Protecting Your Assets

Many people have heard of a last will and testament, but not nearly enough people in the United States have one. Many, of modest means, think that they do not have anything of value and therefore, they do not need a will. I am here to tell you, everyone needs a will.

A last will and testament is a document that contains things like your wishes upon your death, who your assets should go to, and who should take care of any minor children you have. A will is one way that you can make your intentions clear while you still have the ability and capacity to do so.

Getting a will done is relatively simple and in Maryland, quite simpler than one would expect. All that is needed is a signed writing by the testator (which is the person the will is for) and the signature of two witnesses. Additionally, one needs to be of sound mind and have the cognitive capacity to understand what it is they are doing when they make or alter a will. One can alter their will as many times as is needed. Each time a will is changed, the amendment is called a codicil which in effect revokes all or part of the previous will.

Dying without a will, also known as dying intestate, is not desirable. Under Maryland law, all property of the deceased will go to the closest relative. If no will is in effect, the state will appoint a personal representative to administer and divvy up the estate. Making a will is the best and most effective way to give the property you currently possess to people of your choice. When one dies intestate and does not have family, the property escheats, or is given, to the state. In order to have a say where your property and assets go, making a will is the best solution.

In order to avoid issues with property being given to those the testator never spoke to and to avoid family disputes over property, making a will expresses your intent in a clear manner. The writing of a will is of utmost importance. Call The Law Office of Adina S. Katz today at 240-606-4591 in order to have a will drawn up for you. You can also contact us by email at adina@adinakatzlaw.com.

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