10 Reasons Why You Should Create A Maryland Will

A Maryland Will is one of the most important legal documents that you will ever create in your life. The importance of a Maryland Will is the fact that it is such a critical document that comes into play after you pass on. Without this your beneficiaries or heirs could face a great deal of expense in probate court in order to adjudicate the manner before a judge. Here are just 10 reasons why you should create a Maryland Will.
1. The ability to designate your beneficiaries and who is to receive what assets from your estate. This is absolutely critical because without such a document the courts would have no idea who you intended to inherit your assets. There could actually occur a legal battle between multiple beneficiaries and as a result they would face a great deal of legal expense.
2. The ability to give joint ownership to a single piece of property to multiple individuals. This occurs for example if you have a piece of land that you want your two sons to own together once you are gone.
3. Avoidance of probate court and excess legal expense. In the event your estate lacks a Will then essentially your beneficiaries would have to prove that they are entitled to the assets in probate court before a judge. This will in turn require them to retain legal counsel which will create a great deal of legal expense and cost. However, by simply creating this document they could have easily avoided any expense and the estate would not have to go through probate court for adjudication.
4. Designation of charities you desire to receive a portion of your estate.
5. Take advantage of tax planning strategies when utilizing a Maryland Will. Such strategies such as a credit shelter trust can be utilized to maximize tax benefits.
6. Providing for the care of minor children in the event you are not living.
7. Designating individuals as executors of your estate in order to complete tasks associated with your estate.
8. Ability to disclaim a portion of your estate for tax purposes to go to your spouse.
9. Appointing guardians for the care of your minor children.
10. Special instructions for funeral arrangements.
These are just a few examples of the reasons why you need to create a Maryland Will. Without this legal document essentially the courts are left with the responsibility of trying to determine these issues.

By: Michael Dar

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