Individual always ask what exactly is the dollar amount threshold that they need to have in assets in order to prepare a Last Will and Testament. The answer to this question is that there is absolutely no single dollar threshold that would require the preparation of a Will. The main reason why you would create this legal document is to actually not only designate your beneficiaries but to also avoid probate court. Well you might be asking why you would need to actually avoid probate court. The reason why your estate will be subject to probate court is actually due to the fact that there is no Will that has designated who is to actually receive your assets. Thus the courts have been given the ability to determine base don the facts and circumstances who is to receive your assets and what your real intention was. The issue that arises is actually the fact that your beneficiaries who believe that they are entitled to the assets will have to get their own attorney in order to defend their case. The problem with that is that they will soon begin to accumulate very high legal costs and legal fees that could have been so easily avoided had a Will been created prior to death. There may even be a situation where your beneficiary would spend a great deal of money on legal fees and in the end the court may rule against him. Even though in that situation it might have been your true intention that that specific person get your assets. Thus, the idea that estate planning is really only meant for the rich or the wealthy is a mistake. No matter the size of your estate you want to create a legal document so as to avoid probate court in order to save time and expense for your beneficiaries. The Maryland Will is actually created by a Maryland attorney who in turn will listen very carefully to exactly how you would like your estate divided up upon your passing. So lets say for example there is a situation where you want part of your estate to go to specific person and the other portion to another individual, by utilizing this legal document prepared by a Maryland attorney you can very easily avoid all of the litigation and legal costs that may occur if you do not have a Maryland Will. The process is very straightforward and simple if you retain a qualified Maryland Attorney to prepare it for you. If there is a Maryland will with clear language that lays out exactly who should receive the assets then the courts will really not need to look at the facts and circumstances of each case. On the other hand they can simple refer to the will which was prepared by a Maryland Attorney in order to determine exactly who should receive the assets. This will help to avoid a lot of costly litigation and legal costs that occurs when there is a dispute about the division of an individual’s estate. Otherwise the heirs of the estate who believe that they are entitled to the assets will have to hire their own probate attorneys in order to recover what they believe belongs to them. This of course carries a lot of litigation costs and attorney costs that could have easily been avoided by utilizing the services of a Maryland Attorney to create your Maryland Will.
