Although you may be uncomfortable talking about end-of-life plans, it’s never too late to secure your legacy and ensure your final wishes are honored. As we dive into this special month, let’s explore why creating or updating your will is one of the most empowering steps you can take.
Why Wills Matter
The idea of creating a will might seem daunting, but it’s a crucial step everyone should take. Regardless of the size of your estate, having a will provides valuable direction for your family after you’re gone. Remarkably, just 42% of Americans have estate planning documents, such as a will or living trust. Among those with children under 18, only 36% have a comprehensive end-of-life plan in place. A will allows you to clearly outline how you want your property, from your home and vehicles to cherished belongings, to be distributed. Without a valid will or estate plan, your assets will be distributed according to intestacy statutes, also known as intestate succession laws. These laws determine how your property is allocated, which may not align with your personal wishes. For example, only blood relations are inherited under Maryland law. Those who are family by marriage would not inherit from you. By having a will, you ensure that your assets are distributed according to your preferences, providing clarity and preventing potential disputes
Provide for Your Loved Ones
A will allows you to plan by appointing guardians for minor children and ensuring the care of beloved pets. This thoughtful preparation helps ensure that your family and pets are taken care of according to your wishes, giving you peace of mind that their needs will be managed smoothly.
Creating Legacy
Including a charitable donation in your will allows you to support causes that matter to you. Whether it’s cash, stock, or property, leaving a bequest to a charity can be a meaningful way to contribute to causes you care about and make a positive impact beyond your lifetime.
Making the Process Simpler
Drafting a will and other estate planning documents might seem complex, but with the right guidance, it can be straightforward and efficient. Here’s how to get started:
List Your Assets: Create a detailed inventory of your investments, properties, and personal valuables. This will help you decide how to distribute these assets according to your wishes.
Review Beneficiaries: Check the beneficiaries on your life insurance, retirement accounts, and other financial assets to ensure they match your current plans.
Update Regularly: Review and update your will every few years or after significant life events, such as marriage, relocation, or the birth of a child. This ensures your estate plan remains aligned with your evolving circumstances.
At Williams, McClernan & Stack, we guide you through the estate planning process, including drafting wills, powers of attorney, and other essential documents. Our experienced attorneys are here to help you navigate these important decisions and ensure your family is cared for according to your wishes.
Take Action!
This month is a great time to address your estate planning needs. Whether you're creating a will for the first time or updating an existing one, it's an opportune moment to ensure your plans are current and complete.
If you need assistance with drafting or revising your will, or if you have questions about estate planning, our experienced team is ready to help. We provide comprehensive support to ensure your estate planning documents meet your needs and preferences.
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