is a last will and testament all you need for your estate plan: a guide for maryland residents
TRANSCRIPT
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IS A LAST WILL AND TESTAMENT ALL YOU
NEED FOR YOUR ESTATE PLAN?
A Guide for Maryland Residents
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YOUR WILL AND YOUR ESTATE PLAN
A will is an important part of an estate plan, but it is often not the only component of an estate
plan that you need.
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WHAT DOES A WILL DO?
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A will allows you to name an executor of your estate, provide
some instructions about your wishes after your death, and detail who will inherit certain property.
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A WILL HAS SIGNIFICANT LIMITATIONS
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While creating a will is beneficial, a will has significant limitations.
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There are many things a will does not do including the following:
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A WILL DOESN’T ADDRESS END-OF-LIFE
MATTERS
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A will does not allow you to specify what kinds of medical care you
want at the end of your life.
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You need to make use of other estate planning tools such as
advanced directives.
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A WILL DOESN’T HELP IN CASE OF INCAPACITY
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A will also isn’t going to be useful if you are incapacitated but still alive.
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You need to use tools like a power of attorney to make sure your
assets are managed under these circumstances.
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A WILL CAN’T PROVIDE COMPREHENSIVE
PROTECTION FOR CHILDREN
A will doesn’t allow you to have control over your children’s inheritance.
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If you leave money to a minor, a guardian can take control but could
be subject to court oversight.
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After the child is 18, the guardian no longer has control and the child can receive an entire inheritance
with no strings attached.
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You can have more control and better protect your child by using
trusts.
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A WILL DOESN’T ALLOW PROBATE
AVOIDANCE
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If you pass assets via a will, they will usually become part of the
probate estate.
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Probate can be costly, reducing the value of an inheritance.
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Probate takes time, which means your family could be in financial
trouble during the waiting period if they were counting on an
inheritance to support them.
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A WILL DOESN’T ALLOW ESTATE TAX AVOIDANCE
If assets are left to people in your will and transfer through probate, estate taxes could be
assessed if your estate is large enough.
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Other tools could help reduce estate taxes or even avoid them
altogether.
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GET HELP WITH ALTERNATIVES TO A WILL
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An experienced attorney can provide assistance with exploring alternative estate planning tools that you should incorporate into
your plan.
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Or visit our website www.sinclairprosserlaw.com
Nicole Livingston
Jon J. Gasior
Colleen SinclairProsser
Victor A. Lembo