As you take care of your estate and plan for what will happen to it after you’re gone, don’t forget your business. Talk to a business planning lawyer with experience here in Annapolis, MD, who can help you safeguard all your assets with the right business plan

Safeguarding Your Business With an Annapolis, MD Business Planning Lawyer

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If you do not have a will, then the laws of Maryland kick in to determine what to do with your assets after your death. Dying without a will is known as dying “intestate,” and this is never recommended. Proper will planning with a Rockville, MD estate attorney ensures that your loved ones have the smoothest possible experience after your death and that everything is done according to your wishes.

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A comprehensive estate plan shouldn’t only cover your property and assets; it should also make sure that your wishes regarding your own personal care will be honored, even if you are not able to advocate for yourself. If you’re looking into estate planning and are near the Columbia, MD area, read on to find out more about what a healthcare proxy does.

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Estate planning is about more than passing down property. It is also about preserving the value of what you leave behind. In Maryland, estate taxes can diminish the value of an estate significantly if you do not take proactive steps to protect it. Receiving support from an estate planning attorney in Annapolis, MD is the first step to protecting your estate. 

From an Estate Planning Attorney in Annapolis, MD: Protecting Your Estate From High Taxation

Unlike most states, Maryland imposes both an estate tax and an inheritance tax. The Maryland estate tax applies to estates exceeding a certain exemption amount, which is subject to change under state law, and amounts above this exemption may be taxed at rates as high as 16 percent.

Looking to the future, this tax would apply to the value of your estate at the time of your death. This includes any real estate, all bank accounts, retirement assets, life insurance proceeds, and your personal property. Without careful planning, your estate could face a huge tax burden that greatly reduces what your heirs ultimately receive.

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Estate planning in Maryland allows you to determine how your assets are handled after your death, and one of the most effective strategies for protecting your estate is to first identify which assets pass outside of probate. Knowing what qualifies as exempt can help you streamline your plan and minimize unnecessary legal delays. Understanding this process with the support of an estate planning lawyer in Rockville, MD, is the first step to planning your financial future. 

From an Estate Planning Lawyer in Rockville, MD: Assets That Are Not Subject to Probate

Transferring Jointly Owned Property

Assets held in joint tenancy with right of survivorship do not go through probate when one owner passes away. Instead, ownership automatically transfers to the surviving joint owner. This applies to both real estate and financial accounts. 

For example, if you and your spouse own a home together as joint tenants, your share will transfer directly to your spouse without the need for probate. Maryland law supports this form of ownership as long as it is clearly stated in the title or account registration. We review your records to confirm that joint ownership is documented properly.

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As an essential part of estate planning, having a valid will in place can be a relief. However, this doesn’t mean you never need to think about your will again. If your life circumstances change or if there is a substantial change in the law, your will may need to be updated. A wills attorney in Columbia, MD will be able to provide you with trusted legal advice about any changes you should make.

Should I Update My Will as Life Circumstances Change?

Do You Need to Update Your Will?

Your will determines who will receive your property and possessions after you die, and it is a legally binding document. For this reason, it’s vital that everything contained in a will be up-to-date and correct. A change in life circumstances can alter your wishes, but there are no laws in Maryland that will automatically supersede your will. It’s therefore essential that you update your will with any alterations necessary if your life circumstances change.

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A will is crucial for ensuring that your last wishes are carried out and that each member of your family in Annapolis, MD receives what you intended. However, if a will isn’t executed properly, it may be considered void. It’s therefore advisable to seek advice from a professional wills lawyer to ensure that your will complies with all required laws.

What Are the Legal Requirements for Drafting a Valid Will in Maryland?

Is an Oral Will Valid in Maryland?

For a will to be accepted as valid in Maryland, it must be recorded in writing. A handwritten will is valid, provided that it is written entirely in the person’s handwriting and also signed. Neither oral nor electronic wills are valid in Maryland. This means that if either an oral or electronic will is left, it cannot be legally used to distribute the estate.

Are There Any Other Legal Requirements for a Valid Will in Annapolis, MD?

There are only a few basic requirements that must be met to create a valid will in Maryland. The testator (the person making the will) must sign the will in the presence of two witnesses. Both the testator and the witnesses must be at least 18 years old. Beneficiaries can act as witnesses, but this is not generally recommended as it leaves the will vulnerable to being challenged in the future.

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Probate can be a time-consuming process, but there are ways to legally avoid it. In Rockville, MD, one solution is to hire an estate attorney to set up a living trust. This can make it easier to distribute assets and prevent the delays that are common with probate.

A living trust is a way of arranging assets that can be put in place before you die. There are two different types of living trusts: revocable and irrevocable. The former allows you to retain control during your lifetime and can be canceled. An irrevocable living trust cannot be canceled, and all control of the assets is handed to the trust.

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Elville and Associates, P.C.’s Planning Team Concept: A Collaborative Approach to Estate Planning

Estate planning is not a one-size-fits-all process. It requires careful consideration, legal expertise, and a deep understanding of each client’s unique circumstances and goals. At Elville and Associates, P.C., we believe that the best estate plans are built through collaboration. That’s why we encourage clients to take advantage of our Planning Team Concept, a strategy designed to ensure customized, leading-edge estate planning by bringing together a team of professionals, including financial advisors, CPAs, and legal experts.

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After someone’s death, their property enters probate before it is distributed. The process of probate costs time and money, so it is wise to find legal ways to transfer property without probate. An estate lawyer in Columbia, MD, gives their advice.

How Can I Transfer Property Without Probate Under Maryland Law? Advice from an Estate Lawyer in Columbia, MD

What Is Probate?

Probate is the legal process that an individual’s finances and property enters upon their deaths. During the process, the individual’s will is validated, and the belongings are accounted for. Probate can be a lengthy process and involves required legal fees, which will reduce the value of the estate.

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