Do We Need Wills in Maryland? Yes & How to Create One

You work all your life cultivating your assets and building your wealth. And after you die, you want to share the fruits of your labor with those you hold dear. But how do you know your assets will be transferred to those you want?

Using a last Will and testament in Maryland can give you that peace of mind. It is a document that will hold onto your wishes and ensure that your desires regarding the distribution of your assets are honored after your death.

What is a Last Will and Testament?

A Last Will is a legal document that includes a person's final wishes regarding their assets, providing specific instructions about who'll get which possessions.

In your last Will and testament, you can also name guardians to take care of dependents and give instructions on managing accounts and financial interests.

Why Do You Need a Will?

If you die without a valid Will in Maryland, your assets will be distributed according to the state's intestacy laws. It means Maryland will decide how to distribute the property and who'll receive what, disregarding your wishes.

The Maryland intestacy law prioritizes the surviving spouse, who gets at least half the decedent's estate. And, if you leave no children, they may receive the entire estate.

If you're unmarried or widowed at the time of death, leaving behind your children, the assets will be divided among them before any other relative.

If the court can't locate a next of kin, the estate's assets will become the state's property.

In short, if you don't want to leave the distribution of your estate to the state laws, it's best to create a Will to make your wishes clear.

Does that mean making a Will can keep your beneficiaries and property away from the court? No. After your death, your Will will have to go through a probate.

What is Probate?

Probate is the court-supervised procedure of distributing the estate of a deceased person after the Will is verified.

Once validated, the executor can fulfill their responsibilities, including collecting and protecting property, paying off debts, and distributing assets.

However, if your Will is termed invalid by the court, your property will get distributed among the heirs as if no Will ever existed. This distribution will be according to intestacy laws.

The probate process can take between six months to around a year to settle unless your estate qualifies for a "simplified probate." (More on this in the next section).

But Wills Make Probate Necessary. Can't I Just Make a Trust?

Living trusts are an excellent option to avoid the probate process altogether and keep your financial affairs from becoming a matter of public record. However, these benefits come at hefty upfront fees and expenses.

So, a Will may be the least expensive and most efficient choice for small estates with easily transferred assets and simple bequests.

On top of that, Maryland offers a simplified probate process for estates below $100,000 if a surviving spouse is the only inheritor or $50,000 otherwise.

Properties that don't go through probate are not included in the calculation of this threshold. So even relatively large estates might still qualify as a "small estate."

However, if a person's assets are large and complex, they might be better off making trust and a Will.

Why both?

Because trust and a Will can complement each other, allowing swift asset transfers, maintaining confidentiality concerning sensitive assets and directives, and preventing intestacy concerning assets that you may forget to include in a trust or dispose of using other arrangements.

Should I Include All My Assets in My Will?

Some assets are best left away from your last Will. These include -

• Property held within a Trust
• Property with beneficiary designations
• Jointly-owned property
• Gifts with conditions and special instructions

So, which type of assets should you distribute through your Will? You can include the following -

• Real estate, land, and buildings
• Cash, including money in savings accounts, money market accounts, etc.
• Stocks, bonds, intellectual property, royalties, patents, copyrights, etc.
• Valuable objects like cars, artwork, jewelry, furniture, etc.

You may also include your "residuary estate" - assets not left to anyone - and name beneficiaries who will inherit those in a last Will and testament.

What Are the Legal Requirements to Make Maryland Wills Valid?

In a Maryland court for probate, your Will will likely be deemed valid if you adhere to the following legal requirements -

• Legal age: You should be 18 years or older.
• Testamentary capacity: The testator must be of sound mind, know they're making a Will, and understand its effect.
• Voluntary: A will must be voluntarily made and not coerced to be produced.
• Signed, Dated, and Witnessed: The Will must be signed and dated and have the signatures of at least two witnesses.

How to Create a Last Will and Testament in Maryland

Make a List of Properties & Liabilities

To get started, list your significant assets. It will help ensure you're not accidentally leaving any property out of your last Will and testament.

Working with an attorney is a good choice if you have large property or assets or elaborate investments or financial arrangements, as they can help you review your assets and determine the most tax-efficient way to distribute your property.

You should list liabilities if you have them, as they will be adjusted against your overall estate. You can leave specific instructions in your Will about how to take care of these obligations.

Note: It's better to pay off your debts before you die to avoid lowering the value of your property, which may get passed to your beneficiaries.

Decide Who Will Inherit Your Property

Once you have a list of properties, it'll be easier for you to distribute those among your beneficiaries. Decide who'll get what and make the terms clear to avoid conflict. Along with primary beneficiaries, you should also name alternate heirs in case the former dies before you.

Name a Guardian for Your Children

If you die and your partner isn't there anymore to look after the children while they are minors, your children may be left without the proper care and guidance in their formative years.

To avoid that, it's best to decide who you want to raise them in the improbable event of both your and your partner's death and name them in the Will as the guardian of your children to make it legally binding.

However, before nominating them, you should talk to the would-be guardians and make sure they're ready and capable of taking responsibility.

Choose an Executor to Handle Your Estate

You can use your last Will and testament to name an executor or personal representative who will execute the terms of the Will. This should be someone you trust and who is responsible and organized.

Before you appoint them for the role, talk to them to ensure they are willing to accept the responsibilities. Inform them where to find your Will, insurance policies, and passwords for online accounts.

Choose Someone to Manage the Children's Property

If you leave assets to children or young adults, you should appoint an adult to look after their inheritances. To give that person authority, you can name that person as a property guardian or a trustee.

Assign a Home for Your Pet

If you have a cat, dog, or any other pet, you can include a provision in your last Will and Testament detailing who should take responsibility for them and any special care instructions.

As with any guardian for minor children, you should speak with your chosen pet guardians before including them in your Will.

Make Your Will

You can make your own Will with the help of online services or hire a lawyer to help you out. As a last Will is one of the most important legal documents on which the future of your estate depends, it's best to take the help of a professional.

They can help you make the language of your Will foolproof and provide legal advice on estate planning.

Try to Leave No Room for Interpretation

When you write your Will, try to be specific in your language and leave no room for interpretation. Use precise language and exact names when making your Will.

Also, try to name a single beneficiary for a specific property instead of naming two or more for the same asset. This will help avoid conflicts about splitting things equally. However, if you do name two or more heirs to a single property, you should specify how they can mitigate any dispute if they arise.

Sign in Front of Two Credible Witnesses

After you make your Will, sign it in front of at least two witnesses. The witnesses will also need to sign the Will in your presence. If you're using a "self-proving affidavit" document with your Will (to make the probate process faster), you'll need to notarize your Will.

Note: It's best to choose disinterested witnesses to sign your Will as this can decrease the chances that your loved ones will bring up a will dispute or conflict by highlighting the fact.

Updating or Changing Your Last Will

As life changes, so may your estate situation and, with that, your Will. For example, if your marital status changes, that warrants a review of the Will. If the changes are few, you can update your existing Will by signing a codicil that acts as a minor modification or addendum. You can write down any changes, sign, and date the codicil document.

But if there are significant changes, you should write a new Will to eliminate the old one. To make the new Will valid, you'll need to do the same things you did with the first one.