We understand that contemplating your own mortality is not easy. Many people mistakenly believe that estate planning is solely for the wealthy or elderly, a complex endeavor reserved for those with substantial assets. However, the truth is that a well-crafted estate plan is a gift of love and security for your loved ones, no matter what your financial situation is.
At Chesapeake Wills & Trusts, our experienced team of will and trust lawyer Glen Burnie MD professionals that thrive on helping individuals like you navigate the often intimidating world of estate planning. We will guide you through the process with compassion and clarity, ensuring your wishes are clearly expressed and your loved ones are protected. Schedule your no-obligation case review today and get started planning for your future.
Why Do I Need an Estate Plan?
At the heart of estate planning lies a simple desire: to ensure your family is cared for and protected when you are no longer here. A basic estate plan is essential, whether you are a parent, a grandparent, or simply someone who cares deeply about those around you. This may include a will, an advanced directive outlining your medical wishes, a living will expressing your end-of-life preferences, or a power of attorney designating a person to manage your affairs if you become incapacitated.
Whatever amount of assets or wealth you have, the consequences of dying without a plan in place can be just as troublesome for your loved ones. A well-crafted estate plan using wills and trusts can help ensure your assets are given out the way you want them to be, minimizing family disputes and potentially lengthy time in probate courts without a will. Consulting with a wills and trusts attorney can help you understand what assets and areas you need to address, as well as the types of legal documents that you should have in place.
Do not leave your loved ones to navigate the complexities of your affairs after you are gone. Contact our Anne Arundel, MD, wills and trusts attorneys today for a confidential consultation. We can help you create a personalized plan that provides comfort in the knowledge that the future is taken care of.
Writing Wills in Glen Burnie, MD
These fundamental documents outline how your property, possessions, and financial assets will be distributed upon your passing. It allows the individual, known as the testator, to record how they wish to distribute their property, including real estate, personal belongings, and financial assets. It may also designate a guardian for minor children and appoint an executor, the individual who must carry out the instructions in the will.
Wills provide details to be followed after your death, which can minimize potential conflicts among family members. Maryland state laws determine how assets are distributed without a will, which may not align with the deceased person’s wishes. For instance, if someone dies without a will (intestate), the state’s intestacy laws will dictate who inherits their property, often based on a predetermined order of succession, such as spouse, children, and other relatives. This may not reflect the individual’s true intentions regarding how they wanted their assets to be divided.
What a Will Is and Is Not
Creating a will empowers individuals to control their legacy and ensure their wishes are respected. A will can:
- Provide for loved ones: Designate specific beneficiaries to receive assets, ensuring that those closest to them are provided for.
- Support charitable causes: Contribute to favorite charities or non-profit organizations.
- Minimize family disputes: By clearly outlining their intentions, individuals can help prevent potential conflicts and disagreements among family members regarding the distribution of their assets.
- Appoint a guardian for minor children: Designate a trusted individual to care for their children in the event of their passing.
The will is a vital estate planning tool, but it has limitations. A will cannot:
- Automatically avoid probate: The probate process, while sometimes complex, is often necessary to ensure the proper distribution of assets according to the will’s instructions.
- Directly control all assets: Assets held jointly with another person typically pass directly to the surviving owner and are not subject to the terms of the will. Accounts with designated beneficiaries, such as bank accounts or life insurance policies, generally transfer directly to the beneficiaries upon the account holder’s death, bypassing the will.
- Provide for specific needs beneficiaries: If a beneficiary has special needs, such as a disability, a will alone may not be the most effective way to provide for their long-term care while preserving their eligibility for government benefits.
- Avoid all estate taxes: While a will can help minimize estate taxes in some cases, it cannot completely eliminate them.
- Guide all aspects of your estate: A will primarily focuses on asset distribution after death. It does not typically address other important estate planning concerns, such as advanced healthcare directives.
Types of Trusts in Maryland
Offering flexibility and control, trusts provide a framework for managing assets for your benefit or that of your beneficiaries, often with tax advantages. The Maryland General Assembly outlines the laws regarding trusts. This legal arrangement involves one person, called the grantor or settlor, transferring assets to another person or entity, known as the trustee. The trustee holds and manages these assets while the grantor is alive, unlike a will, which only distributes assets after the person has passed.
Trusts can be used to:
- Provide for minor children: A trust can be established to manage assets for minor children, ensuring they receive funds at appropriate ages or for specific purposes like education.
- Protect assets from creditors: In some cases, trusts can help protect assets from creditors, such as in cases of divorce or lawsuits.
- Provide for individuals with special needs: Trusts can be designed to provide for individuals with disabilities while preserving their eligibility for government benefits.
- Minimize estate taxes: Some trusts can help minimize estate taxes, allowing more assets to pass to beneficiaries.
- Support charitable causes: Charitable trusts can be established to support charitable organizations and causes.
