By Steven Messmer
August is Make a Will Month, a national reminder that one of the most important legal documents you can prepare is your last will and testament. While it’s not a topic most people enjoy thinking about, making a will is a simple and powerful way to protect your family, your wishes and your legacy.
A will is your voice after death. It allows you to decide how your property will be distributed, who will be in charge of settling your affairs and, if you have young children, who should raise them if something happens to you. Without a will, these decisions are left to state law – and the results may not reflect what you would have chosen.
In Maryland, your will only governs the distribution of your probate property, not all your property. Probate property is anything you own at your death that hasn’t already been transferred by other means, such as co-ownership, a life estate or a named beneficiary.
On the other hand, life insurance policies, jointly owned bank accounts, cars, certain real estate and property held in trust are generally not probate property. These are controlled by the documents associated with them, not by your will.
Your will is not just for distributing your probate assets. It’s the document that lets you name a personal representative – the person responsible for managing your estate, paying debts and ensuring your wishes are followed. If you have minor children, the will is also where you appoint a guardian to raise them.
If you die intestate – that is, without a valid will – Maryland law decides who receives your property. In many cases, that may be the people you would have picked anyway.
But in many other cases, it won’t. For example, a longtime partner or close friends or charities you care about will all get nothing if you don’t have a will. This is particularly important for those that do not get married or do not have children.
Creating a will is not just about planning for death – it’s about taking responsibility for the future. It allows you to speak clearly about what matters most to you, even when you’re no longer here to say it yourself.
‘Make a Will Month’ is a good time to get started. Whether you’re young or old, single or married, a parent or not, having a will ensures that your wishes guide what happens after you’re gone. An estate planning attorney can help you understand what you need based on your unique circumstances. If you cannot afford an attorney, there are organizations that may be able to help you with estate planning for free or at a reduced cost.
Taking the time now to make a will is a simple act of care – for yourself and for the people you leave behind.
Great Job Special to the AFRO & the Team @ AFRO American Newspapers Source link for sharing this story.
