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Wills, Trusts and Estate Planning

Estate planning is a complex process for even the most seemingly simple estate  There is an old saying lawyers use when drafting estate plans: "there is no such thing as a simple will."  This is because estate plans are not "one size fits all." Wills and trusts are as individual as you and your family.  Your estate plan should reflect your individuality.

There are many considerations that go into estate planning such as tax implications, whether or not you want to avoid probate for privacy reasons and who you want your estate's assets to go to.  If you decide not to have an estate plan in place, the State will make these determinations for you and your family will have very little input as to the handling of your estate.  There is no valid reason for not having any estate planning in place!

Many individuals have heard of living trusts (also known as "revocable trusts") and want to incorporate them into their estate plans.  There are advantages and disadvantages to using living trusts and the Proy Law Firm is more than happy to consult with you to determine the proper estate planning to suit your needs and objectives.

Common Estate Planning Mistakes:

(1) The number one mistake with estate planning is a couple or an individual not having any estate planning in place.  We offer emergency and urgent estate planning services if necessary.

The Proy Law Firm has drafted a sample intestate will that shows what would happen if you were to pass away without a will in Maryland.

Click here to see how the State distributes your estate's assets if you pass away without a will

(2) Many individuals properly incorporate their wishes into their estate planning documents.  However, a problem can occur when parents verbally tell their children how to distribute assets upon death, but they neglect to make the changes in their estate planning documents.  This situation poses a dilemma for the court when trying to determine what your actual wishes were because the courts value your written word above conjecture and hearsay.  Unless your wishes are actually stated in your will and/or living trust, they will not likely be carried out exactly as you had hoped.

Further, estate planning often includes various forms of asset protection, which you must be made aware of while planning your estate.

(3) Some individuals try a do-it-yourself approach to estate planning documents because there are many books and websites on how to write your own will or how to set up your own living trust.  There are many variables that these books and websites do not account for, such as asset protection, tax implications and administration issues.  Please do your family, friends and relatives a favor by not drafting your own will or living trust.

(4) Some individuals who try a do-it-yourself living trust fail to properly fund the trust.  A living trust can be used to avoid probate, but it is only effective if all of your assets are put into the trust.  If the trust is not funded properly, your estate will go through probate.  However, this is only a problem if you wish to avoid probate.

The Proy Law Firm can help you with the following estate planning matters:

- Asset Protection

- Irrevocable Trusts

    - Irrevocable Life Insurance Trusts (also referred to as a "ILITs")

    - Special Needs Trusts (also referred to as "SNTs")

- Revocable Trusts (also referred to as "Living Trusts")

- Living Wills (also referred to as "Advance Directives" or "Declarations")

- Powers of Attorney

- Durable Financial Power of Attorney

- Power of Attorney for Medical Care

- Titling Houses and Other Real Property (often "Life Estate Deeds")

- Wills and Codicils

- Medical Emergency and Urgent Estate Planning

Miscellaneous Estate Planning Topics:

- Maryland Vehicle Beneficiary Designations

- Maryland Laws of Intestacy and Intestate Succession