Compassionate Lawyers Here to Help You Through the Estate Planning Process
Depending on your estate planning needs, your estate plan may contain several different legal documents. But the foundation upon which nearly every estate plan is built is the last will and testament.
Your last will and testament informs your family members and other loved ones of how you wish your assets and remaining property to be distributed in the event of your death. Without a valid will, your primary residence and other assets may be distributed according to state laws, resulting in heated disputes between your surviving loved ones. To limit the potential for such disputes and to ensure that the right beneficiaries receive the assets you wish for them, you must begin by creating an estate plan complete with a last will and testament.
What Are Your Estate Planning Goals?
Depending on the circumstances, you may need more than just a will for your estate plan. Our law firm offers a broad range of estate planning services, from business succession planning to trust and estate administration and from healthcare directives to powers of attorney documents and Medicaid planning.
When you contact a lawyer from our law firm, you can sit down and talk about your estate planning needs and how you wish to look after your family members today and into the future.
Remember, if you don’t take care of some of these estate planning needs now, it may be too late to take care of them later. Estate planning can be a difficult subject for some of us to contend with, especially as it forces us to reckon with our own mortalities and imagine how our loved ones will get by when we’re gone. Our legal team prides itself on providing compassionate legal services to Baltimore clients interested in estate planning services. Please schedule a free case review today to discuss your estate planning goals in more detail.
Why Are Wills So Important?
There is a common misconception that estate plans and wills are reserved only for those with large estates or large amounts of wealth. This couldn’t be farther from the truth. Everyone over the age of 18 should have a will in Maryland. But this is especially so for certain individuals, such as married people, those with minor children, business owners, and more.
The following individuals should consider creating a last will and testament:
- Business owners
- Individuals with specific requests for burial or cremation
- Married couples who want to ensure that their estate belongs only to their spouse
- Parents of minor children
- Parents or grandparents of dependents with special needs
- Those who do not want certain individuals to inherit from their estate
- Your estate is large or complex and needs to be planned to avoid disputes
Essentially, it is important for any adults with assets, dependence, or strong personal wishes to make their wishes known by drafting the appropriate estate planning documents. If you have a family member who wishes to receive an inheritance, you would be encouraged to create a will that designates them as a beneficiary of that asset. Failure to do so could result in that potential heir being passed over.
What is Probate?
Probate is the process in which the courts assess the value of the decedent’s estate and use the remaining assets to pay off outstanding debts before distributing property to beneficiaries and heirs. The probate process can be long, emotionally difficult, and costly. For this reason, many choose estate planning tools such as living trusts to help avoid the probate process.
When an individual passes away, the deceased’s personal representative must take several steps to move assets through probate court. This can be a complicated process, especially if there was no will at the time of death.
Maryland probate typically takes approximately a year to resolve. To streamline the process, we encourage Baltimore clients to retain professional legal counsel from experienced probate lawyers.
Who Should Be Named Your Personal Representative?
A personal representative is appointed by the will’s creator (the testator) and is the individual responsible for the state administration following the testator’s death. The personal representative, also known as the executor of the estate, is responsible for ensuring that the will’s goals and wishes are followed to the letter. Additionally, the personal representative is required to notify banks and relevant parties of the decedent’s passing, settle debts held by the estate, locate and identify designated beneficiaries, and distribute property to those beneficiaries.
All personal representatives are bound by their fiduciary duties. As fiduciaries, they are required to act according to state laws and the language laid out by the testator and their will. Selecting a trustworthy and competent individual to serve as the personal representative for your will is important.
What Are the Legal Requirements for a Valid Will in Baltimore, Maryland?
Anyone 18 years of age or older who is of sound mind has the ability to draft a last will and testament.
Wills are written legal documents that must be signed in the presence of two independent witnesses, each of whom must be at least 18 years old. The will must also be notarized.
What Happens if You Die Without a Will in Baltimore, MD?
If you die without a will, state law determines how assets are distributed to beneficiaries in the probate process. This is known as dying intestate.
For example, if you pass away without a will and are survived by a spouse and at least one minor child under the age of 18, your surviving spouse will receive one-half of probate assets, and your children will receive the other half.
In order to ensure that your assets are distributed according to your wishes in probate court, it is necessary to draft a will stating your final wishes.
Do You Need the Help of an Estate Planning Attorney in Drafting Your Last Will and Testament?
While you are not legally required to retain the representation of an attorney for legal guidance in drafting or modifying a will, it is nonetheless highly recommended that you do so. The process of creating a will can be a long and complicated one. Any misstep made along the way could result in your will being rendered invalid in probate court, potentially leading to will contests and disputes.
Several factors must be considered when drafting a will. It is okay to feel overwhelmed. Remember, help is available.
Our legal team serves the Baltimore area in a number of different practice areas, including estate planning and the drafting of wills. We have extensive experience helping our Baltimore clients prepare funds and other assets for their estates, considering strategies to avoid taxes and other estate accounting matters. We would be proud to work on your behalf to create a comprehensive estate plan with a will at the center of it.
Can Wills Be Updated or Modified?
Yes. If you are of sound mind, you are allowed to change your will at any time by signing an amendment to your will or by creating a brand-new will.
At our law firm, we recommend that clients consider reviewing and updating their wills every three to five years. Alternatively, we recommend reviewing and updating wills after major life events such as the birth of a new child, marriage, divorce, or the death of a beneficiary.
What Are Common Reasons for Will Contests and Fiduciary Litigation?
Every will contest or litigation involving fiduciaries is unique. Just the same, however, there are some common reasons for will contests and estate litigation.
Common reasons for fiduciary litigation and will contests include:
- A will was written under duress
- Accusations of fraud
- Disputes over disinheritance
- The estate plan was executed when there was a lack of mental capacity
- Undue influence was exerted in the drafting of a will
What Other Related Practice Areas Can Our Estate Planning Lawyers Assist You With?
In addition to helping you create a last will and testament, our legal team has extensive experience representing clients and other practice areas, making us a full-service law firm for your legal issues.
Practice areas we proudly represent include the following:
- Criminal law
- DUI cases
- Elder law
- Estate planning services
- Long-term care planning and Medicaid planning
- Personal injury
- Trust administration and legal assistance to a trustee
Schedule a confidential consultation with our legal staff today.
Schedule a Free Consultation with Our Experienced Baltimore Will Lawyers Today
Our legal team has extensive experience administering clients’ estates, including helping Baltimore clients draft their wills. For legal assistance with estate planning, probate, wills, trusts, and more, contact our boutique law firm to schedule your free initial consultation today.
Our law firm serves clients across the Baltimore area, with offices in Bel Air, Essex, Glen Burnie, and Columbia, MD. For a free consultation, please get in touch with our law office at 443-888-2062.