A Will is a legal document that specifies how you would like your assets distributed after you pass. In your Will, you can dictate who you want to receive your property, who will handle the distribution of your assets (i.e. your Personal Representative/Executor), if you want to make charitable donations, and who you would like to be the guardian of any minor children.
What are the benefits of a Will?
A Will is one of the most powerful estate planning tools because it allows you to plan the distribution of your assets. A Will gives you the power to dictate your wishes so you do not have to worry that your legacy will fall in the wrong hands.
What happens if you do not have a Will?
If you do not have a Will in place, the intestacy laws of the State of Maryland will be used to determine who will manage your estate and will dictate who will receive your assets. Furthermore, if you have minor children, the Circuit Court (which is the Court that handles guardianships for minor children) will have no guidance in whom to appoint as the guardian for your minor children. A revocable living trust is often used as a Will substitute due to its many benefits, such as avoiding probate and providing privacy.