Thinking about the future can be unsettling. You have worked hard to build a life for yourself and your family in Glen Burnie, but the thought of what happens when you are no longer here can bring a wave of uncertainty and stress. You may worry about your loved ones facing a complicated court process or your final wishes not being honored. The fear of leaving behind a burden instead of a legacy is a heavy weight to carry. At Apol Law, LLC, we understand these concerns. We help families navigate these sensitive issues with compassion and skill. As your Glen Burnie estate planning attorney, we can help you create a thoughtful plan that protects your family, preserves your assets, and provides you with lasting peace of mind.
What Exactly Is Estate Planning?
Estate planning involves creating a legal strategy for managing and distributing your assets after your death, as well as ensuring your own care if you’re unable to make decisions. This planning isn’t just for the wealthy; every adult benefits from having a clear, legally enforceable plan. Without it, Maryland’s intestacy laws will make those decisions for you. These default rules often don’t align with personal preferences and can lead to unintended consequences for your family. A well-crafted plan helps prevent family disputes, avoids the costly probate process, and allows you to maintain control over your legacy.
What Tools Make Up a Comprehensive Estate Plan?
A comprehensive estate plan is tailored to your unique needs and may involve preparing various legal documents to work together to achieve your objectives. Working with an estate planning attorney in Glen Burnie can clarify your options and help you develop a plan that addresses all your concerns. Together, these tools create a safety net that protects you during your lifetime and ensures you manage your legacy according to your wishes.
Wills: How Do They Direct the Distribution of Assets?
A will, also known as a last will and testament, is the foundation of most estate plans. It serves as the official guide for how your executor will distribute your property after your passing. A will gives you complete control over who inherits your assets, whether it’s specific heirlooms, percentages of your financial accounts, or a beloved pet. Such control ensures that a distant relative does not inherit your property when you intended it for a close friend or a charity you support.
Trusts: How Can They Help My Family Avoid Probate?
Probate is the public, court-supervised process of validating a will and distributing estate assets. It can be lengthy and costly. Trusts are practical tools for avoiding probate altogether. When you create and fund a trust, you transfer legal ownership of assets to the trust. Because you no longer own them, but the trust does, these assets are not subject to probate and can be distributed privately and efficiently by your chosen successor trustee. There are several different trust structures to choose from. An estate planning attorney can help you determine which best meets your goals.
Incapacity Planning: Who Makes Decisions If I Cannot?
An unexpected illness or injury can leave you unable to manage your own financial and medical affairs. Without a plan, your family would need to petition the court to appoint a guardian, a process that is often public, expensive, and stressful. You can avoid this by legally designating trusted individuals to make decisions on your behalf through two key documents. A Durable Power of Attorney allows you to name an agent to manage your finances, pay bills, and handle investments. An Advance Medical Directive lets you appoint a healthcare agent to make medical choices based on your wishes, including end-of-life care.
Beneficiary Designations: Why Are They Important?
Many assume their will controls everything, but this mistake is common and can be costly. Assets with beneficiary designations, such as retirement accounts, life insurance policies, and annuities, pass directly to the named person, regardless of the terms of your will. For example, if you named a former spouse on an old 401(k) and forgot to update it, they would receive those funds, even if your will leaves everything to your current spouse. Regularly reviewing these designations is a critical part of maintaining your estate plan.
Plan Updates: When Should I Review My Estate Plan?
An estate plan is not a set-it-and-forget-it document; it should evolve as your life changes. We recommend reviewing your plan every three to five years or after any significant life event. Failing to update your documents can lead to unintended consequences, such as leaving assets to the wrong people or creating unnecessary complications for your loved ones.
Consider updating your plan after these events:
- Marriage, divorce, or remarriage;
- The birth or adoption of a child or grandchild;
- The death of a spouse, beneficiary, or named fiduciary;
- A significant change in your financial situation (inheritance, business sale, etc.);
- A change in your health or the health of your spouse; or
- Moving to another state, as laws differ.
A comprehensive review with a Glen Burnie estate planning lawyer can ensure your will, trust, and other documents continue to reflect your current wishes and circumstances.
How Can We Address Potential Estate and Inheritance Taxes in Maryland?
Maryland is one of the few states with both an estate tax and an inheritance tax, making tax planning a critical part of the process. The Maryland estate tax applies to estates that exceed the state’s exemption amount of $5 million. The beneficiary pays the Maryland inheritance tax; while close relatives are exempt, other heirs, such as siblings, nieces, and friends, must pay a 10% tax on their inheritance. An experienced Glen Burnie estate planning attorney can implement strategies, such as strategic gifting, charitable planning, or specialized trusts, to help minimize or eliminate your family’s estate tax liability.
Why Choose Apol Law for Your Estate Planning Needs?
Choosing the right attorney is a significant decision. You need a legal partner who understands the law and your family’s needs and values. At Apol Law, LLC, we are deeply committed to serving our community with integrity and personalized attention. Our founder was honored to receive the 2023 Anne Arundel Bar Association President’s Pro Bono Award, a testament to her dedication to helping others and providing accessible legal guidance. This commitment to service is at the core of everything we do. When you work with our firm, you work directly with your attorney, and they bring that same level of dedication to every family, crafting your estate plan with meticulous attention to detail.
Take the First Step to Protect Your Family’s Future
Procrastinating on estate planning can leave your family vulnerable and your wishes unheard. By taking action today, you can eliminate uncertainty and provide your loved ones with the security and direction they will need. Creating a plan is one of the most meaningful gifts you can give them. If you are ready to secure your legacy and gain the peace of mind with a comprehensive estate plan, contact us today, and we will help you move forward confidently.
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