Glen Burnie, MD Wills + Estates Attorney
Too often, families in Glen Burnie are left with a mess to resolve after a loved one dies. In addition to the emotional grief they experience, your survivors might have to deal with many issues if you failed to leave an estate plan behind. The state will have control of much of the property distribution, potentially leaving family members and loved ones feeling bitter, angry, or left in a difficult financial situation.
Estate planning might sound scary, but it is necessary. Our Glen Burnie, MD wills and estates attorneys will guide you through the process and explain the many estate planning tools that are available, such as writing a will or putting assets into a trust to avoid probate. We can view your assets as a whole, identifying how you want them dispersed among beneficiaries after your death. Taking the time to prepare a will or trust now could save your family and loved ones additional grief and hardship.
Call Rice Law at (410) 694-7291 for a free case review to discuss planning for your family’s future with our wills and estates attorneys.
Reasons to Consult with Our Glen Burnie, MD Wills and Estates Lawyers
There are always hundreds of reasons people tell themselves that they can put off estate planning. However, it is a discussion you should have with our experienced wills and estates attorneys sooner rather than later – especially if you have just started a family or are in a committed relationship but opted against marriage.
Appreciating Maryland’s Intestacy Laws
Should something tragic occur, your potential beneficiaries, or heirs, might be placed in a difficult financial situation if they are required to wait for your estate to be administered by the courts. Maryland has laws, known as intestacy laws, that govern the distribution of property if someone dies without a last will and testament. For example, under Md. Code, Ests. & Trs. Art., § 3-102, if a person dies without a will, their surviving spouse gets everything, unless there are surviving minor children, then the surviving spouse gets half of the estate and the kids get the other half, which might be a too simplistic approach. In other cases, a loved one without a close familial relationship could be entitled to nothing from your estate. This could occur even if you have written a will but your survivors or executor are unable to locate it and file it with the probate court after your death. By planning carefully, you can avoid issues, ensure your wishes are carried out, and accelerate the probate process for your loved ones.
Inventorying Your Assets and Strategizing Estate Planning
Our office will assist you in inventorying your assets and reviewing your life insurance policies, as well as other assets that could provide financial assistance to your surviving family members and loved ones. Additionally, we will work with you to prevent potential legal challenges and protect your wishes from being contested by any survivors potentially excluded from your will.
We can also explain the importance of filing your will with the Register of Wills Office in your jurisdiction after writing it. Rather than only storing a copy at home, where it could be vulnerable to being lost or destroyed, filing the original with the Register of Wills Office will ensure it is kept safe and will be easily located after you die. The document will be kept sealed while it is there, and only you can access it while you are alive unless you give someone else written permission to do so, like our lawyers.
Wills and Other Estate Planning Tools Available in Glen Burnie, MD
A last will and testament is a written expression of your wishes for your family, money, and property after your death. As stated above, with an expressed plan, your property will be distributed under Maryland’s intestacy laws. Not only that, the law will determine who cares for your children and who will administer your estate.
When people think of estate planning, they often imagine a will. While a will is an essential and popular estate planning tool, there are others available that our attorneys can tailor to your situation, such as trusts.
The popularity of revocable trusts has increased over the last few years. A revocable trust allows you to avoid probate and appoint a trustee to manage your assets and property if you become incapacitated or die. You will have to appoint a trustee to administer your estate after you have died. Another benefit of a trust is the amount of control it provides. For example, you can set aside funds for your children’s college education and prohibit them from being used for anything else. A trust also allows you to maintain privacy, as the portion of your estate included in it will not be publicly probated.
Our wills and estates attorneys will review the benefits of the testimonial instruments available, taking your assets, goals, and potential tax liabilities into consideration. We will advise you in preparing an estate plan that will be structured to benefit your family and loved ones while avoiding or minimizing many of the negative ramifications associated with probate.
Requirements for a Last Will and Testament in Glen Burnie, MD
For a last will and testament to be enforceable in Glen Burnie, you must comply with several requirements, according to § 4-102. First, a person must be at least 18 years or older before they are permitted to draft their will. Secondly, you must also be of sound mind and thoroughly understand the extent of your assets and property. Additionally, if you had a previous will, you need to revoke it to avoid confusion with probate after your death.
