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Tag: Maryland Will

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The Process of Getting a Will

Extended Family SmilingIf you do not have a will, you should know that the process of creating one is not difficult in most cases.

People who do not have estate plans, often think that the process of getting one can be more difficult than it normally is. It is not difficult to get that false impression, if you start doing some digging online.

You will be confronted with unfamiliar terminology and 10 to 15 step plans that can make estate planning seem very time-consuming. You can also find some online form companies that tell you that purchasing their products make creating an estate plan easy. However, once you start reading their documentation, it might all look difficult again because you do not know the finer legal details of estate planning.

The truth? Estate planning does not have to be that difficult to accomplish, as The New York Times discusses in “What It Was Like To Finally Write My Will.”

The author of the piece discovered that creating his will was not very difficult at all. The key thing that he did was to get a recommendation for an attorney from a friend. He then went to that attorney and told the attorney what he wanted to do.

The attorney discussed the options and the author was able to work with the attorney to determine what the best plan would be for his unique circumstances. The attorney then wrote the plan down formally and the author just needed to go back to the attorney’s office a few weeks later, to formally sign the will and everything was done.

Most people will find that estate planning is just that simple when they also choose an appropriate estate planning attorney.

Reference: New York Times (April 3, 2018) “What It Was Like To Finally Write My Will.”

 

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One Document Parents Must Have

MP900289365[1]Parents with small children want nothing more than to make sure their children are taken care of no matter what happens. A will is an essential document to do that.

There is something about bringing a new life into the world that changes most people. A new child causes most of us to change from being mostly concerned about our own well-being to being mostly concerned about the well-being of someone else.

This change has been much remarked on and studied. It appears to be almost universal for humans.

People who would not have previously sacrificed their own desires become willing to sacrifice for their children. However, what many young parents do not do is to make plans for how to take care of their children should something happen to the parents.

This is a mistake as Nerdwallet explains in "Protect Your Family by Writing a Will."

Parents who want to make sure their children are taken care of, if the parents pass away, need a will. Two important things can be done with a will. First, in a will parents can make sure their children are taken care of financially. Second, and most importantly, a will is the proper legal document for parents to express their wishes about who should act as guardians for their minor children.

The guardian is the person tasked with taking care of the day-to-day needs of the child. Parents who want to have a say in who rears their children need to have a will.

There are other estate planning documents that can be helpful for parents with young children. Accordingly, every parent needs a will and every parent should talk to an estate planning attorney about other important legal documents that might be useful given their own unique family circumstances.

Reference: Nerdwallet (Sept. 19, 2016) "Protect Your Family by Writing a Will."

 

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Is a Trust Appropriate?

Bigstock-Financial-consultant-presents--14508974[1]Wills and trusts are the two pillars of estate planning and determining how assets will be passed on to future generations. You need to know whether or not you need one, the other or both.

The two main ways that people pass their assets to their heirs are through a will and through a trust. They both serve the same basic function of transferring assets—but in very different ways. Wills normally go though probate court while trusts are handled privately. It is important to know if you need one or the other. For wills, that is a simple question to answer. Everyone needs a will. Even if you have a trust, you will need a will to deal with any assets inadvertently or intentionally left out of the trust. Trusts are more complicated. Recently, the Brainerd Dispatch discussed some considerations about whether a trust is necessary in the article, “Commentary: When does it make sense to add a trust to your estate plan?” Things to consider include:

  • Privacy – Wills are normally made available to the public, but most trusts can be kept private. If you do not want other people to know the details of your estate, then a trust is what you need.
  • Property in Multiple States – If you have property in more than one state, then a trust might be best. Otherwise, your estate may have to be probated in each state to deal with the property.
  • Control – Trusts can offer you much greater control over how your heirs will inherit your assets.
  • Charity – Trusts are generally a better tool for giving part of your estate to charity. If set up properly, you can even get a tax break now, keep control of your assets and have the assets go to charity after you pass away.

For help determining what is necessary for your situation, consult an estate planning attorney.  For  consultation on your situation contact Profit Law Firm, PLLC.

Reference: Brainerd Dispatch (July 23, 2016) “Commentary: When does it make sense to add a trust to your estate plan?”