Of course it makes sense that a wills and estates attorney would tell you to create a will, right? Our job is to help people plan for what will happen to their estates once they’re gone. But, having been involved in estate planning in Bethesda and Largo for such a long time, it’s clear that message of proper planning is something more people still need to hear.
That’s why I’ve put together a list of four brief reasons that explain why you need a will…and why it must be created sooner, rather than later. There are certainly many other aspects to consider, but these can have a great impact on the future of your estate:
Reason You Need a Will #1: It Saves Money
There are so many financial issues that come into play once an individual has passed away, and it really does take a trained lawyer to understand them and come up with a solid game plan. An estate planning attorney is able to help you take advantage of tax benefits that you might not have otherwise known were available, as well as help you save an incredible amount of money that can be passed on to your heirs.
Reason You Need a Will #2: It Protects Your Family
Not all adults have minor children, but those who do should have a will in place that names who they want to be their child(ren)’s legal guardian in case of death or incapacitation. If you and your estate planning lawyer in Bethesda or Largo have not formally and legally laid out this information, then it will be up to the courts to determine who will raise your children in your absence. Keeping your will updated also protects other family members, as you can determine what goes to whom, rather than having family members cause fights and drama over your estate.
Reason You Need a Will #3: It Keeps Real Estate Intact
Do you own a house or other property? If so, and you pass away without a will, the courts will likely pass co-ownership of that property to your heirs. What happens when some of your heirs want to keep the property and others want to sell it? What if you specifically want a certain heir to inherit your property? What if you don’t want your heirs inheriting the property and would rather leave it to someone outside the family instead? Without a will, the answers to all of these questions will be completely out of your control.
Reason You Need a Will #4: You Might Not Be Allowed to Do It Later
One of the requirements of a valid will is that the person creating it is of “sound body and mind.” If you become victim of an illness or injury that brings your ability to make sound judgments into question, you may be unable to put together a legally binding will later on. Anyone who does not agree with your decisions can simply contest the will, saying that you were not competent to make those choices; and the whole thing could end up in court.
Of course, there are many, many other reasons to meet with an estate planning lawyer and have an estate plan designed that addresses your unique legal and financial needs. We’re happy to help you get started with the process, so if you have further questions about wills here in Bethesda or Largo or you’d like to move forward protecting the people and things you love, please give our office a call at (301) 968-1630 and ask to schedule a free Peace of Mind consultation with the mention of this article.
Kinsey Law Group, P.C. was formed to focus on the needs of families. We are dedicated to assisting you in the areas of Estate Planning and Assisted Reproduction/Surrogacy. If you have questions or concerns, you’re invited to call 301-968-1630 or send an e-mail anytime, without cost or obligation.
Locations: Montgomery County (Bethesda, Maryland); Prince George’s County (Largo, Maryland) and Washington, D.C.