Let’s face it: most people know dying without a will is not good. Though surveys say fewer than 1 in 3 Americans fully understand what happens if they die without a will. And fewer than 1 in 5 Americans say they know their state’s specific guardianship and asset distribution rules. I think if more people knew the full ramifications of just not having a will, they would likely take the necessary steps to fix that. But here is the point of this post: it turns out it is actually WORSE to die without a will in some states than in others. How does Ohio stack up when it comes to that?
First, you don’t want to die without a will in New York, Alaska, Georgia, or Tennessee. On the other hand, if you can’t bring yourself to have a will, it is “easier” to die in Iowa, Illinois, and Kansas without one.
Of course, once you’re deceased, it doesn’t matter what happens – right? If you have loved ones who will be left with a very complicated, expensive, and stressful situation, you might want to rethink the “I’ll be gone, what do I care?” plan.
Let’s look at the issue of guardianship and how that is handled in different states if you die without a will. Remember I mentioned the WORST states to die without a will? Well, in New York, Alaska, Georgia, and Tennessee, court-declared guardianship can last over a year, meaning your children or other dependent loved ones may end up living with a court-designated guardian rather than your preferred guardian if you pass without a will. That’s probably not what you have in mind. Here in Ohio (and also Wyoming), the temporary custody order will terminate after one year. Still, not so great.
Some other “not-so-fun-facts” about state laws if you die without a will.
Alabama: Children of the deceased are not eligible to receive their inheritance until age 19, while in other states, it is 18, so your loved ones will have to wait longer to access the assets you had planned to leave for them.
Also, Alabama does not treat domestic partnerships or common law marriages the same as other marriages when it comes to assets, so if you have a partner but are not traditionally married, they may not be able to receive your assets if you die without a will.
New Jersey: Avoiding probate is high on everyone’s list; die without a will, and it’s already not good. But in New Jersey, which is one of the six WORST states overall, probate processing times can exceed one year! And they have a high inheritance tax rate of 11-16%, just to make it worse.
New Mexico: Die without a will here, and the probate process can take up to two years!
As I said in the beginning, dying without a will in ANY state is not good for the deceased’s loved ones, but at least Ohio is not as “bad” as some other states. But why risk it? Why put your loved ones through the agony of trying to negotiate all the laws and complexities of your estate on their own? Please give them the direction they need to understand your wishes and help them avoid costly fees, delays, and potentially family feuds over who gets what. Putting a will together is not as difficult or time-consuming as many believe it to be; call me to talk about your unique situation and how we can quickly put your affairs in order so your loved ones will know how much you care.
Visit my website, www.davidlefton.com, and schedule a consultation online or call me at 513-399-7526. I’d be honored to help.