The majority of Americans do not have a will or a trust. According to USA Today, 64 percent of Americans do not have a will. But do you really need one? The answer to that is most likely yes. However, do you need a simple will or will your loved ones be better off after you are gone if you had created a trust as well as a will? To find out which is right for you, contact an experienced Anne Arundel county estate planning attorney. Estate planning is an important step for everyone from parents, people who have others that depend on them financially, and middle aged to older people who want to leave their loved ones with a legacy.
A Simple Will Might be Enough
Dying without a will is called intestate. When a person dies without a will, the state often determines how their assets will be distributed, so having a will gives much more control over this process and ensures your wishes are followed. Each state handles the process differently, so it’s important to have a legal will executed with considerations for the state implications. A simple will provides your loved ones a roadmap for how you wish your assets to be distributed, if you want to be buried or cremated, and many other issues. It’s important to have a legal attorney to assist you with this process because many free or online wills may contested based on their legality or whether the will was executed by an individual who was of ‘sound mind’. The attorneys at Frame & Frame can help you draft a simple will to include:
- Name a guardian for children;
- Name beneficiaries;
- Name an Executor or Personal Representative
- Outline distribution of assets;
- Fulfill funeral and burial wishes; and
- Gives instruction for how debts should be paid.
A simple will can be appropriate for individuals who have less than $50,000 in assets and/or little to no investments. Furthermore, a will is also generally easy to amend, if life circumstances change and the person is of sound mind.
A Living Trust May Help You Avoid Taxes and Probate
Should you get a will or a trust? A trust can be advantageous for many situations and you don’t have to have wealth to benefit from a trust. A trust can help accomplish the following:
- Easier to leave assets to young children;
- Avoids probate, which can be expensive and time consuming;
- Is immune from court challenges;
- Is not on the public record; and
- Can help avoid inheritance or estate taxes;
- Allows for naming a successor to the trust.
Call Maryland Estate Planning Attorney Tara K. Frame Today
Estate planning doesn’t have to be a complex process, but it certainly helps to have a legal advisor to ensure you are considering the best options for your situation. Most people delay making a will or trust because they think it’s expensive or time-consuming or just simply don’t want to contemplate death. However, our 4 Step process makes estate planning easy. Take the time to give your family and loved ones an invaluable gift and take the weight off your shoulders. Contact the Maryland estate planning attorneys of Frame & Frame today to schedule a consultation to speak with a lawyer about creating a will and a trust to protect your family’s future and to give you peace of mind. Call now to schedule your estate planning strategy session today.