Towson, MD Estate Planning Attorneys
Assisting Clients With Estate Planning Matters in Maryland
Do you know what is going to happen to your estate after you leave this world? Are you certain your assets will be awarded to the people who deserve them? Estate planning is the process of answering those questions with a resounding yes. Now, you may be thinking that it’s too early to start working on your will. However, there is no better time to plan your future than today. All you need is the help of a Towson, Maryland, estate planning attorney.
Call Albers & Associates today at (410) 927-5717 or contact us online to schedule a consultation with our estate planning lawyers in Towson.
Estate Planning Matters We Handle
As a top-rated estate planning attorney, Albers & Associates can help you with all types of estate planning services in Towson, MD, including:
- Wills
- Trusts
- Advance Directives
- Health-Care Proxy
- Power of Attorney
- Living Wills
- Probate Court
- Living Trusts
What is a Will?
A will is a document that gives instructions on how to allocate your assets in the event of your passing. In the event that you have legal guardianship over minors, a will dictates their fate as well. This document must meet certain requirements to be considered authentic and legally binding.
In the state of Maryland, for a document to be considered authentic and legally binding, it must be signed by you and two witnesses must be in attendance at that time. Though you can use one of your beneficiaries as a witness, it is encouraged that you find different witnesses to reduce the chances of biases, which can lead to a longer probate process.
Take Control of Your Legacy with Estate Planning
Following your death, your estate will be divided according to the guidelines outlined in your will. Without a will, your assets will be handled and divided according to state law. Careful estate planning is very important for the people who stand to inherit from you.
Knowing the ins and outs of estate taxes, probate, and other elements of the legal asset distribution system is going make a big difference in the amount your beneficiaries will actually end up with. Maryland also has inheritance taxes, which affect a myriad of different circumstances and situations.
What is Probate?
Following your death, the executor of your last will and testament will need to prove that your will is legitimate in a probate court. Along with presenting and proving the will itself, the appointed executor must also provide a complete list of the deceased's assets, properties, and debts. The process of probate can often last a long time and may cut into the overall inheritance that is finally distributed.
You can avoid probate court through the use of a living trust, if you would like to hurry things along, but a living trust is not for everyone. You can discuss your specific estate and the needs you have during your free consultation with a Towson, Maryland, estate planning lawyer.
Frequently Asked Questions
What Happens if I Die Without a Will?
If you pass away without a will in Towson, your estate will be distributed according to Maryland’s intestacy laws. This means that your assets will be allocated to your closest relatives based on a predetermined legal hierarchy. While this might sound straightforward, it may not align with your wishes for asset distribution. By working with Albers & Associates, you can ensure your will reflects your specific desires and protects your family's interests.
How Can I Minimize Estate Taxes for My Beneficiaries?
Minimizing estate taxes is a critical component of effective estate planning. At Albers & Associates, we employ strategies such as gifting, establishing trusts, and utilizing exemptions to mitigate tax impacts. Understanding Maryland's specific tax laws, including the state's inheritance tax, can prevent substantial tax liabilities and preserve more assets for your beneficiaries.
Can I Change My Estate Plan After It’s Been Created?
Circumstances change, and it is not uncommon for clients to reconsider aspects of their estate plan due to life events such as marriage, divorce, or the birth of a child. At Albers & Associates, we offer comprehensive reviews to adjust your estate plan as needed, ensuring it continues to meet your current needs and objectives while complying with Maryland law.
Contact Our Estate Planning Attorney in Towson Today
If you’re looking for legal advice concerning your estate, Albers & Associates can help you. We have extensive experience with all aspects of estate planning services in Towson, MD, and can advise you on the steps you need to take to secure your future. For more information about how we can help you, contact us today for a free consultation. We look forward to working with you.
Contact us today to get started with our Towson estate planning lawyers.