There is no need to wait until a crisis occurs to start estate planning. One of the first steps to estate planning that even a young adult in Maryland can take is setting up a will. Young adults may want to consider the following recommendations when it comes to executing a will for the first time.
Seek legal advice
A will is effectively a legal document. For this reason, many people choose to work with an attorney when it comes to drafting their first will, even if they do not think they currently have many assets. An attorney can ensure all formalities are met, and that the language of the will accurately reflects your wishes. It is important to be specific in the language of your will. Boilerplate do-it-yourself wills abound on the Internet, but they can be vague and can even be unenforceable when the time comes.
Choose who is to inherit your estate
In your will, you will identify who you want to inherit your estate. It is important to review these selections periodically after the will is drafted, to reflect life changes, such as a marriage, the birth of a child, the death of a loved one or a divorce. You can discuss the topic of inheritance ahead of time with your heirs, especially if you will not be dividing your estate evenly, to avoid unwanted surprises.
Choose the executor of your estate
The executor of your estate is the person named in your will that is tasked with carrying out the provisions of the document. While some people choose a responsible loved one, others choose to have their attorneys or bank serve as executor, as closing an estate can be a complicated endeavor.
Make sure your will can be found
Once your will is drafted, it is important to put it somewhere safe and let someone know where it is kept. For example, you could keep your will in a fireproof safe. It is also important to keep a list of other important documents and passwords to online accounts, so these assets can be accessed following your death.
Learn more about setting up a will in Maryland
Setting up your first will can be confusing, but help is available. This post does not contain legal advice. Those who want to learn more about setting up a will in Maryland may find the information on our firm’s website to be helpful.