You’ve spent your life working hard and buying assets. While you may be aware that you will have to leave them behind after you pass away, it is essential to think about what will happen to those assets, even if you do not have children.
Often when people talk about planning their estate or what is in their will, they are talking about a plan for who will take care of the kids and what they will pass down to their children. Even people who do not have many assets start to think about creating a will so that there is a plan for their children.
Here’s more about why you still need a will even if you do not have children.
What happens without a will?
If you die intestate, or, without a will, the court will look at the living relatives in your family and decide who will get what assets by consulting the Ohio code for intestate succession. If you do not have a spouse or children, the court will look to parents and other relatives to inherit your assets.
If you have no stepchildren or other lineal descendants, the court will not look for friends or other people you knew to inherit your estate. All your property (land, money and possessions) will “escheat” (go to) the state.
With a will, you can get what you want
When you have an estate plan in place, your assets can go to anyone you wish. You have no obligation to give a certain amount to a spouse or other heirs; everyone you choose to include in your estate plan can have whatever you want to give them.
Also, you are not limited to family to receive your assets. You can give your property and possessions to friends and charities or even use your money to support a pet or other loved one.