Estate planning is an important process to complete in adulthood. After working for your whole life to provide for your family, don’t you want to make sure they are taken care of after you are gone? Life is fragile, and should anything happen to you, your personal belongings and wealth should be divided the way you like – not however the Maryland probate court deems appropriate.
Experienced Estate Planning Law Firm in Baltimore
Whether you are married or single, young or old, have children or do not have children, it is always the right time to start thinking about and planning your future. Even if you have very few assets, it’s still important to have basic estate planning documents to protect you and your family.
At the Law Office of Randolph Rice, our local Baltimore estate planning and probate law attorneys will help you prepare the necessary legal documents to protect yourself and your estate.
Baltimore Will Preparation Attorneys
Creating a will is important part of estate planning. If you own property or have children, you need a document in place to determine who gets your property and who takes care of your children. One way that you can do that is to create a will.
What is a ‘Will’?
A “last will and testament” is likely the most recognized estate planning tool. A will can achieve many things – it can name a trusted person to be the executor of your estate, it can designate how certain property will be distributed, and it will limit the power of the court to distribute your property in other ways. Having a will can make the probate process much simpler for your family.
What is the Purpose of a Will?
Most people know that the basic purpose of a will is to make sure that your assets go to the right people when someone passes away. A will is a powerful estate planning tool but only when drafted properly so the probate courts of Maryland will accept it.
Beyond deciding on who will get what, a will and testament can protect your estate in many ways including:
- Outline Who Gets What – You get to name the individual(s)that will receive particular properties belonging to a person who passed away.
- Tax Planning – Talk to us about using your will for tax planning purposes. You may be able to avoid estate tax, inheritance tax, or capital tax gains.
- Child Custody & Guardianship – A properly drafted will allows you to determine who will raise your minor children if something happens to their parents.
- Establish a Trust – A trust makes it possible to protect assets from creditors and taxes. Learn more about trusts below.
- Identify Executor and Trustees – Drafting a will lets you choose who will be in charge of carrying out the wishes of the deceased. You can also decide who is responsible for carrying out the instruction of the trust.
Trust Estate Lawyers
While most people know what a ‘will’ is, fewer people truly understand what an estate plan trust is and the potential benefits it can provide. A trust is another essential estate planning document that helps to protect you and your properties in the event of your passing.
How Can You Benefit from a Trust?
A trust can protect your assets from creditors and taxes as well as prevent a property from having to go through probate. A trust can be used to make sure that a beneficiary will not be economically harmed by receiving a large sum of money that could cause the loss of benefits like Supplemental Security Income (SSI) or Medicaid benefits.
You and your family do not have to be rich or wealthy to benefit from estate planning trusts. Your estate planning needs may be covered by a simple revocable living trust, or you may need a more specific type of trust like a Special Needs Trust.
The Baltimore trust estate attorneys at Rice Law Firm can help you decide which trust is best for you.
What are the different types of trusts?
There are many different types of estate planning trusts that can be used to benefit you and your family circumstances. Ask our Baltimore trust estate lawyers about any of the following estate planning trusts:
- Revocable Living Trust
- Irrevocable Trusts
- Special Needs Trust
- Medicaid or Long-term Care Planning Trust
- Charitable Trust
- Generation-skipping Trust
- Spendthrift Trust
- Marital Trust
Estate Planning Law Firm Serving Clients in Baltimore, MD
At the Law Office of Randolph Rice, our estate planning probate law attorneys will help make sure that you decide who you pass on your property and assets to, instead of a probate court. Our focus is on providing peace of mind as you help secure the well-being of your loved ones, should anything happen to you.
If you need estate planning services, call your local probate law attorneys for a free estate planning consultation at (410) 694-7291. Rice Law Firm provides estate planning law services throughout Baltimore County, Dundalk, Howard, Anne Arundel, and Rosedale.