While there is no law requiring you to engage an attorney’s assistance, you would significantly benefit from having our wills and estates lawyers’ representation. Often, someone will turn to a pre-printed will or a template to save money. However, these items are not tailored for you or your situation. It is not uncommon for a poorly drafted will to place your loved ones in a difficult position, as it might leave out crucial assets or fail to identify would-be beneficiaries.
By having the experience and knowledge of attorneys with many years of familiarity with Maryland’s probate laws, you can help ensure that you do not make any errors or omissions that would result in an unenforceable will. Furthermore, our office will work to comply with our unique wishes instead of just filling in blanks.
We will not only help you avoid some common errors, we will also consider many factors that you probably would not have considered when drafting a will on your own. Our office will also work to find tax solutions, so your family and loved ones are not unnecessarily burdened by unexpected and avoidable expenses.
Crucial Decisions We Can Help You Make When Writing a Will in Glen Burnie, MD
There are many decisions to consider when writing a will, from who your executor will be to who will get your assets after your death, all of which we can help you with when planning your estate in Glen Burnie.
Who Your Executor Will Be
One of the most important decisions you make in your will is designating your executor. This is the person who will be tasked with ensuring your wishes are carried out as intended and according to your instructions. They will file your will with the probate court after your death, distribute assets, and represent your estate. Being an executor of a will is a massive responsibility, so choosing someone capable of shouldering that is important. Testators might choose their spouse, adult child, close relative, or trusted friend as their executor. Even if someone is the executor of your will, they do not have to be a beneficiary, nor do they have to know the contents of your will before your death and filing it with the probate court.
Who Your Beneficiaries Will Be
Carefully considering who your beneficiaries will be and how your assets will be dispersed among them is also paramount. We will itemize all assets, including properties, savings and investment accounts, personal collections, and cash reserves, so you have a clear understanding of the inheritance you are potentially leaving beneficiaries. We can also arrange to have certain assets placed in a trust, protecting them from being accessed until beneficiaries reach a certain age or milestone.
In addition to naming children, relatives, and other loved ones as your beneficiaries, you can designate certain sums or assets to charitable causes or to pay off debts after your death.
Who the Guardian of Your Minor Children Will Be
Having children is often the impetus for testators to write wills, as they want to ensure their kids are protected in case of their own untimely deaths. Appointing a guardian is a crucial decision to make when writing your will. You can name your first and second choice for a guardian in your will as well. This might be the same person who is your executor, or someone else altogether, like your parent, sibling, or close friend.
Listing Assets for Your Will in Glen Burnie, MD
Your will must include a list of all your assets, their value, location, and specific instructions for what to do with them after your death. This includes any real estate, bank accounts, investment accounts, and valuable personal items you own.
Real Estate
Our attorneys will list all real estate you own and provide information on where deeds and titles can be located upon your death. This should include the primary home you reside in and its value, as well as any vacation homes or rental properties you own. Real estate owned with a spouse can be excluded from your will and avoid going through probate after your death; it will simply pass to your spouse, as will any other assets you jointly own.
Bank Accounts
We will also identify all current bank accounts, both checking and savings accounts, that are not jointly owned by someone else, like your spouse, for example. This information can fluctuate greatly over time, one of the many reasons why routinely reviewing and updating your will through the proper means is important.
Investment Accounts
If you have any investment assets like stocks, bonds, or mutual funds, our lawyers will also list them in your will and will do the same for retirement accounts you might hold.
Valuable Personal Possessions
Finally, we will list any and all valuable personal possessions of yours you want to be designated to specific beneficiaries or used in certain ways after your death. This may include any vehicles you own, family heirlooms, antiques, furniture, jewelry, and personal collections. We will include the value of these items as well as where they can be found, such as in your home or a safe deposit box.
Call Our Glen Burnie, MD Wills and Estates Lawyers for a Free Consultation
To discuss your family’s future for free with our wills and estates attorneys, call Rice Law at (410) 694-7291.