Last Will & Testament
Your will is a powerful document that enables you to protect your family, while carrying forward the goals you’ve accomplished throughout your lifetime and for many more to come.
Your Last Will & Testament empowers you to:
- Name Legal Guardians for your children
- Let your family grief without guess what you might have wanted
- Without a Will, the government must step in to define how your assets will be distributed
- Legally require certain funds to be used for your children’s education
- Make gifts and donations
- You have the power to change your documents at any time
What is a Will?
A will is a set of instructions dictating how your assets will be distributed at death according to your wishes. Wills do not avoid probate and do not have any legal authority until death and is submitted to the Register of Wills. A will may be amended or revoked prior to your death. In your Will, you also name a personal Representative (sometimes referred to as an executor).
If you die without a will your assets will be distributed according to the laws of Maryland and this called “intestate”.
What does a Personal Representative (sometimes referred to as an executor) do?
The Personal Representative is a person you selected in your will. He/she is responsible for collecting and distributing your assets and following the instructions in your Will as to how you want your assets distributed to your loved ones.
Can a Will be changed?
A will can be changed at any time before death as long as you are of sound mind. It does not become effective until your death. A will may be completely changed or amended. An amendment to a will is called a “codicil.”
What are the disadvantages of a Will?
- It does not have any authority as to any health decisions which need to be made, but this can be accomplished with an Advance Medical Directive
- It cannot manage assets during incapacity or after death like a Trust
- It does not serve to protect your assets in the way a corporate entity or Irrevocable Trust would
To learn more or get started on your estate plan, just schedule a time to visit us for a no obligation complimentary consultation.