Bethesda, MD Wills & Estates Attorney
Whether you have an estate with millions of dollars in assets that you seek to widely distribute or you simply wish to make sure your family members are cared for after your death, an estate plan is the way to go. For instance, failure to use a will may result in the property being distributed in a manner that is not consistent with your wishes. If you wish to create a will or an estate plan, you should work with an experienced Bethesda wills and estates attorney as soon as possible.
Rice, Murtha & Psoras seek to provide you with the estate planning services you deserve. We know the importance of having a will, trust, or other calculated measures that can help you protect your estate and provide for your family. To schedule an appointment for an expense-free consultation to speak about your estate planning goals, contact the firm at (410) 431-0911. Our website may also be utilized to request an appointment.
Reasons to Prepare a Will in Bethesda, MD
Wills are one of the most important estate planning tools that you could utilize to distribute your estate. Writing a will permits the author of the will, commonly referred to as a testator, to distribute their estate in accordance with their wishes after they have passed away. To ensure that their estate is distributed properly, the testator should appoint a personal representative that will carry out their wishes.
The personal representative of the estate will carry out the instructions laid out in the will to transfer property and other assets to beneficiaries selected by the will creator. In some cases, the testator may assign multiple personal representatives in the event that a chosen individual dies before the testator. If a beneficiary passes away before the testator, the will may have to be amended.
There are multiple reasons that you should consider executing a will. The primary reason is that you do not want your property to be distributed by Maryland’s intestacy law. When people die without a will, also known as dying intestate, the State of Maryland will distribute their estate depending on the relationships between the decedents and their family members. For example, if a decedent is survived by children and their spouse, their property will be split up among them.
Dying intestate will not allow a person to provide for certain family members or organizations. For example, if you had a special needs family member that financially depended on you, there is no guarantee that intestate law would provide this family member with a share of the estate.
Another reason to draft a will is to appoint a guardian to care for your children. If you believe that you and the mother or father of your children will pass away and leave behind minor children, it is critical to choose a guardian for your children.
There are some other reasons to consider drafting a will for your estate. To learn more about the requirements of wills in Maryland, talk with a knowledgeable Bethesda wills and estate attorney today.
When to Modify a Will in Bethesda, MD
Once you have executed a will, you should ensure that you keep it in a safe place, such as in a metal safe or with a trusted lawyer or personal representative. It is important to always know where the original will document is located in the event that you need to alter the will after it has been executed.
There are a number of reasons to consider altering a will after drafting it. One of the most common reasons to alter a will is that you decided to divorce from your spouse. While Maryland law does not allow spouses to inherit property from each other after a divorce, it would still be wise to alter your will and remove your former spouse as a beneficiary.
The following are more reasons that you should consider altering your will:
- You no longer own certain property named in the will, or you have gifted certain property
- You have more children or adopt children after executing the will
- A child named as a beneficiary passes away
- Other beneficiaries named in the will pass away
- The testator moves to a different state
- The individual named as a guardian for your minor children cannot serve as a guardian
- Your personal representative cannot complete their duties
- You wish to name other beneficiaries
- Your witnesses are incapable of verifying the will due to a number of reasons such as incapacitation or death
This is not a comprehensive list. If you would like assistance drafting a will or making other estate plan arrangements, our firm wants to assist you with all your estate planning needs.
Contact Our Skilled Bethesda, MD Wills & Estates Lawyers Today
Establishing an estate plan is a complex and time-consuming task that you do not have to manage alone, consult with a skilled Bethesda wills and estates lawyer for the legal service you deserve.
At Rice, Murtha & Psoras we possess a wide range of experience handling estate law issues for many clients. We desire to help accomplish your goals for distributing your estate. Call (410) 431-0911 to speak with a member of our firm to arrange your case review, free of charge. You may also contact the firm online to make a consultation.