Have you been researching probate law online? Have you asked your friends for advice about what you should include in your estate plan? Unfortunately, many people are confused and do not understand the probate process because of the misinformation they find online and the misconceptions they hear from friends and family members. It is extremely important that you understand the probate process and that you have sound legal direction during the estate planning process. Making the wrong choices could be very costly.
The Dayton estate planning attorneys of Lovett & House offer accurate information about probate law and the estate planning process. You can trust that you are receiving sound legal advice when you choose our law firm to prepare your will and other estate documents. Contact our office today to schedule your appointment.
Five Myths About Estate Planning and Probate Law
As experienced Dayton probate attorneys, our clients ask us many questions about estate planning and probate law. Therefore, we deal with many common estate planning myths and misconceptions as we assist individuals with their estate planning needs. The most common estate planning misconceptions and myths we hear are:
- Without a Will, the State Will Take All of My Property. This is not true. The state will not seize your property if you do not have a will. However, the state will dictate how your estate is disbursed if you do not have a will. Ohio intestate laws determine who will inherit your property and the percentage each heir receives. Without a will, you cannot leave property to friends and charities.
- I Do Not Need an Estate Plan Because I Do Not Have A Lot of Money. Everyone needs a will and an estate plan regardless of their financial situation. This is true if you are married, single, you have children, or you do not have children. Everyone needs to have a will to protect their property and their loved ones.
- If I Die, My Spouse Inherits Everything. This is only true if you have a valid will that leaves everything to your spouse. If you do not have a will, this may also be true if you are married and you have no children or other heirs. However, you should never assume the intestate laws will allow your spouse to inherit your entire estate. The only way to ensure your spouse inherits your entire estate is to have a written will.
- There is No Way to Avoid Estate Taxes. This depends on your unique financial situation. However, we have numerous estate planning tools we can utilize to minimize and sometimes eliminate estate taxes.
- I Can Give My Pet an Inheritance. This is not true. Animals cannot inherit property. However, you can include a pet trust in your estate plan that names a person to care for your pet after your death. You can set aside assets for this person to use for the care and upkeep of your beloved pet. A pet trust must be carefully drafted to be valid. Contact our law firm to discuss a pet trust in further detail.
Dayton Estate Planning Lawyers Answer Your Probate Questions
We understand you may have many questions about the probate process and estate planning. We urge you to schedule an appointment with one of our probate attorneys to discuss your concerns in further detail. Contact our office by calling (937) 429-7730 to speak with an estate planning attorney.