Preparing a Last Will & Testament is important for many reasons, even for younger people. A Will is an official legal document that allows the person making the Will to direct what will happen to their assets after death. A Will must be prepared and executed in the proper manner pursuant to Maryland law to be effective. If you are thinking about creating and executing a Will, call us here at the Law Offices of Thomas Stahl. Call for a consultation at (410) 696-4326 or (202) 964-7280. We have offices in Columbia, MD and Washington, DC. We are a top-tier estate planning Law Firm. Here are a few of the most important reasons for creating and executing a Maryland Will.
Ability to plan in advance
A well-crafted Will will direct the disposition of any and all assets. Such assets include real property – like your residence – vehicles and interests in family businesses. Executing a Will allows for a person to make plans in advance for how those assets will be distributed, but also allows for consultations and conversations. With a business, for example, generally there are detailed conversations about how the business will continue in the event of a tragedy. This allows your business partners to plan for that transition (even if the transition is not eminent).
Finding the right person to handle matters after the passing
Along the same lines, creating a Will allows a person to talk with family members and friends about who will do what in the event of death. Among other things, this allows a person to locate the right person – or persons – for the administration of the assets. Indeed, more than one person might be identified to handle various aspects of the post-death situation. Typically, the person or persons identified will be called your “Personal Representative” in the Will.
Making things a bit easier for the family
For obvious reasons, having a family member die is emotional, stressful and can be debilitating, particularly if the death is sudden or unexpected. Having a Will can make things easier for the family when that happens. The persons identified to handle the Estate can begin acting quickly to ensure access to financial accounts and keep the bills paid.
Avoiding unnecessary strife among friends and family
Another important reason to have a Will is to avoid unnecessary strife and fighting among friends and family post-death. In the absence of a Will, it is not uncommon for family and friends to “fight over” various assets that have been left behind. But, by making a Will, various beneficiaries under the Will can be informed in advance to whom various assets or cherished heirlooms will be given. This has the effect of avoiding – or at least reducing – potential strife after passing.
Mitigating tax consequences
Here at the Law Offices of Thomas Stahl, we see no reason to pay more taxes than you have to legally. Estate planning can be an effective method of reducing tax consequences when assets transfer because of death.
Maryland and DC Trust and Estate Planning Attorneys
If you are thinking about establishing a trust or need estate planning documents drafted, contact the Maryland and DC trust and estate planning attorneys at The Law Offices of Thomas Stahl. We have the experience and expertise you need. Schedule a consultation today or call us at (410) 696-4326 or (202) 964-7280. We have offices in Columbia, MD and Washington, DC.