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Understanding the basics of a will is essential before signing it

On Behalf of | May 9, 2022 | Estate Planning

If you’re signing a will in Maryland, knowing the basics is crucial to help ensure you’re making a sound decision. Utilizing this legal document helps ensure your wishes are met after you die.

Understanding how a last will and testament works

Defining how you want your property and assets distributed after your death can be done by utilizing a last will and testament. This legal document can also be used to appoint a legal guardian for any children you have who are under 18. If you’d like to outline your wishes for your funeral and burial, using a will is best.

Why is having a will important?

Without creating a will, your wishes may not be followed after you die. Creating a will can help reduce family disputes, administrative expenses and your estate’s tax liabilities. Planning helps ensure your final wishes are legally recorded. This action will likely provide peace of mind to you and the beneficiaries you’ve named in your will to receive specific assets.

Exploring different types of wills

Several different types of wills are available for various situations. If you have unique circumstances, you’ll likely find a will fitting your requirements. Weighing the pros and cons of each one can help you choose the appropriate type of will that matches your needs. Here are a few examples of different types of wills:

• Self-proofed will: Individuals with smaller estates may want to look into creating a self-proofed will. It’s written individually. However, it must be signed by witnesses to be legal.

• Joint will: A joint will is usually completed by two people. Using this type of will is common with married individuals.

• Mutual will: While similar to a joint will, a mutual will uses two almost identical documents for a married couple. Each one states that everything goes to the remaining spouse in the event of a death.

Understanding more about how a will works and the different types of wills available can help you become more informed about creating one for your specific needs.