Is a Last Will and Testament All You Need for Your Estate Plan: A Guide for Maryland Residents

ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF

IS A LAST WILL AND TESTAMENT ALL YOU

NEED FOR YOUR ESTATE PLAN?

A Guide for Maryland Residents


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.


WHAT DOES A WILL DO?


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.


A WILL HAS SIGNIFICANT LIMITATIONS


While creating a will is beneficial, a will has significant limitations.


There are many things a will does not do including the following:


A WILL DOESN’T ADDRESS END-OF-LIFE

MATTERS


A will does not allow you to specify what kinds of medical care you

want at the end of your life.


You need to make use of other estate planning tools such as

advanced directives.


A WILL DOESN’T HELP IN CASE OF INCAPACITY


A will also isn’t going to be useful if you are incapacitated but still alive.


You need to use tools like a power of attorney to make sure your

assets are managed under these circumstances.


A WILL CAN’T PROVIDE COMPREHENSIVE

PROTECTION FOR CHILDREN

A will doesn’t allow you to have control over your children’s inheritance.


If you leave money to a minor, a guardian can take control but could

be subject to court oversight.


After the child is 18, the guardian no longer has control and the child can receive an entire inheritance

with no strings attached.


You can have more control and better protect your child by using

trusts.


A WILL DOESN’T ALLOW PROBATE

AVOIDANCE


If you pass assets via a will, they will usually become part of the

probate estate.


Probate can be costly, reducing the value of an inheritance.


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.


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.


Other tools could help reduce estate taxes or even avoid them

altogether.


GET HELP WITH ALTERNATIVES TO A WILL


An experienced attorney can provide assistance with exploring alternative estate planning tools that you should incorporate into

your plan.


Or visit our website www.sinclairprosserlaw.com

Nicole Livingston

Jon J. Gasior

Colleen SinclairProsser

Victor A. Lembo

Is a Last Will and Testament All You Need for Your Estate Plan: A Guide for Maryland Residents

Law

Transcript of Is a Last Will and Testament All You Need for Your Estate Plan: A Guide for Maryland Residents