Whether you just got married or are entering retirement, there is never a wrong time to set up an estate plan with our will and trust attorneys near me team. Talking with a will and trust attorney can help clarify any questions or concerns you may have about the estate planning process.
It is easy to Google a question about wills and trusts, but the answers can be contradictory or convoluted. Our Chesapeake Wills and Trusts attorneys are more than just attorneys: we are educators and communication builders. We believe in estate planning comprehension as well as drafting and executing the plan. We also offer support to our trust clients during and after the estate planning process with our Chesapeake Care Plan.
Why You Need a Will and Trust Attorney
A will and trust attorney is knowledgeable in estate law and familiar with the nuances of language and requirements necessary to create an effective estate plan. The Internet and AI are helpful in aggregating information about wills and trusts, but they are not a suitable replacement for an attorney.
We have seen people spend hundreds of dollars on online forms only to know that they are not state specific to Maryland and include legal jargon that is unnecessary or harmful to the user. Other times the paperwork may have been paid for and printed, but remains incomplete and therefore invalid. If you want to avoid probate or make the probate process as easy as possible for your loved ones when you die, then you need to speak to a will and trust attorney near you.
Comprehensive Will and Trust Services in Anne Arundel County
Comprehensive estate planning is more than just creating a will or a trust. It is a series of legal documents curated and prepared to take care of you and your wealth while you are alive and when you have passed away. A comprehensive estate plan typically includes:
- Last Will and Testament: Directs asset distribution and names guardians for minor children.
- Revocable Living Trust: Depending on your goals, a trust may be necessary. A trust manages assets during life and distributes them after death while avoiding probate.
- Pour-over Will: If you have a trust, your will differs from a traditional will and testament.
- Powers of Attorney: A Principal grants an agent authority to manage finances.
- Advance Medical Directive: Includes a living will and healthcare power of attorney for medical decisions.
- Memorial Instructions: Whether you have pre-paid for your funeral or not, it is important to tell your loved ones what you would want so they are not distressed with what to do.
- Personal Property memorandum: Designates which of your personal belongs will be given to specific people
- Business Succession Plan: Ensures continuity of family-owned businesses.
The benefits of working with an experienced Anne Arundel County wills and trust Attorney are that we not only tailor these documents to the needs of our clients but keep our clients educated along the way. The common thread in our testimonials is that clients are grateful to have access to our attorneys and feel educated and empowered about their decisions.
How a Will or Trust Can Safeguard Your Family’s Future
We can all agree that when we die nothing goes with us: not our money, our personal property, or our accolades. That is what we get to gift. It is your right to choose who receives the gift of your hard-earned money and wealth management. Unfortunately, if you do not designate those choices in a legally valid way then the government will do it for you. Not only that, but the government will take money from your estate to pay for the administration process. If that does not sit well with you, then you need to use a will or a trust to safeguard the nest egg you have earned to take care of your loved ones when you have passed.
A will does not avoid probate, but it does provide instructions for the Personal Representative and the court on how you want to administer your estate, including disinherited people, and appointing a guardian over minor children. Without a will indicating guardianship for children, they may be subject to waiting for a judge to declare a guardian through guardianship court. A trust does the same thing but completely avoids probate. It also provides immediate access to the assets properly funded to the trust instead of waiting for a judge to close the probate case before getting full access to the assets.
Wills: Secure Your Final Wishes
In Maryland, wills are legal documents that allow individuals to choose their Personal Representative and specify how their assets should be distributed after death. A valid will ensures that property, finances, and personal belongings go to chosen beneficiaries rather than being distributed according to state intestacy laws.
To be legally valid in Maryland, a will must be:
- In writing: oral or video wills are not valid.
- Signed by the testator: a testator is someone who writes the will. The testator must be of sound mind and is not under any undue influence.
- Witnessed by at least two individuals: credible witnesses are those over the age of 18 who must also sign the will in the testator’s presence.
After death, a will typically goes through probate, which is the court-supervised process of distributing assets and settling debts. The Orphans’ Court, through the Register of Wills, handles probate in Maryland in the county where the deceased lived. The Register of Wills oversees the process and handles fees, ensuring the will’s validity and the proper administration of the estate. Proper estate planning can help streamline or even avoid probate.
