In the mist of daily life, contemplating one's mortality might not be the most pleasant task. However, creating a will is a crucial step in securing your legacy and ensuring that your loved ones are taken care of in the event of your passing.
A will is a fundamental legal document that transcends financial status or age. It's a tool that empowers individuals to take control of their affairs, protect their loved ones, and leave a clear and legally binding expression of their wishes.
Here are some reasons why having a will is essential:
Protecting Your Loved Ones:
Without a will, the State dictates who inherits your property and money. The line of succession as stated in Maryland Statute, does not include certain relatives that are not true bloodline and definitely does not include non-married partners and friends. A will allows you to express your wishes regarding the distribution of assets, ensuring that your loved ones are taken care of according to your preferences.
Choosing Guardianship for Minor Children:
Selecting a guardian ensures that if both parents were to pass away or become unable to care for the child, there is a designated and responsible person who will take on the role of caring for the child's physical and emotional needs. (A trustee can be appointed to take care of the child's financial needs and may or may not be the same person as the guardian).
Peace of Mind:
Knowing that you have a will in place can provide peace of mind. It's a step toward taking control of your legacy, ensuring that your wishes are respected, and your loved ones are taken care of according to your intentions. Consulting with legal and financial professionals can help you create a comprehensive estate plan tailored to your specific needs and circumstances.