurance also falls under contract law as well, which means it will be distributed according to the life insurance policy. You can, however, list a trust as a beneficiary on a life insurance policy and the terms of a trust can be contained within a will.

Have You Gone Through a Divorce?

Believe it or not, this question matters. Depending on the terms of a divorce settlement agreement, your estate planning attorney will need to know if your ex-spouse has any claims to child support, alimony, retirement accounts, or life insurance proceeds.

All the Questions No One Wants to Answer

Unfortunately, estate planning means answering tough questions. Are you aware of any life-threatening illnesses? What are your wishes for after you’ve passed? If you have any specific wishes or religious requests, these are things your estate planning attorney will want to know.

Where Can You Find the Right Lawyer?

Planning out your will may seem like a tedious process, but an experienced estate lawyer can help you navigate through the ins and outs of planning for your future.

Do you need a will or estate plan?

Always remember, and never forget, you don’t just need a will, you need an estate plan. While the two terms “will” and “estate plan” are often used interchangeably, this is wrong, as they are two different things. An estate plan is a set of legal documents to prepare for your death or disability.

What happens if you don't have an estate plan?

Without an estate plan, you and your estate may end up paying more in the long run in professional fees, court costs, and taxes. Using a flat rate with an attorney will be much more straightforward and to your long-term economic advantage.

How many documents are needed for an estate plan?

A will is just one of those legal documents, albeit an important one. In fact, there are at least six “must have” estate planning documents you need. So, you don’t need to draft just one legal document and get it right, but several.

Do estates need probate?

First of all, many estates don't even require probate proceedings . Generally, only assets owned in the deceased person's name alone must go through probate. And if the value of those "probate assets" is small enough, the family can take advantage of probate shortcuts, which are less expensive than regular probate.

What happens if there is no will?

If there isn't a will, or the person named as executor in the will cannot or does not want to serve, then the court will appoint someone. But sibling order isn't a factor courts take into account. Instead, the court looks to state law, which sets out a priority list for who the court should appoint.

Do you have to go through probate if you are deceased?

Generally, only assets owned in the deceased person's name alone must go through probate. And if the value of those "probate assets" is small enough, the family can take advantage of probate shortcuts, which are less expensive than regular probate.

How much does it cost to file a probate case?

In most states, it costs several hundred dollars to file a probate case, a few hundred more to publish required legal notices, and a couple of thousand dollars to hire an attorney to handle everything. Throw in a few hundred more for miscellaneous costs like appraisals and certified copies of court documents. That's it.

What happens if you die without a will?

There are lots of reasons to write a will, but worrying about the state snatching your family's inheritance is not one of them. If you die without a valid will (the legal term for this is dying "intestate"), then state law kicks in.

How long does it take to make a will?

Making a will is easy, and it doesn't cost a lot. 2. It takes years to probate an estate. Most estates don't take years and years to resolve. Usually, the only delay is the period, mandated by state law, that gives creditors time to file claims.

Do couples leave each other?

Some couples decide not to leave each other a significant amount of assets. Especially if each one owns some assets independently, they may agree that each will leave most assets to his or her children from a previous marriage, or to a charity. Many couples in second marriages, especially if they married later in life, are primarily concerned with providing for children from a previous relationship.

What property should not be included in a will?

What Not to Include When Making a Will. Property that shouldn’t be included in your will is any type that is already subject to laws regarding its distribution upon your death. The most common types of such property include the following: Property held with a right of survivorship: Community property with the right of survivorship ...

What is a living trust?

Property held in a living trust: A living trust is specifically set up to facilitate the transfer of property upon the grantor’s death and to bypass probate. Accordingly, the beneficiaries of a living trust automatically receive any property held by the trust upon the grantor’s death. You can always change the terms of a revocable trust ...

What is a pay on death account?

Transfer-on-death (TOD) property: Stocks, bonds, real estate, or vehicles may be held in beneficiary this way, and they pass automatically to the named beneficiary.

Can you change the terms of a revocable trust?

You can always change the terms of a revocable trust during your lifetime by amending the trust documents , but you cannot do so through a will. Life insurance or annuity proceeds: The beneficiary named on a life insurance or annuity policy automatically receives the proceeds.