W&T

Law Offices of David C. Slade

Wills

What is a Will? A will is a document that you write (with assistance from your attorney) directing how you want your property distributed after your death. In your will you should appoint a trusted person to be your Personal Representative. Your Personal Representative (sometimes called an Executor) is responsible for carrying out your instructions and distributing your property according to the instructions you place in your will.

Do I Need a Will? Generally speaking, YES, although in some very limited situations you may not need a Will.

What if I die without a Will? In Maryland if you die without a Will state law provides that your surviving spouse will get his or her share (usually 1/3 or 1/2), with the balance going equally to your surviving children. If you are not survived by a spouse or child, your property may go to parents, grandchildren, brothers or sisters, nieces or nephews, and so on. If there are no blood relatives, and you die without a will, your estate will be sold for cash and the money turned over to help fund the public schools.

If these are not the scenarios that you have in mind, then you need either a Will or a LivingTrust. See your attorney for further details.

Will All My Assets be Distributed to the Persons I Name in My Will? To the extent that your property is in you name only, then it will pass through your Will. Property that you own jointly with another person with right of survivorship will automatically transfer to that person. For example, if you own property with right of survivorship, such as real estate or bank accounts, upon your death the real estate or bank account would transfer to the other joint owner -- no matter what your Will says. Similarly, if you have named someone as the beneficiary of your life insurance policy, upon your death the proceeds from the policy will go directly to the beneficiary. These are two examples of property passing "outside the Will."

It is very important that you know the nature of ownership of all of your property, so that you can plan for how that property will change hands upon your death. Be sure to ask your lawyer if you do not understand any of the terms of jointly held property.

Why Must I Appoint a Personal Representative? There must be someone to carry out your instructions and distributing your property according to your Will. You should appoint someone you know and trust to be your Personal Representative. If you don't appoint someone in your Will, the probate court (known as the Orphan's Court in Maryland) will. The Court may appoint a bank or an attorney to administer your estate, which frequently increases the cost.

How do I Select My Personal Representative? You should appoint someone you know well and trust to manage your property and who will be able to handle all of the financial matters involved with settling your estate. Preferably your Personal Representative should be someone who won't inherit anything from you (or at least not significantly). Check with that person ahead of time to find out if they are willing to take on this responsibility. It is always a good idea to appoint an alternate if the first person you name cannot serve.

If I Already Have a Will, When Should I Change It? Since it is not possible to see into the future, it is virtually impossible to prepare you Will that provides for every possibility or outcome of life. You should review and update your will whenever significant changes happened in your life, or in the lives of those you have named in your will. Some basic changes that suggest should review your will include:

Changes in beneficiaries: Perhaps someone you have named in your will may die, or a new member may be added to your family through birth, adoption or marriage.
Changes in Residence: If you move to a new State, you should have your will reviewed by a lawyer in your new state.
Changes in your finances: If you win the lottery, you may want to change your Will! If you have a significant change in your finances, either an increase or decrease, you should review your Will.
Changes in your marital status: If you get married, divorced or lose your spouse you probably need to revise your will.

Do I Need a Lawyer to Draft My Will? Yes! Even though your Will is your Will, the expertise of a lawyer is needed to assure that your will is drafted and executed according to your State’s laws. In addition, your lawyer can talk with you about provisions you might want to consider, such as:

Appointing a guardian if any of your beneficiaries are minors
Establishing a trust, whether a Living Trust or Testamentary Trust
Distributing property you own in another state
Making special provisions for a disabled child, divorced spouse, or charitable institution
Providing for the care of your pets

What about a "Simple" Will? A "simple" will may be appropriate if your plan to distribute your estate is uncomplicated. For example, a "simple" will may be all you need if you want everything to go to your spouse and then equally to your children if your spouse does not survive you. However, if you want any of your children or grandchildren to receive property and they are younger than 18, you will need to appoint a guardian and possibly set up a trust, which is not simple.

Do I Need a Will with a Living Trust? Often this is an excellent way to plan your Estate management. You Will would "pour over" into your Living Trust upon your death.

How Do I Prepare a Will? Contact our offices. We will be glad to assist you. We take professional pride in working closely and carefully with each client to assure that their needs are met.

Return to home page.