Have you thought about where your assets will go when you aren’t there to distribute them anymore?
Whether you’re single or part of a large family, arming yourself with the right legal tools is essential to ensuring that your intentions are carried out. Steiner Law Group has a wealth of experience working with individuals to create, maintain and carry out wills.
Wills in Maryland
Wills are formal legal documents that dictate what should be done with property and other probate assets after passing. Any person who is over 18 and of sound mind can and should make a will. In the state of Maryland, the person that the will belongs to must sign the document, along with at least 2 witnesses over the age of 18. If your will was prepared in another state, you should have your will formally reviewed by a Maryland lawyer to ensure that all language used will have the same weight under Maryland laws. Also, keep in mind that taxes and probate laws vary a great deal, so you may need to adjust for the most desirable outcome.
The Benefits of a Will
The most important reason to have a will is to have the opportunity to state exactly what you want to occur with your assets. If you pass away without a will, Maryland state law will determine how assets are distributed. Based on the default laws, your money and assets may not end up where you would like them to.
Wills allow you to decide how your estate will be distributed and who will care for minor children, as well as who will take care of executing the will in line with your intentions. Those who have wills experience a quicker and simpler probate process. While probate is unavoidable, having a will accelerates the process.
Changing Your Will
Wills should be updated whenever major life changes occur, like a change in personal or financial circumstances. Births, deaths, divorce and marriage are all occasions upon which you should revisit your will. Whenever changes occur in federal and state tax law that relate to wills and estates, you may also want to schedule a review.