Authored by: Stephen R. Elville, Esq. – Elville and Associates, P.C. – 443-393-7696, steve@elvilleassociates.com, @elvilleassoc
The new Elective Share Law, otherwise known among estate planning lawyers as the “augmented estate legislation”, was passed by the Maryland Legislature and will be effective October 1, 2020. This new law will have a profound impact on the estate planning of certain married couples, especially those in second, third (or more) marriages who intend to leave assets to their respective children, grandchildren, nieces, and nephews, or others. The new Law will precipitate strong consideration of pre-nuptial or post-nuptial agreements as a tool to prevent a surviving spouse from thwarting the estate planning intentions of a deceased spouse who is the first to die by exercising his or her right to an elective share of the estate of the surviving spouse – the estate to now include both probate and non-probate assets (subject to a formulaic approach). If you would like to know more about the new Elective Share law, or simply have your estate planning documents reviewed, please contact me at the following: steve@elvilleassociates.com; or mary@elvilleassociates.com; or via telephone at 443-393-7696.