What is a Will?
In simple terms, a will is a written document — signed and witnessed — that indicates how your property will be distributed at death. It is revocable and amendable during your lifetime. It also allows you to appoint a guardian for your minor children.
Under Maryland Law, a valid will must be signed by the grantor (or someone acting in the grantor's presence and on his or her behalf) and must be attested to and signed by two or more credible witnesses.
A key aspect of a will is that it does not take effect until the grantor dies. A will creates an estate which distributes property known as probate assets and appoints a Personal Representative to do so. The Personal Representative then proceeds through the Probate Court to ensure that the probate assets are distributed under the Will.
Absent a Will, probate assets are distributed by a Probate Court through "intestate succession" — laws that distribute these assets to your family in a particular order.
Wills Must Be Updated
There are innumerable good reasons to have a will. Even if you have a will, many common life events will require you to amend your current will. As our founding attorney, Gary Altman, often says, "Having an outdated will can be as risky as having no will at all." Here are a few reasons to consider having your will amended or redrafted:
- You recently got married or went through a divorce.
- You are now widowed.
- You have a new child, or your children are no longer minors.
- You are now part of a unique or blended family.
- You have acquired a significant asset or inheritance.
- Your wishes, as expressed through your current will, have changed.
A living will is a legally binding document that enables you to set forth your wishes regarding medical and end-of-life treatment decisions if an emergency occurs or incapacitation. You may specify the healthcare you want to receive and those treatments you do not wish to receive. By including a living will in your estate plan, your family members and medical professionals will receive clear instructions regarding your healthcare and medical treatment. When preparing a living will, it is best to be detailed in your instructions. Protect your legacy and ensure your loved ones are taken care of—call Altman & Associates at (301) 468-3220 or contact our estate planning team today to create or update your custom will.