If you’re wondering whether it’s time to begin your estate planning journey, it likely already is. Estate planning is often seen as a task for the wealthy or the elderly — but the truth is, everyone can benefit from having a plan in place. Many people delay this important step, unsure about when the right time is to start. Here are some key indicators to know when the time is right: 1. … [Read more...] about How Do I Know When It’s Time to Start Estate Planning?
Thinking About Revoking Your Trust? Here’s What You Need To Know
If you’ve set up a revocable living trust, you already know the benefits: avoiding probate, keeping things private, and simplifying asset management. But what if you change your mind? Yes, you can revoke your trust if it is a revocable trust Revocable Means Revocable - But It’s Not That Simple A revocable trust gives you flexibility. You can change it, update it, or revoke … [Read more...] about Thinking About Revoking Your Trust? Here’s What You Need To Know
When an Estate Administration Takes Longer than Expected
Estate Administration is often seen as a straightforward process: after someone passes away, the personal representative gathers assets, pays off debts, and distributes what’s left to the beneficiaries. However, many estates take far longer to settle than anticipated, leaving everyone involved frustrated. If you’re in charge of administering an estate, it’s important to understand why delays … [Read more...] about When an Estate Administration Takes Longer than Expected
Why Might an Estate Become Involved in Litigation?
"Why Might an Estate Become Involved in Litigation?" by Attorney Beth Burgee (Audio) Probate is the legal process typically required after an individual’s death to settle and distribute the decedent’s estate. The probate process can be costly and complicated even without disputes; however, when a dispute turns into litigation, it can wreak havoc with the administration of the estate. The Bowie … [Read more...] about Why Might an Estate Become Involved in Litigation?
Preparing to Meet with a Probate Attorney
Meeting with a Maryland probate attorney can be very important if someone you love has passed away. The individual the decedent has named as executor of an estate should meet with a probate attorney as soon as possible in order to get advice about fulfilling his or her duties. If you are an heir or beneficiary, you may also consider meeting with an experienced attorney to understand your options … [Read more...] about Preparing to Meet with a Probate Attorney
Comparing the Roles of Trustees and Personal Representatives
The differences between the role of a trustee and the role of a personal representative can be confusing because the lines often blur. These two roles are often fulfilled by the same person and have similar duties. However, there are also differences that are important to know when one is carrying out either of these roles. First, let us take a look at what exactly both of these roles are. … [Read more...] about Comparing the Roles of Trustees and Personal Representatives
Is Formal Probate Required?
"Is Formal Probate Required?" by Attorney Beth Burgee (Audio) If you are in charge of administering a decedent’s estate, either because you were appointed in a Will or because you volunteered, you have an important job ahead of you. One of your first responsibilities as part of that job is to determine if the estate must go through formal probate or if an alternative for small estates is … [Read more...] about Is Formal Probate Required?
Prepare for Probate
The process of probate is often overlooked by people who don't know much about estate planning. If you haven't done any research, you may assume that a will is something that takes care of itself after you die. You name an executor in the document, and this individual will distribute assets in accordance with your wishes without any particular supervision. This is a commonly held belief, but in … [Read more...] about Prepare for Probate
Sorting Household Stuff: A Guide for Personal Representatives
"Sorting Household Stuff: A Guide for Personal Representatives" by Attorney Alex Pagnotta (Audio) At the death of a family member, there is a lot of planning for what happens to property after a person passes away. Having advanced plans will make life easier for loved ones after death and will allow more control over what happens to the decedent’s assets. After death, most estates must go … [Read more...] about Sorting Household Stuff: A Guide for Personal Representatives
How Trust Administration Works Better Than Probate
Trust administration occurs when a person has created a trust as part of an estate plan and the trust creator passes away. Assets held in the trust transfer through trust administration, rather than transferring through the probate process, and the steps involved in facilitating the transfer of trust assets are very different than in probate. In Maryland, trust administration has … [Read more...] about How Trust Administration Works Better Than Probate
