Westminster Estate Planning Attorneys
Assisting Clients With Estate Planning Matters in Maryland
Though it may be uncomfortable to think about what happens after we’re gone, knowing that your family is taken care of is essential. Thorough estate planning is going to prove key to that peace of mind. If you’re looking for a Westminster, MD Estate Planning Lawyer, then look no further than Albers & Associates. We can help you with all of the various aspects of estate planning to ensure that your legacy is secured.
Call us today at (443) 665-8030 or contact us online to schedule a consultation with our estate planning lawyers in Westminster.
What is Estate Planning?
Estate planning is the process of figuring out what you want to do with your assets and property after you die or can no longer make decisions about them. It’s a rather simple concept, but you would be surprised how many people forgo their estate plan, thinking that they can “do it later”. Craft a solid estate plan before it is too late.
We can help with all aspects of your estate plan, including:
- Wills
- Trusts
- Living Trusts
- Power of Attorney
- Probate Court
- Escrow
- Health-Care Proxy
- Advance Directives
Understanding the Will Process
Putting together a solid will is all about knowing who you can trust. As you think about who will receive your assets and property, you will also need to appoint an executor. The executor of your will should be someone whom you can trust to carry out your wishes and shepherd your assets through probate court.
As we help you draft or update your will, we also talk through practical issues such as who will handle your digital assets, how to coordinate beneficiary designations on life insurance or retirement accounts, and what to do if a beneficiary cannot inherit. Because Maryland law has specific rules about witnesses, signatures, and updates to wills, having an experienced estate lawyer in Westminster families can mean your documents are more likely to be honored the way you intend. We can also work with your financial advisor or accountant so your will fits smoothly with the rest of your planning.
What is Probate?
Probate is the process that proves that your will is a legitimate document and then handles your debts appropriately. Part of your executor’s job will be to compile a list of your debts, assets, and properties to bring before the court. The judge will then determine the will’s legitimacy and use your assets to pay any final debts.
The assets and property left after debts are paid will be divided among the people you have appointed to receive them. However, they won’t be able to inherit anything from you until the probate process is over. Something to keep in mind is that the probate process can often take a lot of time. Legal fees can sometimes take a bite out of the overall inheritance, depending on how long the proceedings go on for. For some people, this can make a living trust a far better option for their situation.
What is a Living Trust?
A living trust is a document that, much like a will, spells out exactly what you want to happen to your assets and other inheritance elements in the event that you are no longer fit to oversee them. There are a few major differences between a will and a trust, but the biggest is that living trusts allow you to bypass the dreaded probate court. Upon your death or upon the loss of your capacity to manage your affairs, your appointed trustee will be able to award your assets to the appointed heirs relatively quickly.
Not only that, but if you choose to utilize an irrevocable living trust, all assets and properties within the trust will be exempt from estate taxes. However, an irrevocable living trust requires you to relinquish your assets permanently into the trust, which is not necessarily appropriate for all cases. If you’re not sure whether you should put together a will or a trust, contact an estate planning lawyer in Westminster for more information.
FAQs About Estate Planning
Do I Need An Estate Plan If I Don’t Have Many Assets?
What Documents Are Included In An Estate Plan?
How Often Should I Update My Estate Plan?
What Happens If Someone Dies Without Having An Estate Plan In Maryland?
Contact Our Westminster Estate Planning Attorney Today
Whether you’re looking to draft a will or you’re interested in learning more about trusts, Albers & Associates can help you make the right decision for your estate. Contact us today for more information on how we can serve you or to set up a free consultation.
Contact us today to get started with our Westminster estate planning lawyer.