While a will is an important part of an estate plan, allowing you to name an executor and beneficiaries, it has significant limitations. A will does not specify end-of-life medical care preferences, provide for incapacity, protect children's inheritances, avoid probate or reduce estate taxes. An estate planning attorney can help incorporate alternative tools like advanced directives, powers of attorney, trusts and transfers to fully address clients' needs.
Is a Last Will and Testament All You Need for Your Estate Plan: A Guide for Maryland Residents
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IS A LAST WILL AND TESTAMENT ALL YOU
NEED FOR YOUR ESTATE PLAN?
A Guide for Maryland Residents
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YOUR WILL AND YOUR
ESTATE PLAN
A will is an important part of an estate plan, but
it is often not the only component of an estate
plan that you need.
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A will allows you to name an
executor of your estate, provide
some instructions about your
wishes after your death, and detail
who will inherit certain property.
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A will also isn’t going to be useful if
you are incapacitated but still alive.
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You need to use tools like a power
of attorney to make sure your
assets are managed under these
circumstances.
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A WILL CAN’T PROVIDE
COMPREHENSIVE
PROTECTION FOR CHILDREN
A will doesn’t allow you to have control over your
children’s inheritance.
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If you leave money to a minor, a
guardian can take control but could
be subject to court oversight.
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After the child is 18, the guardian
no longer has control and the child
can receive an entire inheritance
with no strings attached.
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You can have more control and
better protect your child by using
trusts.
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If you pass assets via a will, they
will usually become part of the
probate estate.
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Probate can be costly, reducing the
value of an inheritance.
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Probate takes time, which means
your family could be in financial
trouble during the waiting period if
they were counting on an
inheritance to support them.
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A WILL DOESN’T ALLOW
ESTATE TAX AVOIDANCE
If assets are left to people in your will and
transfer through probate, estate taxes could be
assessed if your estate is large enough.
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Other tools could help reduce
estate taxes or even avoid them
altogether.
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An experienced attorney can
provide assistance with exploring
alternative estate planning tools
that you should incorporate into
your plan.
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Or visit our website
www.sinclairprosserlaw.com
Nicole Livingston
Jon J. Gasior
Colleen SinclairProsser
Victor A. Lembo