Wills Attorney in Upper Marlboro, Maryland
Why You Need a Will?
You've worked your entire life and you've acquired property, personal belongings, investments, retirement assets—in other words, you've built an estate. You deserve the right to determine who benefits from your hard work after you die. Creating a Will is one way of ensuring that you direct how your assets are distributed after death.
A Will is a set of instructions on how you would like your estate to be handled after your death. By making a Will you can control to whom, when, and how your assets are distributed. If you die without making a Will a state court could choose an administrator for your estate, or if needed, a guardian for your minor children. These individuals may not be persons you would have selected. The administrator will distribute your assets without regard to any wishes you might have expressed during your lifetime. Children could receive a large sum of money outright who may not have enough financial experience to manage their inheritances wisely.
If I Put My Wishes in Writing and Sign It, Isn't That A Will?
Most states have laws defining what documents are enforceable as Wills. There is generally no required format for a Will to be enforceable but there are requisites for creating a Will. In Maryland, a person must be of sound and disposing mind in order to make a valid Will. Additionally, a Will must be typed and witnessed by two individuals who must both sign in the presence of the testator and each other.
An experienced attorney can draft a Will that meets the legal requisites as well as include strategic provisions to ensure that your desires are realized. Depending on your objectives and, or, your assets, you may consider provisions for reducing or eliminating taxes or a plan to conserve your assets. You may need to plan for the care of minor children or incompetent beneficiaries or to protect financially inexperienced beneficiaries by delaying their distribution in a trust, for example. Simply drafting a document that is legally binding will not necessarily accomplish your goals for the distribution of your assets.
A Will Is a Powerful Planning Tool
A properly drafted Will can help you to:
Protect your family by making provisions to meet their present and future financial needs;
Minimize taxes that might reduce the size of the estate;
Name a Personal Representative (Administrator) who will ensure that your wishes are carried out;
Nominate a guardian for your minor children;
Establish a trust(s) and appoint a trustee to manage the inheritances of any minors or beneficiaries who may be inexperienced in managing money;
Avoid delays and the added expenses that intestacy proceedings may involve; and
Secure peace of mind in knowing that your family will be cared for in accordance with your wishes.
A comprehensive Will is the cornerstone of a Will centered estate plan. If you don't have a Will we strongly urge you to consider making one. If you don't have a Will your assets will be distributed by your State's laws of intestacy. If you do have a Will, you should review it regularly to make sure it continues to meet your needs.
If I Have a Will, Can I Avoid Probate?
Probate is the process of proving and administering the Will under the supervision of a court. If you die with assets titled in your name, with or without a Will, a court-supervised administration is required for any such asset to be distributed. This process is often time-consuming and can be expensive depending on the size of the estate and the complexity of the issues that may be involved in fully administering it. Additionally, the Will becomes a public record once filed and so may subject your estate to public scrutiny and may invite Will contests.
If avoiding probate is an objective please read the page on trusts on this website.
AMD Law is here to assist you to create your most comprehensive will, to address all of your concerns, and provide planning strategies to give you the peace of mind you deserve.