Will & Estate Planning

Planning for the future is one of the most meaningful steps you can take to protect your loved ones and ensure that your wishes are honored. Maryland’s wills and estate laws provide the framework for distributing your assets, appointing guardians, and preserving your legacy. Our experienced team is here to help you navigate this process with peace of mind.

Key Areas of Wills and Estate Planning in Maryland

1. Drafting a Will

A will is a foundational document in estate planning that outlines how you want your assets distributed and who should oversee this process:

• Asset Distribution: Specify how property, financial assets, and personal belongings should be distributed among beneficiaries.
• Guardianship of Minor Children: Name a guardian for any minor children to ensure they are cared for according to your wishes.
• Executor of the Estate: Designate a trusted individual to manage and settle your estate after your passing.

Without a valid will, Maryland’s intestacy laws will determine the distribution of your assets, which may not align with your personal wishes.

2. Trusts for Asset Protection and Management

Trusts offer a flexible and efficient way to manage assets, minimize estate taxes, and protect inheritances. Common types of trusts in Maryland include:

• Revocable Living Trusts: Allow you to manage assets during your lifetime and seamlessly transfer them to beneficiaries without going through probate.
• Irrevocable Trusts: Offer asset protection and potential tax benefits by removing certain assets from your taxable estate.
• Special Needs Trusts: Ensure that individuals with disabilities can benefit from your estate without jeopardizing their eligibility for government assistance.

Trusts can be customized to meet your unique needs, offering greater control over how and when your assets are distributed.

3. Power of Attorney and Health Care Directives

In Maryland, appointing someone to manage your financial and medical decisions if you become incapacitated is a crucial part of estate planning:

• Financial Power of Attorney: Designate someone you trust to handle financial matters if you are unable to do so.
• Advance Health Care Directive: Outline your medical treatment preferences and appoint a health care agent to make decisions on your behalf in the event you cannot.

These documents provide peace of mind that your financial and medical affairs will be managed according to your wishes.

4. Maryland Probate Process

Probate is the legal process for settling an estate after someone passes away. While having a will streamlines this process, it is still essential to understand the steps involved:

• Filing with the Court: A will must be filed with the Maryland Register of Wills in the decedent’s county, initiating the probate process.
• Appointing an Executor: The executor gathers assets, pays debts and taxes, and distributes the remaining assets to beneficiaries.
• Simplified Probate Options: Maryland offers streamlined probate processes for smaller estates, allowing for a faster, more efficient administration.

Having an attorney guide you through probate can ensure that your loved one’s estate is managed accurately and efficiently.

5. Estate and Inheritance Taxes

Maryland is one of the few states that impose both an estate tax and an inheritance tax, which can impact the value of an estate. Our team can help you explore strategies to minimize the tax burden on your beneficiaries, ensuring they receive as much of your legacy as possible.

Why Choose Us for Your Estate Planning Needs?

Our compassionate team is dedicated to helping you create a comprehensive estate plan that reflects your values, safeguards your assets, and protects your family. Whether you need a simple will or a more complex trust arrangement, we bring the expertise and personalized approach necessary to build an estate plan that meets your unique goals.

Contact Us to Get Started

Don’t leave your legacy to chance. Contact us today to discuss your estate planning options and take control of your future. Our experienced team is here to help you make informed decisions and provide peace of mind for you and your loved ones.