Are you getting ready to prepare your will? If you live in the state of Maryland, there are a few basics that you need to know. These details can save a lot of time, energy and money for you and your heirs.
What is the definition of a will?
Wills are also known in the legal world as a last will and testament. This document lays out how you wish your money and property to be distributed after you have passed. You will name a person, known as the executor of your estate, who will carry out these wishes on your behalf.
If you have children who are under the age of 18, you can provide for them in your will. You can name the person or people whom you wish to be appointed by the court to act as their legal guardian. Your will is also the place where you can give all of your wishes regarding your funeral and final burial.
Why do you need to have a will?
There are many reasons why it’s best to leave a last will and testament for your heirs. The main one is that if you die without a will, your estate will be judged intestate. If this occurs, the estate will then need to go through a long and complex probate process where judges will divide your property according to state law.
If you don’t lay out a clear path for the distribution of your assets, your heirs could spend years fighting to receive their fair share. They may end up being denied access to these assets. Preparing a last will and testament is the way to prevent this.