A will is a legal document that helps to cover what will happen to your property and family after your death.
While a will (short for “last will and testament”) is an important piece of estate planning, there are other documents and actions you can take to properly prepare for the future. Working with an attorney can be essential in exploring your options and covering all your bases.
With sufficient preparations, you can make things much easier for your family should you become incapacitated or pass away. It’s important that your will be in compliance with the laws in your jurisdiction to avoid unnecessary complications for your family.
Event better, a more complete, carefully considered estate plan will provide you and your family with the best protection. Read more about estate planning and common mistakes here.
Why Should You Have a Will?
Here are just a few reasons to have a will, according to DHS:
- You can direct where and to whom your estate will go after your death. If you without a will, what you own would be distributed according to your state’s law.
- Wills make the administration of your estate run smoothly. A clear expression of your wishes helps prevent costly, time-consuming disputes over distribution of your assets.
- Your will is the only way to choose the person to administer your estate and distribute it according to your instructions. If you do not have a will naming an executor, the court will make the choice for you. Usually the court appoints the first person to ask for the post.
- For larger estates, a well-planned will can help reduce estate taxes.
- If you have minor children, a will allows you to appoint a guardian should both you and their other parent both pass away.
You should update a will whenever there is a change in your life, such as a new child in the family, a divorce, when your child gets married, a death in the family (especially if they are a beneficiary), or you come into money that can may change your previous planning.
While a will can be fundamental in your preparations, a more comprehensive estate plan should be carefully considered to protect your wishes and your family. Go over your options with Brian Spern.
Need an Estate Lawyer?
Attorney Brian Spern can assist you and your family. Brian’s areas of law concentration include Elder Law, Probate and Estate Administration, Estate Planning, Fiduciary Litigation, and Real Estate Litigation. He is admitted in Maryland, the District of Columbia and New York.
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Office: (410) 580-5497