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Why is a Will useful in estate planning?

A: Your Last Will and Testament is the roadmap to guide your executor through the distribution of your estate. In addition to specifying “who gets what,” a Will enables you to do the following:

1.     Designate a guardian for your minor children;
2.     Name your executor;
3.     Empower your executor to continue your business and handle other transactions that the executor would not otherwise have the authority to do under state law;
4.     Take maximum advantage of your unified credit and your marital deduction;
5.     Give assets to charity;
6.     Pour over assets to a living trust for the care of your loved ones;
7.     Specify that no bond is required for your executor;
8.     Designate which assets will be used to pay the estate settlement costs, so that these charges will not be levied against certain beneficiaries; and
9.     Cover various scenarios such the death of you and your spouse within a short period of time.

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Maryland Small Business Lawyers
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