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Is a Last Will and Testament All You Need for Your Estate Plan: A Guide for Maryland Residents

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. Lear more about last will and testament in this presentation.

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Is a Last Will and Testament All You Need for Your Estate Plan: A Guide for Maryland Residents

  1. 1. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF IS A LAST WILL AND TESTAMENT ALL YOU NEED FOR YOUR ESTATE PLAN? A Guide for Maryland Residents
  2. 2. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF 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.
  3. 3. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF WHAT DOES A WILL DO?
  4. 4. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF 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.
  5. 5. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF A WILL HAS SIGNIFICANT LIMITATIONS
  6. 6. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF While creating a will is beneficial, a will has significant limitations.
  7. 7. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF There are many things a will does not do including the following:
  8. 8. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF A WILL DOESN’T ADDRESS END-OF-LIFE MATTERS
  9. 9. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF A will does not allow you to specify what kinds of medical care you want at the end of your life.
  10. 10. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF You need to make use of other estate planning tools such as advanced directives.
  11. 11. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF A WILL DOESN’T HELP IN CASE OF INCAPACITY
  12. 12. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF A will also isn’t going to be useful if you are incapacitated but still alive.
  13. 13. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF You need to use tools like a power of attorney to make sure your assets are managed under these circumstances.
  14. 14. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF A WILL CAN’T PROVIDE COMPREHENSIVE PROTECTION FOR CHILDREN A will doesn’t allow you to have control over your children’s inheritance.
  15. 15. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF If you leave money to a minor, a guardian can take control but could be subject to court oversight.
  16. 16. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF After the child is 18, the guardian no longer has control and the child can receive an entire inheritance with no strings attached.
  17. 17. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF You can have more control and better protect your child by using trusts.
  18. 18. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF A WILL DOESN’T ALLOW PROBATE AVOIDANCE
  19. 19. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF If you pass assets via a will, they will usually become part of the probate estate.
  20. 20. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Probate can be costly, reducing the value of an inheritance.
  21. 21. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF 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.
  22. 22. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF 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.
  23. 23. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Other tools could help reduce estate taxes or even avoid them altogether.
  24. 24. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF GET HELP WITH ALTERNATIVES TO A WILL
  25. 25. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF An experienced attorney can provide assistance with exploring alternative estate planning tools that you should incorporate into your plan.
  26. 26. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Or visit our website www.sinclairprosserlaw.com Nicole Livingston Jon J. Gasior Colleen SinclairProsser Victor A. Lembo

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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. Lear more about last will and testament in this presentation.

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