What is a Will? An Ultimate Guide to Why You Need One

Creating a will is the bedrock of estate planning. It lays the groundwork for managing your legacy and ensuring your wishes are honored after your passing. However, despite being an essential document for nearly everyone, nearly half of U.S. adults don’t have a will!

And we get it; the idea of creating a legal document that covers all your assets and wishes can seem overwhelming. And beyond that, we don’t all want to spend too much time thinking about the end of our lives while we’re still living them. But the benefits of having a will vs. not having one cannot be overstated.

This guide aims to demystify wills, outlining their definition, the importance of having one, the benefits they offer, and the steps involved in creating a will so that you can give yourself and your family peace of mind now and after you’re gone.

If you’re ready to start planning for the future and you want to work with a Maryland estate planning attorney who truly understands your needs, contact us at (301) 456-0982 or fill out this form for a FREE consultation. We know firsthand how daunting this process can be; let us help guide you through a customized estate plan so you can spend more time focusing on living life knowing your future is taken care of.

What is a Will?

A will, or a last will and testament, is a legal document communicating an individual's wishes regarding the distribution of their assets and the care of any minor children upon their death. It specifies who should inherit the assets, who should execute the estate (the executor), and, if applicable, who should act as the guardian of minor children.

Why Should I Create a Will?

In short, a will is the only way to create a customized plan for what will happen to your family and assets after you die.

Benefits and controls of a Will include:

1.      Asset Distribution: It ensures your assets are distributed according to your wishes rather than the state's intestacy laws.

2.      Guardianship: A will allows you to appoint a guardian for your minor children, giving you a say in their future care.

3.      Executor Appointment: You can choose an executor you trust to manage your estate, which can streamline the probate process.

4.      Minimize Disputes: A clear will can reduce potential conflicts among your heirs by providing clear instructions on your estate’s distribution.

What are the Benefits of Having a Will?

More than just where the money goes, wills are instructive documents that should reflect the complete picture of what you want your family and estate to look like after you pass.

Benefits a will offers include:

1.      Control Over Estate Distribution: You have the final say on who inherits your assets, including family members, friends, and charities. You can also choose to exclude people from access to your estate who might otherwise be entitled to it based on your state laws.

2.      Protection for Your Children: Wills allow you to name a guardian for your children so you can have peace of mind over who will take care of them if you no longer can.

3.      Flexibility: Wills can be updated as your circumstances change, so there’s no “right” time to create a will. Once you have one, you can update it as much as you need to reflect your current circumstances.  

4.      Clarity and Peace of Mind: Knowing that your wishes are legally documented can provide you and your loved ones peace of mind and allow them to focus on healing after your passing instead of handling your affairs.

What Happens if I Die Without a Will?

If you die without a will in place, this is known as dying “intestate.” In these cases, a probate court will distribute your assets according to the intestacy laws in your state.

In simpler terms, this means that each state has laws that dictate who is considered “next of kin” to you and how much of your estate should go to each of them.

How to Create a Will

Whether you choose to work with an estate planning attorney or take a DIY approach, you’ll need to follow these steps to create a comprehensive will:

1.      Inventory Your Assets: List your assets, including property, bank accounts, investments, and personal possessions, to understand what will be included in your will.

2.      Decide on Beneficiaries: Determine who you want to inherit your assets. These can include family members, friends, and organizations.

3.      Choose an Executor: Select a trustworthy individual to carry out the instructions of your will. This should be someone you trust and who can manage your estate.

4.      Appoint a Guardian for Minor Children: If applicable, decide who will take care of your minor children.

5.      Draft Your Will: You can write your will yourself, use an online template, or hire an attorney to ensure it meets all legal requirements.

6.      Sign Your Will: For a will to be valid, it must be signed in the presence of at least two witnesses and notarized. Many law offices offer notary services to make this process seamless.  

7.      Store Your Will Safely: Keep your will safe and inform your executor or a trusted family member of its location.

Do I Need a Lawyer to Create a Will?

While it’s possible to create a will on your own, consulting with an estate planning attorney offers several advantages, including:

·         Legal Expertise: An attorney can ensure your will complies with state laws and addresses all necessary elements.

·         Complex Situations: If your estate is large or you have complex family dynamics, an attorney can help navigate these complexities.

·         Updates and Revisions: An attorney can assist with updating your will as your situation changes, ensuring it always reflects your current wishes.

An estate planning attorney can also advise you on additional documents to safeguard your estate. This includes:

·        Trusts

·        Powers of Attorney

·        Legal Guardianships

·        Pre-nuptial/post-nuptial agreements

If you’re looking for an experienced Maryland estate attorney to guide you through the entire estate planning process, contact our office for a FREE consultation with our expert estate planning attorney. We will work with you to create a comprehensive plan that ensures you leave your family with a safe and secure legacy long after you’re gone.

Key Takeaways

A will is a powerful document that is crucial in estate planning. It ensures your assets are distributed according to your wishes, provides for the care of minor children, and appoints trusted individuals to manage your estate.

Creating a will is a step toward safeguarding your legacy and providing for your loved ones after your passing. Whether you choose to draft your will on your own or with professional assistance, the important thing is to ensure you have a will in place. Planning for the future may seem daunting, but creating a comprehensive will can offer peace of mind and security for you and your family.