Making A Will In Maryland And Its LimitationsWritten by ruxandra
As any estate planning attorney in Maryland will tell you, you need to have a will. Even if you are very young and healthy, a will in Maryland is still a good idea because this way you can make sure that you maintain your right to decide. This being said, wills have their limitations. Some of them are obvious; others aren’t. So let’s take a look at what you cannot accomplish through a will.
Testament in Annapolis – Properties
Usually, you can include in a will all of your properties that you want to leave to relatives or certain people. However, there are some exceptions to the rule:
- Properties that have been transferred to a living trust
- Property in joint tenancy with somebody
- Name the beneficiary to your life insurance policy
- Money obtained from a pension plan, an IRA or any other kind of retirement plan
- Property held in transfer-on-death form
For most of the above situations, there are other legal instruments that you can use to decide ownership. In addition to this, you cannot use a will to reduce estate taxes or to avoid probate. Also, since there is a lot of literature on wills and special conditions, it’s time to bust a myth. You cannot use your testament in Annapolis to force somebody to change their marital status or their religion, for example. You can have special conditions in your will, like going-to-college conditions, but we don’t recommend it because it would raise questions and complicate things.
It is needless to say that you can’t leave money to somebody for illegal purposes, such as growing a weed farm, and you can’t leave property to pets. Regarding the second example, however, you can set up a trust fund for your pet and name a caregiver in your will. Any will lawyer in MD will advise you to set up a trust for a beneficiary with special needs as opposed to stipulating this in your will. A trust is more efficient, and it can be created so that it won’t jeopardize their government benefits.
Law Firm In Annapolis
Think of a will as an instrument that helps you enact your right to decide. In our experience, people don’t like thinking about wills, and it’s understandable. But with the support of an excellent estate planning attorney in Maryland, the document can be ready in no time without any effort on your part. Contact the best will attorney at (443) 569-3950 or by email at [email protected] and get a no-fee initial consultation so that you can understand more about the legal processes. Get the help of the best law firm in Annapolis and make your life easier!