There are a number of ways to transfer assets from one generation to another but as Forbes explains in “Do You Really Need A Will?” there are still many reasons to have a will.
Anyone with minor children should have a will because, in most jurisdictions, it is the document through which you can appoint the guardian of choice for your children. Other instruments can be used to provide assets for a child, but only a will is available to state who should take care of the child.
Even if you do not have a child, you probably have personal property that is not easily handled in other legal instruments. If you want to have a say in who gets that property, then a will is necessary to do so.
That there are other ways to transfer assets after you pass away is wonderful and an estate planning attorney can help you navigate through the ways to find the best options for your unique circumstances.
Nevertheless, a will is still necessary for things that cannot be included in those documents.
An estate attorney can help evaluate your unique circumstances and prepare a will for you, even if you only require a simple one. Call (443) 470-3599 today and schedule a consultation with Maryland Attorney Britt L. Stouffer to learn more about Estate or Elder Law and how she can help you.
Reference: Forbes (Aug. 31, 2016) “Do You Really Need A Will?”