Expert Wills, Trusts, and Estates Attorney

No, Maryland doesn’t mandate hiring a lawyer for wills or trusts. However, without legal guidance, there can be costly, time-consuming, and stressful complications. Wills and trusts must meet Maryland’s legal requirements and be correctly executed to be valid.

An estate planning attorney can help you structure your estate plan. This will minimize estate and inheritance taxes, protect your assets from creditors, and carry out your wishes.

Considering probate can be in your best interest. It helps reduce the time for creditors to file claims. Probate also aids in settling claims from unfamiliar creditors and heirs. After the claim deadline, those who didn’t file lose their legal right to estate assets.

Another reason for seeking estate probate is to mediate conflicts among heirs. In some cases, family members may contest the will’s validity. Moreover, they may have differing views on property distribution when there’s no will. Importantly, the probate process can help resolve these disputes within a legal framework, under the guidance of a probate judge, facilitating resolution.

Without a valid will, Maryland’s intestate laws control asset allocation, designating heirs and their entitlements. Consequently, this results in the state handling property distribution instead of you or your family. To avoid this situation, consult an estate-planning attorney and promptly draft a will.

A living trust holds your assets during your lifetime and is managed for your benefit. After your passing, trust assets go to beneficiaries according to the trust agreement. You can act as the trustee, retaining control. A living trust safeguards against creditors ensures care if incapacitated, and bypasses probate for trust assets.

Living trusts have benefits, but it’s vital to be aware of their drawbacks. Consult an estate-planning attorney to assess if a living trust suits your unique needs.

In the days after a loved one’s passing, it can be chaotic. Moreover, the week following involves ceremonies, family support, and grieving. However, beyond these immediate concerns, it’s crucial to prepare for their financial matters.

Firstly, find vital documents like the will, trust agreements, and financial statements. Secondly, secure their property to prevent unauthorized access. Lastly, notify the Social Security office and insurance companies to stop insurance payments.

In the coming weeks, you may need to start a probate estate, collect necessary documents, and oversee trust asset distribution. While handling a loved one’s estate can be overwhelming, a probate attorney can help reduce stress and save time.

Estate administration typically takes about nine months; however, it can vary based on complexity and disputes. In contrast, small estates, with assets under $50,000 (or $100,000 if the surviving spouse is the beneficiary), may close in about two months. Importantly, having a skilled probate attorney can help expedite the process.

Maryland’s probate fee is about 0.1% of the estate’s value. Attorney fees and personal representative commissions are typically limited to 3.6% of the estate’s value in Maryland. In my practice, I usually charge around 1.5% to 2% of the estate’s value. Keep in mind that probate may include extra costs like notices, bonds, property appraisals, and other miscellaneous expenses.

While probate has its advantages, it’s not always necessary. You can avoid probate through methods like using trust agreements or co-titling property. Some assets transfer directly to designated heirs through beneficiary designations, as seen with life insurance and retirement accounts.