You owe it to yourself and your family members to do proper estate planning, whether it’s a simple Will, a complicated Will, a living trust or some other planning mechanism that fits your particular circumstances and goals. At a minimum, your Estate Plan should include a simple Will, Powers of Attorney, and a Living Will.
For example, if you die without a Will, you die “intestate” and the law of intestacy applies to your estate (probate) property. In Maryland, if a person dies intestate, the estate assets are distributed half to the surviving spouse and half to the minor children.
By executing a Will you can:
- Provide a plan that addresses your objectives, considers the needs of individual family members, makes special bequests and appoints a Personal Representative (Executor).
- Ensure that the surviving spouse receives a greater share of the estate than is provided under the intestacy laws.
- Make specific bequests to individuals or charities.
- Provide for tax planning where necessary.
- Provide for minor children or special needs children with Trusts.
- Simplify the administration of your estate.
- Minimize dissent among family members.
- Avoid or minimize unnecessary legal fees and court proceedings.
The above is not an in-depth exploration of the estate planning process or Will issues. For further information, contact us at firstname.lastname@example.org or call 301-251-1600, to review your estate planning goals and implement a plan to meet your objectives.