Crofton Estate Planning Lawyer

Estate Planning Attorney in Crofton, MD

It’s always recommended that you be prepared in your elderly years. The last thing you want is to pass away without a proper estate plan in place that lays out your wishes for the distribution of your assets. There’s nothing wrong with wanting your loved ones to be taken care of, and a sound estate plan gives you the opportunity to express your wishes accordingly. To help facilitate the creation of a plan, you should hire a Crofton estate planning lawyer to guide you.

The legal team at Liberty Legacy Law Group understands the potential complexities of an estate planning case. If you have never done this before and are only just now seriously considering putting an estate plan together, we can help you navigate through Maryland’s estate planning laws.

Contact a Crofton estate planning attorney to schedule a consultation. Kaitlyn Tauber and Melissa Paddy bring years of focused experience helping individuals just like you protect their legacies.

Important Elements of a Solid Estate Plan in Crofton, Maryland

If you want to finalize an estate plan in Crofton, you will need to file your plan with the Anne Arundel County Register of Wills, located on Commerce Park Drive in Annapolis. Estate plan cases are fairly common in Crofton, MD, and we’re here to help people tackle this common but often-misunderstood process.

Everyone’s estate planning needs are largely different, but every sound plan has certain all-encompassing elements that will define your assets and debts, list your designated beneficiaries, and give someone you trust the power to make decisions in the event of your medical incapacitation. You may even provide instructions for your own funeral and pay for it so your family doesn’t have to. Here are some of the important elements of an estate plan:

• Last will and testament. One of the most indispensable elements of an estate plan is a last will and testament. It’s vital that you have a will. A will explains your wishes for the distribution of your assets and who will inherit from your estate. Without a will, your estate may be distributed intestate, and the wrong people may benefit. A recent poll revealed that only 32% of Americans have a will. You don’t want to be one of them.
• Living trust. Enduring the probate process can be costly and time-consuming. To help your family avoid the complications of probate, you may want to consider establishing a revocable living trust within your estate plan. A trust holds property in your lifetime and then transfers it to beneficiaries after you pass away. You can make it so your trust is only accessible by you or the person who can benefit from it. A trust can be an alternative to a will.
• Power of attorney. In the event that you are medically incapacitated, you don’t want anyone making decisions on your behalf that you disagree with. By designating someone with durable financial power of attorney, you can have someone present to manage your financial affairs the way you would want. Make sure this person is someone you trust absolutely, such as a grown child, sibling, or parent.
• Medical directive. If you become seriously ill and you are no longer capable of making decisions about your health, it’s important to have details in place that explain your medical wishes. A medical directive, also called an advance directive, combines a living will with a health care proxy to outline your treatment preferences and appoint someone to make health care decisions for you.

The median household income in the city is $150,177, and the median property value is $519,900. These can be considered significant assets that you may want to protect in your estate plan. Hire an estate planning lawyer to help.

FAQs

What Is the Five-by-Five Rule in Estate Planning?

The five-by-five rule in estate planning refers to a trust provision that allows the designated beneficiary of said trust to withdraw up to $5,000 or 5% of the trust’s total value, whichever is greater, without triggering any adverse actions or tax consequences. It’s a way to balance the beneficiary’s needs for liquidity with grantor control and prevents the trust from being part of the taxable estate.

What Assets Are Exempt from Probate in Maryland?

Assets exempt from probate in Maryland include any jointly owned property that passes to the surviving owner, any beneficiary designations like life insurance proceeds or retirement accounts, any payable-on-death (POD) or transfer-on-death (TOD) accounts, and revocable living trusts. If you are concerned about whether your assets are going to have to go through probate, consult with an estate planning lawyer for help. They’ll know what to do.

What Is the Difference Between an Estate Lawyer and an Estate Planner?

The main difference between an estate lawyer and an estate planner is when their help is truly necessary. An estate planner works proactively with you to build your estate plan with your input and to work on your financial goals. An estate lawyer generally deals with the legal issues of your estate after you have passed away. They interact with your family to make sure your plan is processed through probate without much issue.

What Are Common Mistakes to Avoid in Estate Planning?

There are many mistakes you could potentially make during the estate planning process. You could forget to update your plan after a life event like a marriage or birth. You could name the wrong person as executor or give the wrong person power of attorney. Arguably, the biggest mistake you could make is not having a plan in the first place. Distributing your estate without a plan can turn volatile and emotional, especially among family members.

Hire a Crofton, MD Estate Planning Lawyer Today

It’s always recommended that you hire an estate planning lawyer to assist you in building a sound plan and avoiding costly mistakes. At Liberty Legacy Law Group, we can devote our resources and experience to your case by guiding you through the estate planning process. Contact us to speak with a member of our team about your options and schedule your legacy planning consultation.