Category Archives: Estate Planning
Is a Payable on Death Account Right for You and Your Family?
Payable on death accounts, or “POD accounts” for short, have become popular for avoiding probate in the last decade or so. What is a Payable on Death Account? A POD account is a type of bank account authorized by state law which allows the account owner to designate one or more beneficiaries to receive… Read More »
Intestacy: If You Die Without a Will in Maryland, Does Your Spouse Inherit Your Entire Estate?
If you are married and you die without a will in Maryland, you may mistakenly believe that your spouse will still inherit your entire estate. Not so fast. Who will inherit your estate depends on several different factors. 3 Factors that Determine What Happens to Your Estate if You Die Without a Will… Read More »
Warning: If You Own Property This Way, You May Accidentally Disinherit Your Own Children
Owning property as Joint Tenants with Right of Survivorship is easy, common, and often disastrous. Sadly, children – both minor and adult – are often disinherited. While there are several forms of joint ownership, the one most people use (and the one considered in this blog) is called Joint Tenants with Right of Survivorship. When… Read More »
5 Reasons Why Uncle Fred May Not Make a Good Trustee
If you have created a dynasty trust that you intend to last for decades into the future, choosing the right trustee is critical to the trust’s longevity and ultimate success. Initially you may think that a family member, such as a sibling (“Uncle Fred” to your children, who are the initial beneficiaries of your… Read More »
Surprise! You Can’t Easily Disinherit Your Spouse in the U.S.
Believe it or not, in Maryland it isn’t easy to disinherit your spouse. But the same is not true for other family members – generally, you can use your will or trust to disinherit your brothers and sisters, your nieces and nephews, or even your very own children and grandchildren. However, in Maryland, the… Read More »
Flo Jo’s Tragic Mistake: A Missing Will
If you’ve created a will, congratulations! You have made your intentions clear to the world and have provided for your loved ones based on what you determined was best. One caveat, and Rule #1 when creating your will – make sure to tell someone where to find it! Olympic Gold Medalist’s Death Tears… Read More »
Wondering Whether You Need to Update Your Estate Plan?
Yes, You Do. And Here’s Why. Please allow us to be frank. It’s unrealistic to think that a piece of paper – an estate plan – that you draft, reflecting your life at a certain time, will work when your life has completely changed some years later. We’ll use the Chandler family as an… Read More »
How to Get Organized to Meet With Your Estate Planning Attorney
OK, great! You’ve finally decided it’s time to meet with an estate planning attorney and get your affairs in order. It’s time to make sure your family is protected. Now that you’ve scheduled the first appointment, what’s the next step? You can do one of two things: (1) Simply wait for the meeting date… Read More »
Estate Planning Basics for Newlyweds – How to Get Prepared for the Unexpected
It’s that time of year – the time for beautiful weddings, fun receptions, delicious cakes, special gifts, and romantic honeymoons. While this is a joyous time for everyone, especially newlyweds, it’s also time for you and your new spouse to plan for your future – for richer or for poorer, in sickness and in… Read More »
It’s Not Just About Death and Taxes: The Essential Legal Documents You Need for Incapacity Planning
Comprehensive estate planning is about more than your legacy after death, avoiding probate, and saving on taxes. It must also be about having a plan in place to manage your affairs if you become mentally incapacitated during your lifetime. What Happens Without an Incapacity Plan? Without a comprehensive incapacity plan in place, a… Read More »
