The Law Office of Patricia McCarthy offers extensive counseling, administration and litigation assistance with Maryland wills, trusts and probate. Patricia McCarthy carefully analyzes each client’s needs and objectives, and provides solid guidance.
When the time comes, our firm can help advise administrators of an estate regarding the proper distribution of assets, liquidating liabilities, paying taxes, attending probate court proceedings and carrying out decedents’ other wishes, including defending and/or prosecuting will contests.
Wills, estate planning and trusts can be very complex processes that require detailed explanations. While there is a great deal of information available on the internet, it is often recommended you seek out legal advice to clarify particular specifications. However, is it not useful to have a basic understanding of the different terminology before heading off to a lawyer?
The majority of people know what a will is, but do they know why it is important to have one? A will is a document that declares what you would like to be done with your property and other belongings once you have passed on. It is recommended you draw up a will in order to diffuse any future arguments over how your belongings should be divided and what must be done with the property. Even if your property is small, you should consider drawing up a will with your lawyer.
A trust also deals with various assets, but unlike a will it is a particular arrangement whereby certain allocated individuals (known as trustees) are responsible for these assets until the noted beneficiaries are of legal age. Once the beneficiaries of the trust are of a predetermined age they will be allowed access to the assets placed within the trust. A trust is usually drawn up to ensure a person is cared for at a later time in their life.
Estate planning begins with a will and trust. It involves a process whereby you prepare for the passing of property during your life eliminating any uncertainties about state-relevant probate law. While many people may consider this a process for the wealthy, any person with an estate should consider looking into estate planning.
While this acts as a brief guide to wills, trusts and estate planning, it is best to speak to a lawyer. Legal counsel will be able to set up documents and plan your future.