Trusts can come in various forms, each with their own rules and benefits. Some common types of trusts include revocable trusts, irrevocable trusts, living trusts, and testamentary trusts. If you are considering a trust instead of a will, consult with a wills and trusts lawyer to determine which may be right for you.
Advance Healthcare Directives
Advance healthcare directives are legal documents allowing individuals to record their wishes regarding their medical care if they are unable to make decisions for themselves. These documents guide healthcare providers and loved ones to make decisions that align with the individual’s values and preferences. Two primary types of advance healthcare directives are commonly used:
- Living Will: A living will is a document that outlines an individual’s wishes regarding specific medical treatments, such as life support, artificial feeding, and pain management. It allows individuals to express whether they desire or decline specific treatments in various medical situations, such as terminal illness or a coma.
- Healthcare Power of Attorney: This document is also referred to as a Medical Power of Attorney or Healthcare Proxy and allows the appointed person to make medical decisions on behalf of the individual if they become incapacitated. The healthcare agent is legally authorized to make decisions about the individual’s medical care, including consenting to or refusing treatments, based on their known wishes or what they believe they would want.
Advance healthcare directives ensure that individuals receive medical care that aligns with their values and preferences, even when they cannot communicate those wishes themselves. With these documents in place, individuals can know that their loved ones will not have to guess their wishes during a medical crisis, saving themselves guilt and self-doubt over whether they made the wrong choice. The Maryland Office of Attorney General provides a template for advance directives and instructions.
Understanding Powers of Attorney with Wills and Trusts Attorneys Near Me
A power of attorney (POA) is a legal document appointing a person the authority to act on your behalf in various legal or financial matters. This person may be called an agent or attorney-in-fact. A POA can be incredibly valuable if you become sick, injured, or otherwise unable to manage your affairs.
There are different types of powers of attorney, each with specific scopes of authority. These include general power of attorney, special power of attorney, and durable power of attorney. Choosing the right type of POA depends on your individual needs and circumstances. Speak with a wills and trusts lawyer about what might be right for you.
Making an Estate Plan With a Wills and Trusts Attorney Near Me
Estate planning laws can be complicated, so working with a wills and trusts attorney can help provide legal advice on the most suitable estate planning strategies for your individual circumstances. Writing wills and trusts are rarely one-size-fits-all. Your attorney will work to understand your unique needs, goals, and family dynamics, crafting a uniquely tailored plan that addresses your specific concerns.
Schedule a consultation to get this process started. After you hire a wills and trusts lawyer, they will need you to gather information about your assets, including real estate, bank accounts, investments, and other valuable possessions. You must determine who will inherit your assets, in what proportions, and at what time. The attorney will then help you create the legal documents, such as a will, trust, power of attorney, and healthcare directives.
The Consequences of Dying Without an Estate Plan
Dying without a valid estate plan in Maryland can have significant consequences. Intestacy laws will determine how your assets are distributed when you die without a will. This means you relinquish all control over who inherits your property and in what manner. This lack of control can potentially cause devastating outcomes for your loved ones. Family disputes may arise as individuals contest their inheritance rights. Adopted children, stepchildren, and unmarried partners may be overlooked, as intestacy laws may not recognize their claims.
Furthermore, the probate process can become significantly more complex and time-consuming. Creditors may file claims against your estate, possibly reducing the amount available for your loved ones. Probate can also incur substantial costs, including taxes and penalties. Consult with an experienced estate planning attorney to create a plan reflecting your wishes and safeguarding the well-being of your loved ones.
Finding Experienced Wills and Trusts Lawyers Near Me
Researching lawyers online may give you many flashy results, but looking for local attorneys knowledgeable about wills and trusts can be more difficult. Seek referrals from trusted sources, such as financial advisors, accountants, or other professionals. If you do not know anyone who would recommend a wills and trusts attorney, read through the reviews and testimonials on their website to determine if they have helped clients in a similar situation.
Schedule consultations with several law firms to compare their experience, approach, and fee structuring. Then, select an attorney that makes you feel comfortable and who you believe will effectively advocate for your best interests.
At Chesapeake Wills & Trusts, we have helped the people local to us in Glen Burnie, Maryland, and the surrounding communities for over 20 years. We are focused on our clients and making sure they have a personalized estate plan tailored to them and their families. Whether you are planning for your own future or managing the probate process of a deceased loved one, we will help you simplify the complexities of estate law, helping you achieve the best possible outcome. Learn more about us and what we stand for online, or give us a call to speak with us directly about your needs.
Get Help From a Wills and Trusts Lawyer Near Me
Life’s journey is filled with unexpected turns. Securing your future and protecting those you love requires careful planning. At Chesapeake Wills & Trusts, we understand that estate planning is more than just legal documents; it is about creating a legacy of love and security. Our team of attorneys will guide you through the intricacies of estate planning, ensuring your unique needs and circumstances are at the forefront of every decision. We will work closely with you to create a personalized plan and minimize potential risks.
Do not wait any longer. Contact us today for a free consultation and begin building a secure future for yourself and your loved ones.