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P. 72
WillWhy You Need a
“Wby Allan J. Gibber, Esq. alities of one’s family. I hasten to will be entitled to 100 percent of that
hy do I need a will?” is a point out, however, that the starting account, even though they have
question I hear often. point should be equal distributions other children. Although one may
“After all, how much do I for children, unless there are very say, “My daughter will know what to
own? My assets are all specific reasons to provide unequal do with it,” this is often an unjusti-
titled in both our names. shares. Experience shows that fied leap of faith, as many battles
Do I need a will?” unequal treatment creates animosity have arisen over just what the
and adversity between siblings. daughter was supposed to do with
I offer six reasons why everyone those funds. Leaving the assets in
should have a will: 2. To prevent misunderstand- one’s own name with a will that iden-
ing. We often hear clients say that tifies the ultimate takers can allevi-
1. To assure that your assets they want their assets divided equal- ate much battle.
ultimately go as intended. Without ly among their children. Upon fur-
a will, the Maryland intestacy provi- ther inquiry, we find that they have 3. Protection of minor children.
sions generally provide that assets attempted to avoid a will by naming If, G-d forbid, parents of minor chil-
owned by a person in his individual children as beneficiaries of an dren pass away, who cares for the
name are divided 50 percent for a account or designating them as POD children, or, more importantly, who
spouse and 50 percent for children. (payable on death) beneficiaries. makes the decision of who cares for
For example, if a person owns a busi- Often this is done for the conven- the children? The simple answer is
ness in his own name and dies, his ience, as a substitute power of attor- that the courts make the decision. By
minor children may have an equal ney. “My daughter lives nearby. I put statute, the court must give high pri-
share in the business with his her name on the account and that ority to the persons nominated by
spouse. Intended? Typically not. allows her to take care of my affairs.” the parents, typically by way of a will.
Determining who will raise a child
Having a will also allows one to People often do not understand highlights issues of lifestyle and stan-
provide for charitable desires, special that at their passing this daughter
circumstances, and different person-
64 u www.wherewhatwhen.com u
“Wby Allan J. Gibber, Esq. alities of one’s family. I hasten to will be entitled to 100 percent of that
hy do I need a will?” is a point out, however, that the starting account, even though they have
question I hear often. point should be equal distributions other children. Although one may
“After all, how much do I for children, unless there are very say, “My daughter will know what to
own? My assets are all specific reasons to provide unequal do with it,” this is often an unjusti-
titled in both our names. shares. Experience shows that fied leap of faith, as many battles
Do I need a will?” unequal treatment creates animosity have arisen over just what the
and adversity between siblings. daughter was supposed to do with
I offer six reasons why everyone those funds. Leaving the assets in
should have a will: 2. To prevent misunderstand- one’s own name with a will that iden-
ing. We often hear clients say that tifies the ultimate takers can allevi-
1. To assure that your assets they want their assets divided equal- ate much battle.
ultimately go as intended. Without ly among their children. Upon fur-
a will, the Maryland intestacy provi- ther inquiry, we find that they have 3. Protection of minor children.
sions generally provide that assets attempted to avoid a will by naming If, G-d forbid, parents of minor chil-
owned by a person in his individual children as beneficiaries of an dren pass away, who cares for the
name are divided 50 percent for a account or designating them as POD children, or, more importantly, who
spouse and 50 percent for children. (payable on death) beneficiaries. makes the decision of who cares for
For example, if a person owns a busi- Often this is done for the conven- the children? The simple answer is
ness in his own name and dies, his ience, as a substitute power of attor- that the courts make the decision. By
minor children may have an equal ney. “My daughter lives nearby. I put statute, the court must give high pri-
share in the business with his her name on the account and that ority to the persons nominated by
spouse. Intended? Typically not. allows her to take care of my affairs.” the parents, typically by way of a will.
Determining who will raise a child
Having a will also allows one to People often do not understand highlights issues of lifestyle and stan-
provide for charitable desires, special that at their passing this daughter
circumstances, and different person-
64 u www.wherewhatwhen.com u
