by Michelle Tuesday

Created on: November 20, 2009

Estate planning is a difficult task to approach for various reasons, not the least of which are dealing with the possibility that you will die someday, handling the politics that go along with making decisions that might be unpopular, paying legal fees, and, plain and simple, the pure logistics of the whole process. Ideally, you will meet with an attorney, fill out paperwork, inventory your belongings, sort out all your loved ones - you get the idea. It takes time, money, and organization.

But if you don't address it before you die, you leave the decision to others. Do you want the state of Ohio to distribute your estate as it sees fit? Enlisting the help of an attorney now is the best thing to do, because you just never know what the future brings. As difficult as this is to digest, what if you perish tomorrow? What will happen to your belongings then?

Well, as it turns out, this is what would happen:

http://ohioline.osu.edu/estate/0004.html#Statute_of_ Descent_and_Distribution

If you have a surviving spouse and/or children, they would receive your property. Depending on whether all your children are also children of your surviving spouse, your spouse might receive it all, or it might get split between your spouse and children after the first $20,000 goes to your surviving spouse...

Does that sound complicated? Add a layer of complication: Where does that first $20,000 come from? Do you have $20,000 sitting in a savings account? What about equity in your home? What if your child, or someone else, is living in a home you own? What if the funds would come from a retirement fund? Would they stay invested, or would the courts pay cash?

These are questions you need the answers to, but first, you need to decide what you would like your spouse, children, dependent parents, siblings, loved ones, religious institution, favorite charity, university, or your dog to have! If you want any distribution other than the one mandated by Ohio law, then you need to write a will.

First, figure out how much money your dependents need to continue with their current standards of living. Second, figure out what should rightfully belong to your heirs, either because they invested time or money in the property, share part ownership that may or may not be documented, or because they are the natural recipient of such an item (for instance, your antique Gibson guitar might go to your musically inclined child.)

Second, figure out how much is left. This is the hard part, and it might be helpful

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