If you are a resident of Maryland, you already have a Will even though you may have never taken the time to formally write down your desires regarding the distribution of your real and personal property after death. This Will has been written for you by the State of Maryland with no regard for your specific wishes, the size or nature of your estate, or particular problems which may exist due to the age, health or financial status of your beneficiaries.

Some Advantages of Making Your Own Valid Will or Living Trust.

a. Identity and shares of beneficiaries

b. Special types of gifts can be made which can protect the interest of a youthful or disabled beneficiary

c. Personal selection of fiduciaries

d. Flexibility and efficiency

What a Will Won't Do

a. Lifetime decisions. A Will only operates on assets owned by a decedent; therefore, if a person becomes disabled or incompetent, the financial and personal affairs of that person are not affected by a Will. The financial and personal affairs of an incompetent or absent person can be managed by (i) an agent (attorney-in-fact) who is personally selected for the job with adequate powers and discretion to perform, or (ii) a person (guardian) who is chosen by a Court in an adversarial procedure who must then seek formal Court approval for most discretionary decisions. An agent appointed pursuant to a properly drafted durable power of attorney can carry on the financial affairs of his principal and see to his principal's personal needs without the expenses and delays which are almost always associated with formal guardianship. A Living Trust can also be used in this situation, but it is a more complex response to a fairly simple problem.

b. Right to Die Issues. An agent or attorney-in-fact can be given the discretion to make health care decisions, including decisions with respect to terminating artificial life-sustaining procedures in the event of a trminal illness. In addition, by means of a "Living Will" Declaration, a person may direct that his or her life shall not be artificially prolonged when a terminal condition has been diagnosed and the patient is unable to effectively communicate. The news media has, in the recent past, highlighted what may happen in the absence of a Living Will when the family of an accident victim in a terminal coma for several years was unable to terminate artificial life support even though the patient had verbally expressed that she would never want to be kept alive under such circumstances. The emotional and financial disaster of that case can be simply avoided if proper legal steps are taken.

c. Non-probate Assets. In general, a Will operates only with respect to property which is solely owned by a decedent.

Recommendations

a. If you have concerns about your family or property, take appropriate steps now. Putting things off until a need arises usually results in unsatisfactory solutions. A person who is injured or ill may not be competent to execute a Will, Trust or Power of Attorney, and if such documents are prepared in haste and without accurate family input, they may not properly dispose of the matters to be resolved.

b. Don't be afraid to seek professional help in devising and implementing proper life and death planning. Competent professional help now may avoid emotional and financial disaster later on.