For most people, a Last Will and Testament serves as the foundation of their estate plan. As such, it is usually the first estate planning document executed. If you are in the process of creating your Will, be careful not to overlook the importance of the Executor you appoint in that Will. One of the most common estate planning mistakes people make is to appoint someone as the Executor of their … [Read more...] about How to Choose the Right Executor
"When Should Assets Be Distributed After The Death of a Loved One?" by Attorney Alex Pagnotta (Audio) If you are a Personal Representative or Trustee, the chances are high that you will want to settle the estate and distribute the assets from the estate to the beneficiaries as quickly as possible. However, if you distribute the assets too soon, you may be held personally liable. This could … [Read more...] about When Should Assets Be Distributed After The Death of a Loved One?
"Three Categories of Assets at Death" by Attorney Colleen Sinclair Prosser There are many ways to hold title to assets during your life. Upon your death, the title to each asset must be reviewed and transferred according to how it was titled. In order to determine how to transfer the assets of a decedent, we must place the assets in three different categories. The first category is Probate … [Read more...] about Three Categories of Assets at Death
How Long Does it Take to Probate an Estate in Maryland? By Attorney Victor A. Lembo (Audio) At some point in your life, you will likely be involved in the probate of an estate. You may be the Personal Representative for a loved one’s estate, or perhaps you are a legatee under the decedent’s Last Will and Testament. Regardless of the reason for your involvement, you will undoubtedly have … [Read more...] about How Long Does it Take to Probate an Estate in Maryland?
"Helping You Cope with a Loved Ones Death" by Attorney Victor A. Lembo (Audio) Coping with death can be devastating when a close family member or friend dies-- and unfortunately, there is a lot of technical legal and financial issues to deal with, as well as the emotional ramifications of your loss. While there's nothing we can do to alleviate the sadness you feel about losing your loved … [Read more...] about Helping You Cope with a Loved One’s Death
"What is Probate and Why Should it be Avoided?" by Attorney Jon J. Gasior As you begin exploring all of your estate planning options, one aspect of your planning you may have encountered is the concept of probate and probate avoidance. So what is probate? A simple definition is what probate is the court supervised process of transferring title of assets upon death. Take this as example. Let’s … [Read more...] about What is Probate and Why Should it be Avoided?
"What If You Do Not Want to be an Executor of an Estate?" by Attorney Victor A. Lembo (Audio) If someone you care about has passed away, you may have been named in the will as executor of an estate. If you are asked by a deceased person (a decedent) to be executor of an estate, you should be aware that there is a lot of responsibility involved in serving as an executor. You can't just accept … [Read more...] about What if You Don’t Want to be the Executor of an Estate?
Probate is often necessary to facilitate the transfer of assets after a death occurs. While you want the probate process to move as quickly as possible so new heirs can take ownership, some issues and complications can arise that cause delays. A process could take a year, with some estates probated more quickly while others take much longer. It often takes this long due to extensive legal … [Read more...] about What Can Slow Down the Probate Process?
"What Can Slow Down the Probate Process?" by Attorney Victor A. Lembo … [Read more...] about What Can Slow Down the Probate Process? (Audio)
The Maryland probate process takes place through the Register of Wills and Orphan's Court when someone has died with property in the state. However, probate may be avoidable if one chooses to work with an estate planning lawyer to structure ownership of assets and facilitate the transfer of those assets outside of probate. There are many reasons why it makes sense to arrange for your asset to … [Read more...] about How the Maryland Probate Process Can Affect Your Family