Estate Planning

Wills, Trusts, Estates and Probate

Proper estate planning allows families to protect assets and make provisions for the rest of the family in the event that a family member dies. Wills, trusts, business succession, corporations, foundations and other legal instruments can be used to preserve legacies and minimize money loss through taxation. As a precautionary measure for dementia or other incapacity, an estate planning lawyer can also advise regarding advanced directives for healthcare, powers of attorney, living wills, conservatorships, guardianships, and other legal approaches for managing affairs.

Estates

An estate refers to the sum total of all the property an individual owns. During estate administration the value of the person’s property, assets and liabilities are assessed. Cash, investments, retirement funds, bank accounts, cars, household items, real estate, precious objects, antiques, real estate and all other personal effects or possessions are all considered part of the estate. Jointly owned assets and insurance policies, which name beneficiaries (not the estate as a beneficiary), are not considered part of the estate.

Wills

A will, also known as a testamentary will or a “last will and testament,” determines how assets, possessions, finances and property of an estate will be distributed after death. When an individual has no trust or will, he or she dies “intestate,” which means that instead of having property distributed according to his or her wishes, the estate will be distributed according to Maryland statutes. In these types of cases, a distant relative that the rest of the family hasn’t seen for years may end up sharing equally in the inheritance, which is why most people prefer to draft a will.

When drafting a will, your lawyer will explain what property may and may not be covered by a will. Examples of assets not affected by a will include jointly owned property or insurance proceeds, which pass on the joint owner or beneficiary of the insurance policy. A will may also be used to address assets not covered in a trust.

Trusts

Many different types of trusts exist, serving different financial purposes, such as wealth management, preserving the value of inheritance or minimizing taxes. Trusts offer the advantage of having assets pass on to beneficiaries outside of probate. A trust is basically a legal arrangement where one individual holds property for the benefit of another. Our lawyers will review your financial situation and assist you in making an informed decision as to whether a trust would benefit your estate.

Probate

Probate is the administrative procedure of determining the validity of a will, collecting assets, paying debts and taxes, and distributing inheritances to beneficiaries of the estate. Assets will be distributed according to estate planning or if the person died intestate, according to Maryland laws of intestacy.

Our lawyers at Alperstein & Diener prepare and file all necessary documentation for wills, trusts and probate, appear at hearings and close the estate on behalf of our clients. We also represent clients in probate and trust litigation.

Whatever the size of your estate, estate planning can benefit your family and help to carry out your wishes. We encourage you to arrange a consultation with our estate planning lawyer by calling our firm at 410-685-0990 or contacting us online.