You should not put off planning for the future. This planning includes providing for the security and welfare of your family after you have gone. It is never too early to start thinking about your will, estate planning, trusts, or other provisions for your family and loved ones.
Estate planning might make you nervous or it is something you want to avoid. However, the well-being of your family and loved ones could benefit from preparing now instead of waiting until it is too late. There are many estate planning tools available. Our Frederick, MD wills and estate attorney will work closely with you to ensure your goals are met. Start planning for the future by calling Rice, Murtha & Psoras at (410) 694-7291 to schedule a free appointment.
Estate Planning in Frederick, MD
There are several estate planning tools available to people in Maryland. Our experienced Frederick wills and estates attorney will sit with you, listen to your concerns, and offer professional legal advice on how to achieve your goals.
Last Will and Testament
In Maryland, your possessions and assets will be disbursed under the state’s intestate laws if you do not have an estate plan or will. A last will and testament ensures that your wishes regarding your burial and your property’s distribution are fulfilled. In addition to detailing your property’s dispersal, a will allows you to bequeath specific items to family members and loved ones. By properly executing a will, you can appoint the individual or individuals you wish to manage your estate after you have died. If you have young children, then a will providing for their welfare is a necessity.
Trusts work differently than wills. By creating a trust, a person determines the controlling conditions on how their assets will be distributed. Establishing a trust requires appointing a trustee to oversee the property in the trust. The trustee will be responsible for administering the trust assets under the terms of the trust. For example, funds could be left in trust to provide for a minor child’s college education. A trustee would ensure that the funds are spent appropriately. There are several types of trusts available, such as a revocable living trust, a charitable trust, and an insurance trust. Our Frederick wills and estates attorney will help you set up a trust and will work with the trustee to make sure they comply with the terms of the trust and fulfill their fiduciary duty.
Estate Tax Planning
Some estates are complicated, including millions of dollars in funds, assets, and real estate. Other estates are more straightforward and have limited assets to address. No matter the size of your potential estate, your family members and loved ones will have to deal with federal and Maryland tax liabilities. Our Frederick wills and estates lawyers understand the complexities involved with probate law on both the federal and state level. Our office will work to minimize your estate’s tax burden through strategic and proactive estate planning. You want to lessen the tax obligation facing your family members and loved ones, and our office is dedicated to helping you achieve your goal.
Advanced Medical Directives
Estate planning encompasses more than just the management and distribution of your property. Part of planning for your future is anticipating the unexpected. If you become incapacitated or are severely impacted by a medical condition, a medical directive will provide instructions to your family members and loved ones regarding the care and treatment you wish to receive. Through an advanced medical directive, you will have an appointed representative ensuring the medical treatment you receive complies with your wishes.
Power of Attorney
In addition to your medical care, if you are incapacitated or unable to manage your financial affairs, you will need someone to manage your accounts and assets. Unfortunately, without the proper authorization, your family members or loved ones will be unable to make any financial decisions or take any action. Our Frederick, MD wills and estates attorney will also provide a power of attorney to authorize your representative authority to access your financial accounts if you become incapacitated.
The Importance of an Experienced Frederick, MD Wills and Estate Attorney
There are many times a person will try to avoid expenses and take short cuts when handling their estate planning. The internet is full of sites that provide templates and boilerplate wills, trusts, power of attorneys, and other estate planning documents. Unfortunately, many of these documents do not meet all the necessary legal requirements. Furthermore, they do not reflect your unique situation. No two people are the same and every family situation is different. Your estate planning should be tailored to your circumstances, not pre-packaged in the pages of a book.
Our Frederick wills and estates attorney will thoroughly review your situation with you and work to understand your needs, desires, and goals. We will help develop an estate plan that addresses your concerns. More importantly, we will help to ensure that no mistakes or errors occur that could jeopardize your plan for your family and loved ones. You do not want to rely on a preprinted power of attorney only to find that it does not grant your representative the authority they need. Additionally, you do not want to see your estate and family burdened with tax liabilities that could have been avoided with proper planning.
Call Our Frederick, MD Wills & Estates Attorney for a Free Consultation
Death and sickness are scary thoughts. However, if you fail to plan for the inevitable, you could leave your family and loved ones in difficult circumstances. If the state distributes your property after you die, you might find the partner you spent your life with is not entitled to any part of your estate. Our Frederick, MD wills and estates attorney provides professional legal advice and planning strategies to those interested in providing for their loved ones after their death. Call our Maryland estate planning attorney at Rice, Murtha & Psoras at (410) 694-7291 to schedule a free consultation.