Disadvantages of Dying Without a Will in Montgomery County
A Will, also commonly referred to as a Last Will and Testament, is a document that expresses an individual’s wishes with respect to the disposition of their assets once they pass away. It is never too soon or too early to start creating a Will. Most people live a long and healthy life, but in the event of an unforeseen accident or unexpected death, a Will can make sure their assets are disposed of according to their wishes. There are many disadvantages of dying without a Will in Montgomery County as well. A well-versed wills lawyer can discuss the pros and cons of creating a Will and work with you to create a plan that suits your needs.
What are the Disadvantages of Dying without a Will?
The main disadvantage of dying without a Will is that the person’s wishes are not guaranteed to be carried out. If a person dies without a Will, then their assets and estate will be distributed pursuant to the laws of intestacy. The Maryland laws of intestacy are a set of default rules that provide for the administration of an individual’s estate if there is no Will. Therefore, it is likely that without a Last Will and Testament, a decedent’s assets will be distributed to unintended beneficiaries.
Additionally, if a person dies without a Will, they are also not guaranteed that they have taken advantage of any potential tax savings. When a person prepares their Last Will and Testament with an attorney, the attorney can discuss ways they can save on potential estate taxes.
Finally, without a last Will and Testament, estates can be plagued by family disputes, delay, and additional administrative costs. An attorney can work with an individual to create a Will that helps avoid all these potential issues.
Creating an Estate Plan in Montgomery County
The first step a person can take to write a Will is to contact an attorney who is experienced with estate planning in the jurisdiction they live in. The sooner a person contacts an attorney, the sooner the documents can be drafted and executed properly to ensure that a person has a valid Last Will and Testament in place.
An estate planning attorney can help the individual determine how they want their assets divided and do their estate plan for them. Usually, when a person hires an attorney to work with them to write a Will, an initial meeting has to take place to make decisions regarding the disposition of a person’s assets and how exactly they want their estate plan to function. The sooner that meeting happens or those discussions take place, the sooner and faster the attorney can draft the documents and the sooner the individual can have a valid and enforceable Will.
An Attorney Can Discuss the Disadvantages of Dying Without a Will in Montgomery County
There are many disadvantages of dying without a Will in Montgomery County. These disadvantages range from having assets go to unintended beneficiaries to tax issues. An attorney can help avoid these potential issues by working with you to make sure your plan is carried out. To discuss your options, call today for a free consultation.