Estate Planning FAQ’s

If you do not make advanced plans to determine who will inherit your money and property, default rules in Maryland will determine what happens to your estate. Unfortunately, while these default rules provide for your money to be left to close relatives, not everyone wants the defaults to apply. The only way to make sure that your estate goes to the people that you love is to make plans in advance to facilitate this happening. Find out more here about how to make sure your estate goes to the people you love.

Every parent wants to be there to raise their children. Unfortunately, if you pass away before your children are adults, you will not be able to raise and guide them. You need to make an informed decision about who can fulfill this role and ensure that your minor children are protected. You will choose a guardian for your children in case something happens to both parents, and you should make your preferences known so your kids can be cared for by the person who you have selected. Find out more here about choosing a guardian and protecting your children.

In order for a will to be valid and enforceable, the will must have been made when you were of sound mind. It is important to ensure that you follow all of the Maryland requirements for creating a valid will. This includes having witnesses and ensuring that your last will and testament is in writing and has been signed appropriately. Learn more here about how to tell if you have a valid will.

If you die without having a will, intestacy laws are going to determine what will happen to your assets. The specific distribution of assets is going to vary depending upon which surviving family members you have. However, assets will go to the closest family members, such as spouses, children, siblings, or parents. You can find out more here about what happens if you die without a will.

It is important to make sure that you regularly review your estate plan in order to make certain that your plan is a reflection of your current wishes. If you do not modify your plan when a major life change happens, it is possible that your plan will not be reflective of your wishes. You do not want an outdated plan to result in your assets not being left to the desired people or to result in your heirs not inheriting the assets you wish to provide them. To find out more, check out the top 10 reasons you need to review your estate plan.

If you have an ownership interest in a company or are running your own business, you likely want to make sure that this company can be transferred to appropriate people when you can no longer be involved. Whether you are incapacitated or pass away, ending your involvement with the company can be complicated and could create problems for ongoing operations if you have not made the right plans. There are a few things to know about business succession planning that can help you to protect your company’s future and that can allow you to ensure that the company is able to be a legacy for you. Find out more here about business succession planning.

When a loved one has passed away, you need to deal with the practical and legal issues raised by the death, as well as coping with your grief. For example, after a death, the deceased person’s assets need to be transferred to new owners. You need to determine if the deceased had a last will and testament or if assets were held in trust. Trust administration, probate, and other formal steps to transfer an assets must take place depending upon the type of estate planning that the deceased conducted. Find out more here about what to do when a loved one dies.

In the state of Maryland, there are different types of taxes which may need to be paid after a death has occurred. Estate taxes are assessed both on the federal level as well as in the state, although the amount of money which can be passed without triggering taxes differs in Maryland versus the IRS rules. Estate taxes are paid out of the estate. Inheritance taxes may also be charged to people who receive an inheritance, and are paid by beneficiaries. Find out more about taxes at death here.

If you are ready to get estate planning help, you should reach out to an experienced attorney who can offer the assistance you need. Sinclair Prosser Gasior is here to provide you with advice and advocacy through the entirety of the estate planning process. Give us a call at 410-573-4818 or contact us online to speak with a member of our legal team and learn more.