If you plan to leave a family member, spouse, or other beneficiary a substantial amount of money as will, then it is very important that you take the time to properly plan for such an event. A proper will should be prepared in accordance with local and federal laws, and should be written by a well-educated and experienced attorney. An experienced Baltimore estate planning lawyer can assist you in making the most of your will, help you determine who will receive the assets, and also address any other outstanding issues concerning the estate. The sooner you hire a lawyer to plan your will, the better off you will be.
There are a variety of different types of wills that people can prepare today. Two of the most common types of wills are a living trust and a trust of power. A living trust, also called a living trust, is a type of will that combines the personal property of the deceased person with that of their personal representatives. This combination is designed to ensure that all of the estate assets are dispersed according to state law. A trust of power, or durable power of attorney, is a type of will that transfers power from the person planning to the agents that are to receive the assets upon the death of the person.
Baltimore estate planning lawyers can assist individuals with these two types of wills. They can also assist individuals with Special Needs Trusts. A Special Needs Trust is an estate plan that is used to grant certain individuals access to assets upon their disability. For example, someone with a disability may be unable to execute a will because of a physical impairment.
Many individuals have estates which include many small, short-term assets. These types of assets are known as spousal or family interests. Some examples of this might be clothing, jewelry, antiques or other items that a spouse or child may value very highly. Others include life insurance policies, retirement plans, bank accounts, stocks and bonds, and private family financial accounts. The Baltimore area has many reputable probate and estate planning attorneys who can assist with creating special needs trusts and probate plans for individuals who are experiencing financial difficulties.
A will is not required if a person does not have the financial means to provide for specific needs. Probate allows individuals to designate who will receive money before their death. Several Baltimore estate planning attorneys provide their clients with information on how to create a will and how to utilize probate to achieve specific goals or endow gifts to beneficiaries.
Most individuals who die without leaving a will have no estate or trust left to distribute their assets. In cases where people do leave a will they often leave some asset to be allotted to their personal representatives. One example would be Special Needs Trusts that designate one individual as the legal representative of a beneficiary and another as the trustee. Special Needs Trusts are used to cover healthcare costs and to provide funds to pay off debts. It is important to make sure a person does not qualify for a Special Needs Trust or that they are unable to designate a beneficiary for specific needs.
Most people who die without a will do so because they experienced a medical condition, which may cause them substantial financial and/or legal troubles. If one dies because of a medical condition such as heart disease, one may use probate to pay off outstanding medical bills. They may also want to pay off taxes to ensure they do not become subjected to estate tax. Estate tax is a large burden to families with children. It also may be wise to designate a probate attorney to help someone through the probate process. Probate can be a lengthy and complex process, so hiring an attorney who has experience in this type of estate planning will ensure the process runs as smoothly as possible.
If a plan is not filed, the state will carry out the wishes of the deceased. However, Baltimore estate planners can make sure a plan is properly filed to ensure everything is done in accordance to the law. They can also make sure the plan is not only properly filed, but also has been approved by a judge. Baltimore probate attorneys can make sure a plan is not only proper, but also that it is properly filed.