Many individuals strive to have an organized life. However, they may overlook some important aspects of organization when it comes to estate planning. Therefore, before making big decisions regarding an estate plan, Maryland residents may wish to find out information regarding the benefits of having a will.
Though this document may be the first that comes to mind when it comes to estate planning, there may be some conflict as to whether a will or trust could be better. Wills may garner more uncertainty because the document requires that an estate goes through probate administration. However, probate does not have to be an intimidating experience. In fact, having court involvement with the administration of an estate could potentially lessen the chance of serious conflicts arising due to estate-related decisions.
If a personal representative wants to take certain actions with an estate, such as sell the house, it is possible that some of the other beneficiaries may question such a decision. However, if the representative gains approval from the court, a dispute between other beneficiaries may be quelled. On the other hand, a trustee may not have the same backup from the court for such decisions.
Gaining court assistance through the estate administration process is just one benefit of creating a will. This document could also be used to name guardians for children and numerous other decisions. A will is often a staple of any estate plan, but Maryland residents may wish to find out if such a document suits their needs. Conferring with experienced attorneys could allow individuals to better determine how they would like their planning to move forward.
Source: nwitimes.com, "Wills vs. trusts: some advice", Christopher Yugo, Jan. 15, 2017