Too often, families in Glen Burnie are left with a mess to resolve after a loved one dies. In addition to the emotional grief experienced when a loved one dies, a family will 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 attorney will guide you through the process and explain the many estate planning tools that are available. Taking the time to prepare a will or trust now could save your family and loved ones additional grief and hardship. Call Rice, Murtha & Psoras at (410) 694-7291 to discuss planning for your family’s future.
Reasons to Consult with Our Glen Burnie Wills and Estates Lawyer
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 Glen Burnie wills and estates attorney – especially if you have just started a family or are in a committed relationship but opted against marriage.
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 intestate laws, that govern the distribution of property if someone dies without a last will and testament. Under these circumstances, your spouse might have to share your assets with your parents. In other cases, a loved one, without a familiar relationship, could be entitled to nothing from your estate. By taking the time to plan carefully, you could avoid issues, ensure your wishes are carried out, and accelerate the probate process.
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 in preventing potential legal challenges and protect your wishes from being contested by any survivors.
Wills and Other Testimonial Documents Available for Glen Burnie Residents
A last will and testament is a written expression of your wishes for your family, loved ones, and property after your death. As stated above, with an expressed plan, your property will be distributed under Maryland’s intestate 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 other documents available that might better fit your situation.
The popularity of revocable trusts has increased over the last few years. A revocable trust allows you to avoid probate and provide 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 could have funds set aside for your children’s college education and those funds could not be used for anything else. A trust also allows you to maintain privacy as your estate will not be publicly probated.
Our Glen Burnie wills and estates attorney 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, Maryland
For a last will and testament to be enforceable in Glen Burnie, you must comply with several requirements. First, in Maryland, 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 you have gone.
While there is no law requiring you to engage an attorney’s assistance, you would significantly benefit from having our Glen Burnie wills and estates lawyer representation. Often, someone will turn to a pre-printed will or a template to save money. However, these items are not tailored made for you or your situation. It is not uncommon for a poorly drafted will to place your loved ones in a difficult position.
By having the experience and knowledge of an attorney with over twenty 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 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.
Call Our Glen Burnie, MD Wills and Estates Attorney for a Free Consultation
Planning for your family’s future after you have died is very important. If you die without a will or an estate plan, your loved ones might not be cared for in the manner you have hoped. Our Glen Burnie Wills and Estates attorney will help you pick the estate planning tools that best fit your circumstances. To discuss your family’s future with our Maryland estate planning attorney, call Rice, Murtha & Psoras at (410) 694-7291.