A will is a legal document that sets forth your wishes for the distribution of your property, guardianship of your minor children, and the executor of your estate. Without a will, decisions about your estate are left in the hands of judges or state officials. Secure your legacy today — make a will in six simple steps.
- List your assets and decide what property to include.
- Choose your beneficiaries.
- Name your executor (and let them know).
- Choose a guardian for your minor children and someone to manage your children’s property.
- Make your will and sign it in front of witnesses. Most states require two.
- Store your will in a safe, secure place.
If you want to help your heirs avoid probate court, you can complete a Transfer on Death Designation Affidavit (A.K.A. Transfer on Death Deed). A Transfer on Death (TOD) is a legal document that can transfer your home or vehicle(s) upon death to one or more beneficiaries without a will. The form must be notarized, then submitted to your County Recorder’s Office or Clerk of Court’s Title Office.
31 states allow TODs, including Ohio and Indiana, but since a TOD only applies to vehicles and homes, you should still create a will for your other assets, to clarify your burial wishes, and to designate a guardian for minor children (and any assets left to them).
You can also set up Payable on Death (POD) designations for your bank accounts. You can designate a person, charity, or trust as beneficiary. Beneficiaries won’t have to go through probate court and will only have access to the money in your account after you pass. Some banks allow you to set up PODs online and all allow at least one beneficiary. Call or visit your local bank branch to find out more.
This Make a Will Month, take the time to create your will, and set up relevant TODs and PODs. Once you’ve made your estate plans, review them every few years, or after any major milestone (i.e. children, marriage, divorce, etc.). By preparing in advance, you can ensure that your wishes are fulfilled and create a legacy that goes beyond your own life. If you choose to include Working In Neighborhoods in your legacy, please let us know by contacting Molly Lohr at mlohr@wincincy.org.