Wills

If you do not have a will —you die intestate— your property may be distributed much differently than you have in mind. The distribution of an estate during probate is determined by statute; and if the law requires that your property be distributed to a cousin you have not seen in forty years, that is where it will go. Moreover, if you want part of your estate to pass to charity, or want Aunt Bessie’s china to go to your niece, a will is necessary to see that it happens.

Your will has no effect on certain assets, such as jointly-owned property or insurance proceeds, that automatically pass to a joint tenant or beneficiary. So it is important to understand what property your Will can and can not transfer, and how your property should be titled to insure that your wishes are followed.

Trusts

A trust can be an excellent vehicle for maintaining control over the use of your assets during your lifetime and after your death. It can sometimes provide Estate and Gift tax benefits, and can determine who will (and more importantly sometimes, who will not) benefit from your property. Trusts can be established during your lifetime (a “Living Trust”), or under your will (a “Testamentary Trust”).

Revocable Living Trusts, in particular, are an increasingly common tool in estate planning. They can help in the management of property during your lifetime; and upon your death, all trust property passes automatically to your beneficiaries, thereby avoiding the probate process. There are disadvantages to Revocable Living Trusts. You must, for example, transfer the title to virtually all of your assets to the trust, and the preparation cost is higher than for a will. However if it suits your particular needs, it may be a valuable planning tool to consider. I will be happy to discuss the pros and cons with you.

Contact Me

If you would like to speak with an experienced estate planning attorney about the type of will or trust that best meets your situation, please call me at (410) 573-2992. You can also email me through my contact any time. I look forward to hearing from you.

John D. Newell, Attorney at Law

621 Ridgely Avenue
Suite 400
Annapolis, Maryland 21404

Phone (410) 573-2992
Fax (410) 573-5358
E-mail

From law offices in Annapolis, Maryland, John D. Newell, J.D. P.A. assists people throughout Anne Arundel County, including Annapolis, Severna Park, Edgewater, and more.