Having a Will in place prior to your passing can save your loved ones money, months in court, headaches, confusion, and unnecessary stress. So, what is involved in drafting a Will, and when is a good time to get started? It is always smart to have your Will ready should something happen to you and your family is left handle your affairs. Here are some things to consider when thinking about your Will.
When Should I Draft a Will?
Any adult with assets and/or children should have a Will. Many people make the mistake of thinking they won’t need to create a Will until they are older, but life can be unpredictable. It is important to have your affairs in order in case something happens, so that your family is provided for, and is not left with a mess to straighten out.
What Do I Include in My Will?
Your Will should include anything of value (heirlooms, jewelry, collections, specific properties, etc.) that you want to leave behind to specific friends and family members, and clear directions about who will receive the rest of your property and money. In the case of minors, you may wish to direct how and when you want them to receive their share. The more specific the Will, the less possibility for confusion after you’re gone.
How Often Should I Update My Will?
Your Will should be reviewed by a Maryland estate planning lawyer anytime your life circumstances change—such as a marriage, divorce, birth of a child, etc.—to see if your Will should be updated to reflect that change. You may also need to update your Will if you acquire or sell property. In many cases, having an outdated Will can be as difficult for families as not having one at all, especially when children are involved, so it is important to make sure your Will is up to date.
How Can I Obtain a Will?
You know it is important to have a Will, so how do you get one? Working with an experienced estate planner is a wise decision. They can help you determine what option is best for you and your particular circumstances, and give you advice on avoiding probate and minimizing or eliminating taxes. A good estate planning attorney will also help you decide if you need a traditional Will or if you would be better served by a Living Revocable Trust or other document to carry out your final wishes.
At DK Rus Law, we understand how important a Will is to you and your family. We also understand all the complexities of writing a Will, and will work closely with you to make sure your family is taken care of in the most professional and cost-efficient way. If you are ready to start your estate planning, give us a call today for a free consultation!