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A Last Will and Testament (a “Will”) is a written document that, among other things, directs how a person’s assets will be disposed of after their death. To be valid in the State of Maryland, a Will must be signed by the person who is making the Will to dispose of their assets, as well as attested to and signed by two witnesses in the presence of each other and in the presence of the person making the Will known as the “Testator” when a male, and a “Testatrix,” when a female. While this process can be complex, there are a few basics that you should know before beginning. Here are some frequently asked questions that the Greenberg Legal Group often receives about Wills and the impact it has on individuals in Maryland:
A Will is one of the most important legal documents that you could have. After your death, a Will is your declaration of your intentions as to whom you want to inherit your assets. There are many benefits to having a plan for your property and finances outlined in a Will. You can specify how you would like your property to be distributed to loved ones, name a personal representative who will be in charge of administering your estate, and, perhaps most importantly, designating someone to be the guardian of your minor children. Once a Will has been created, it can be filed with the Register of Wills for safekeeping. Having a Will allows for a much simpler and more streamlined process after your death.
Simply put – yes. Whenever there is a major change in your personal or financial circumstances, you should plan to update your will accordingly. Divorce often comes with many financial and personal changes. The financial impacts of a divorce can encompass any real estate you own, retirement accounts and other significant assets which need to be accounted for upon your death. Perhaps you gained a new asset that you would like to leave to a loved one or you need to change your Will so that your ex-spouse is no longer a beneficiary. Whatever the circumstances may be, it is highly recommended to update your Will after a divorce. A Will can be changed at any time prior to your death, as long as you are of sound and disposing mind. This change will not be made by altering the existing document, but instead will be put forth in a new document called a codicil. This document is executed in the same manner as your original Will.
If you do not have a Will, then you will have no control over how your assets are disposed of after your death. Instead, the intestate laws of Maryland will govern how your assets are disposed of. This can have major impacts for your both your assets and the possible beneficiaries to those assets. The Maryland intestate laws will direct who is responsible for disposing of your estate or which heirs may be entitled to assets and how much of the assets they are entitled to. The intestate laws of Maryland use a very specific breakdown of how your estate will be disposed of depending on what heirs and descendants you have at the time of your death. Without a Will, you will have no input on what happens to your estate and property after your death.
Robert Greenberg, Esq. and the law firm of Greenberg Legal Group LLC have extensive experience working with clients to get their financial affairs in order using a Will. Our firm can assist with preparing a Will, administering an estate and handling any disputes related to an estate. Our firm is located in Annapolis, Maryland and practices in Courts throughout the State of Maryland. Please contact our office at (410) 650-4242 for further assistance.
