Wills
A will provides instructions on how to handle your affairs at your death. A will identifies your heirs, nominates guardians for minor children, states your funeral directives, makes gifts, provides for the payment of taxes and debts, and distributes the balance of your estate to your loved ones. A will can also contain a testamentary trust which can provide for your younger children or a surviving spouse after your death.
Maryland law sets forth specific rules that must be followed in preparing and executing a will. It also determines the rights of widows/widowers and minor children, neither of whom may be totally disinherited.
A will does not, however, dispose of all of your assets, but rather only those that belong solely to you or are titled only in your name. Irrespective of the wishes you express in your will, property that is titled in two or more names as “joint owners with right of survivorship” will immediately become the sole property of any surviving joint owner(s) upon the death of a joint owner. Similarly, property owned by you and your spouse as “tenants by the entirety” will automatically become the property of the surviving spouse upon the death of the first spouse.
Additionally, a will does not generally dispose of insurance proceeds, pension benefits, annuities, or individual retirement accounts (IRAs) unless your estate is a designated beneficiary or there is no designated beneficiary under these plans. If you have designated other beneficiaries, those assets will automatically be distributed to the designated beneficiaries on your death.
If you are in need of a will or want to update your will, contact the Mt. Airy, Maryland estate planning law office of Sheri A. Mullikin today. The estate planning process begins with the completion of an estate planning questionnaire. After Sheri has had an opportunity to review your completed questionnaire, Sheri will sit down with you to discuss your wishes and her recommendations.
Maryland law sets forth specific rules that must be followed in preparing and executing a will. It also determines the rights of widows/widowers and minor children, neither of whom may be totally disinherited.
A will does not, however, dispose of all of your assets, but rather only those that belong solely to you or are titled only in your name. Irrespective of the wishes you express in your will, property that is titled in two or more names as “joint owners with right of survivorship” will immediately become the sole property of any surviving joint owner(s) upon the death of a joint owner. Similarly, property owned by you and your spouse as “tenants by the entirety” will automatically become the property of the surviving spouse upon the death of the first spouse.
Additionally, a will does not generally dispose of insurance proceeds, pension benefits, annuities, or individual retirement accounts (IRAs) unless your estate is a designated beneficiary or there is no designated beneficiary under these plans. If you have designated other beneficiaries, those assets will automatically be distributed to the designated beneficiaries on your death.
If you are in need of a will or want to update your will, contact the Mt. Airy, Maryland estate planning law office of Sheri A. Mullikin today. The estate planning process begins with the completion of an estate planning questionnaire. After Sheri has had an opportunity to review your completed questionnaire, Sheri will sit down with you to discuss your wishes and her recommendations.
Sheri A. Mullikin, Attorney at Law
5177 Almeria Ct., Mount Airy, Maryland 21771
Office: (240) 394-9544 smullikin@mullikinlegal.com
Providing estate planning services in the four county area of Mt. Airy, Maryland, including Mount Airy, New Market, Monrovia, Taylorsville, Damascus, Urbana, Lisbon, Woodbine, Glenelg, Glenwood, and Sykesville.