How an Estate Planning Lawyer Can Help You Avoid Probate
If you want to know what steps to take to avoid probate in Maryland and reduce estate taxes, then a trust is the legal instrument to use, or you could make beneficiary designations on all your accounts and assets. This can get tricky because in some situations, like a house, you do not want your children to jointly own the house while you are alive because they may be subject to capital gains tax on the sale of the home when you die. Instead, we want the children to inherit property. Talking with a will and trust attorney will help avoid those sticky situations.
Revocable vs. Irrevocable Trusts: Differences and Benefits
A revocable trust is a popular estate planning tool because it offers flexibility and control while simplifying asset management. Unlike irrevocable trusts, it can be modified or revoked at any time. At Chesapeake Wills and Trusts, we help clients create and manage living trusts to maximize benefits with minimal administrative burdens. A living trust allows the grantor (creator) to retain control of assets while designating an alternate trustee to step in if they become incapacitated, avoiding costly guardianship proceedings.
Upon the grantor’s death, whether revocable or irrevocable, the trustee distributes assets to beneficiaries without probate, saving time and legal expenses, especially for those owning real estate in multiple states. Setting up a trust requires funding it properly, including transferring assets like real estate, vehicles, and accounts. Working with a wills and trusts lawyer near you ensures all property is properly titled, helping families avoid the delays and expenses of formal probate proceedings.
An irrevocable trust is a legal entity that holds property, transferring ownership from the grantor to the trust permanently. The trust ensures assets benefit the designated beneficiaries. Since the grantor “loses” control over the property, it is protected from creditors, including nursing homes, if properly structured and funded for at least 60 months (five years); thus, avoiding the look-back period for Medicaid help. Irrevocable trusts can be created specifically for Medicaid planning. This structure helps secure long-term care funding while safeguarding assets from claims from creditors, ensuring they serve the best interests of beneficiaries.
Pour-Over Wills: Ensuring a Smooth Trust Transition
A pour-over will is a legal document that acts like a safety net for the assets that were not appropriately funded to the trust. This document is so important because it is common for us to deal with loved ones while they are grieving, this can cause confusion as to why they cannot get access to an asset. In that case, even though the loved one provided the trust document, the trust was not appropriately funded, so we have to use the pour-over will to get access to the assets. The pour-over will goes through probate, and the assets are then transferred to the trust instead of the individual beneficiaries.
Powers of Attorney and Guardianship Court
Maryland requires two power of attorney documents: Financial and Medical. A power of attorney is an agent you choose to take care of you while you cannot make decisions for yourself. This can be temporary or permanent depending on what you need.
A power of attorney’s rights can be comprehensive or limited. If you, the principal, are capable and coherent when creating these documents, you can assign the rights and responsibilities of the agent. The agent must make decisions on your behalf and is held to a fiduciary standard.
Without these documents in place, should something happen to you and you are rendered incapacitated, then your loved ones will have to go through the guardianship court. That means a Judge is choosing your caretaker, wasting time and money of your loved ones to get the ability to help you.
Living Wills and Advance Directives for Medical Decisions
A Health Care Directive designates a trusted agent you choose to make medical decisions for you if you become incapacitated or as otherwise indicated. A living will specifically outlines preferences for end-of-life care, such as life support or pain management, preventing confusion among family members. Lesser known
More importantly, a HIPAA Authorization is necessary to grant a designated agent access to medical records and the ability to communicate with healthcare providers, ensuring informed decision-making. Without it, privacy laws may prevent even close family members from obtaining crucial health information. This includes adult children who are over the age of 18.
By including these documents, you can rest easy knowing your medical wishes will be honored, reduce the burden of the unknown on loved ones, and prevent disputes or uncertainty in critical healthcare situations.
How to Choose the Right Will and Trust Attorney Near You
There is no time like the present to start your journey toward a more secure future. Choose a firm that values education, communication, and commitment to ensuring you feel good throughout the whole process.. Our will and trust attorneys at Chesapeake Wills and Trusts are not only well versed at comprehensive plans, but we can also talk about asset protection and estate tax reduction. We start our estate planning process with a 15-minute consultation and help educate you on the process through webinars or our in-person workshops.