Last Wills & Testament

A Last Will and Testament has long been the staple of estate planning, and can be utilized for the simplest as well as most intricate scenario. In many instances, a very simple Will is all a client needs. The mere appointment of the Personal Representative you would want to handle your affairs, having proper provisions to address the many contingencies that are inherent in life, is in itself sufficient reason to get a Will in place. The plan the State of Maryland has for your assets when there is no Will is often surprisingly different than the result most individuals would want. For example, if you are married and do not have a Will, your spouse is not entitled to your entire estate. The appointment of a Guardian for minor children is, of course, another critical component of a simple Will; however, there are issues to address beyond the mere designation of the Guardian.

There are, of course, many circumstances that might suggest a client include more complex provisions in a Will. One of the most common examples is where minor children are involved. Most clients are not comfortable with the idea of turning over large amounts of money to their children at age 21 if the parents have died prematurely. Trusts can be built into a Last Will and Testament allowing for distribution of larger sums to the children in stages as they mature and become more responsible, while ensuring that their basis needs are met in the meantime. The trust can also tie distributions to incentives such as the attainment of a specific level of education, or refraining from negative behaviors.

Even adult children often have significant money management issues, marital difficulties or struggle with substance abuse. In these cases and many others, a Will can include provisions for a specific trust to come into existence after death (known as a testamentary trust as opposed to a living trust) to address the particular concern.

While fewer individuals will have a need for estate tax planning as a result, tax minimization strategies will remain critical for successful business owners, those who have inherited wealth, and others who have accumulated substantial assets. The estate tax laws have been very fluid in recent years and must be monitored closely to assess the impact of future changes.

The significance of even a basic Will’s provisions should not be underestimated. The cost of having a Court resolve conflicts in a Will’s provisions or among family members due to a flawed or inadvertently omitted paragraph will greatly exceed the cost of having even a simple Will prepared by an experienced attorney. These risks could very well result in a seemingly inexpensive online service or off-the-shelf product generating headaches and legal fees far in excess of what a quality Will prepared by an experience attorney should cost. Most individuals have a Will prepared only once or perhaps twice during their lifetimes. Ensuring that whatever amount of property you may have accumulated through a lifetime of hard work and prudent management is distributed seamlessly need not be an expensive proposition.