Anne Arundel County Estate Planning Lawyer
Wills & Trusts in Maryland
As you step into the elder years of your life or when you come into a respectable
amount of money or savings, it is important that you take the necessary
steps to ensure that your estate will be distributed amongst your beneficiaries
according to your wishes. As with so many facets of legal issues, there
are several ways you can go about this process. The route you take can
determine the livelihood of you and your family in the years to come.
Rather than taking a wild guess or relying on the suggestions of someone
you do not trust, you should work closely with a Crofton estate planning
attorney from Trunnell Law, LLC. We have more than 30 years of combined
legal experience at our disposal, as well as a respected reputation in
our community, as evidenced by our numerous 5-star
client testimonials. Please do not hesitate to
contact us today to begin learning your legal options with reliable and compassionate
Living Trusts Used to Your Advantage
One way you can plan for your family's future, even after you are gone,
is to use a living trust. Sometimes these documentations are called revocable
trusts. When drafted correctly, a trust will allow you to distribute your
property as you see fit, immediately upon your passing, effectively avoiding
the chance of losing time in probate litigation.
Certain advantages associated with using a living trust include:
Confidentiality: Your family's business and your assets will not be explicitly filed
into public records or published in a local paper.
Out of state assets: A trust can be used to distribute your property, no matter where it might
be located – not just in the state you live in.
Incapacitation: You will be cared for should you become incapacitated without necessarily
needing to assign a guardian.
You can even create an irrevocable living trust, if you see fit. This essentially
locks anything you transfer into the trust away until your passing, ensuring
it is not altered or redistributed. There are also typically welcome tax
benefits for pursuing this form of estate planning.
Where There's a Will, There's a Way
Oftentimes referred to as a last will and testament, a will allows you
to decide ahead of time how your property will be distributed and your
estate will be managed after you pass away. Specifically, you will be
assigning someone you trust as an executor of your estate, tasked with
carrying it out as closely to your instructions as possible. Part of this
process – unique to wills – is going through probate, which
is when the will is studied by the court.
The probate process will typically be comprised of:
- Reviewing the will for errors or invalidities
- Collecting assets
- Liquidating any liabilities or owed debts
- Paying off any outstanding taxes
- Distributing property
Probate has a notoriety of being a lengthy and expensive process. When
your will is drafted by a professional estate planning attorney from our
Crofton law firm, we can do so with the objective of saving you time and
money when probate arises in mind.
Let Our Experience Do the Work for You
Our firm has been serving the residents of Crofton, Maryland in various
estate planning matters for years. You can be sure that we will work closely
with you from start to finish to ensure that your desires and goals are
carried out accordingly after your passing. Your case is as important
to us as it is to you, and we are able to put in the extra effort to uphold
your vision, even if it means taking matters to court – that is
just how we do things around here.
Contact us today to discuss your situation with a team of professionals who truly
care about you and your family's needs.