Simple or Complex—Your Will is an Essential Component of Your Estate Plan
A Will is a legal document that controls how property is to be distributed after death. A Will can help you accomplish a number of important planning goals, including:
- Control who receives your assets after you pass away
- Name an executor to manage your estate after death
- Allow for the sale of real estate and other assets after death without a court proceeding
- Make gifts to charity after you pass away
- Determine who will be responsible for paying estate and other taxes
- Name a guardian to care for minor children
It is important to note that if you pass away without a Will, the state of Maryland will determine how your assets will be distributed. The state will simply follow generic formulas created by legislators for asset distribution. These formulas do not take into account your wishes regarding “who gets what.” In addition, the state will appoint someone to manage the distribution of your estate assets, and this could very well be someone you would never have wanted to make these decisions for you. The cost of probating your estate without a Will may also be significantly higher than if you had a Will in place.
At The Tyra Law Firm, we can design a Will that allows you, not the state of Maryland, to control how your assets are distributed, who will manage your estate, and who will care for your minor children. Contact our office to speak to an attorney about creating your Will.
