Wills Attorney in Catonsville, Maryland
According to a 2022 survey from Caring.com, 40% of Americans don’t have a will because they haven’t gotten around to it. It’s easy to say, “I’ll get to that soon,” and to put other matters first. But not having a will could create significant problems if the unexpected happens, and it will give you peace of mind to know that you have a plan in place.
With the help of a driven and knowledgeable estate planning attorney, you can be confident that you’ve taken the necessary steps to protect your family. Attorney Bradley Shepherd is dedicated to representing his clients’ best wishes no matter what the future might hold. He will provide legal guidance as you consider how you want to establish your legacy, and he will take steps so that your will is optimized to benefit your family as much as possible.
BSS Law, LLC proudly represents clients in Catonsville, Maryland, Columbia, Baltimore, and across the state of Maryland.
Overview of Wills
A will is an essential estate planning document that allows you to specify your wishes regarding the management of your estate after your death. A will allows you to name who will inherit which assets from your estate. It also allows you to appoint an executor and a legal guardian for any minor children you have.
Types of Wills
There are three primary types of wills:
Simple wills instruct how an estate will be divided, name the executor, and appoint a guardian of minor children.
A holographic will is handwritten and unwitnessed; it may not be legally enforceable in court.
A pour-over will is typically used in combination with a trust to take care of any assets that are not covered by the trust.
Commonly Inherited Assets
As you begin considering your wishes for your estate plan and the process of drafting a will, it is helpful to know what assets are typically distributed during this process.
Checking, savings, investment, and retirement accounts are all commonly inherited assets. Real estate, mutual funds, and vehicles are also typically distributed through wills. Art, antiques, jewelry, and collector’s items comprise other commonly inherited assets.
It is important to note that for many of these accounts and especially for life insurance policies, the individual inheriting must be designated as the beneficiary of that specific account. Speak with a knowledgeable estate planning attorney if you have any questions about designating a beneficiary.
Difference Between a Will and a Trust
Just like a will, a trust is a critical estate planning document. However, trusts have certain advantages under the law. Specifically, a trust can often minimize estate taxes. Trusts are also useful because they can be structured so that a beneficiary will receive funds only at certain intervals, which is especially helpful for younger beneficiaries.
Why Is Having a Will Important?
So, exactly who needs a will? Everyone does because of the benefits it provides for you and your family. Drafting a will allows you to establish your own legacy and protect your family. If you die without a will, you die “intestate,” which means that the government, not your family, will determine how your assets are distributed.
But if you pass away with a will in place, your executor will carry out your stated wishes of how you want your assets to be distributed. A will can even speed up the probate process. Your family won’t have to face the challenge of determining how you would like your estate to be divided.
Wills Attorney Serving
By establishing your will, you have control over the legacy you leave behind. A will is a perfect opportunity to care for your loved ones in a meaningful and legally enforceable way. Attorney Bradley Shepherd will answer all of your questions and guide you through each step of the process. BSS Law, LLC proudly represents clients in Catonsville, Maryland, Columbia, Baltimore, and throughout the state of Maryland. Contact the firm today to schedule a free consultation.