It’s just as true as it’s always been that far too many people put off making out a will. If asked, some may say that they’re too young and don’t have enough assets. Others may say that they will ‘as soon as they get around to it’. Granted, it can be difficult to seriously think about putting down on paper what should happen when the family is left alone.
Maryland, as do all states, has specific laws regarding what happens when someone dies intestate, or without a will. State law will decide how to distribute your assets. Since no instructions were left to the contrary by means of a written will, any verbal comments that may have been made will have little bearing on what is done. The law will prevail.
The surviving spouse would receive one-half and the minor children would divide the other half. Many people would prefer that the spouse receive the entire estate, but that is not what would happen. If there was a surviving spouse and the children were all over 18, the spouse would receive the first $15,000 and then one-half of the balance of the estate. The children would divide the remainder of the assets. The only time that the spouse would receive the entire estate would be if there were no other descendants or parents. If someone dies with no blood relatives, the estate passes to the County Board of Education.
Most people would prefer a different division of their estate. Instead of giving a chunk of cash to a 19 year old, setting up a trust with a Lawyer is often a better way to safeguard the funds. For example, it could be set up so that the money could only be used for college until the child reached a certain age.
Coates & Coates PA has been effectively serving the legal needs of the Ocean City, MD region since 1954. This family firm focuses on giving each client the personalized attention that their case deserves. The attorneys at Coates have a broad range of legal experience, enabling them to devise the legal strategies most likely to achieve their client’s objectives. The firm’s practice includes the legal areas of criminal law, business law, real estate and condominium law and wills, trusts and estate administration. Maryland residents who need a skilled Lawyer should call to arrange a free consultation to discuss their case.
