Ellicott City Estate And Trust Administration Lawyer

Estate and Trust Administration Attorney In Ellicott City

In Ellicott City, the vibrant seat of Howard County, Maryland, being appointed a personal estate representative or trustee may come as a shock. Even if you are aware of being named in this role prior to an individual’s death, the duties associated with the title can be confusing and overwhelming. Whether your loved one left behind a large amount of assets or not, having an Ellicott City estate & trust administration lawyer by your side is crucial for the estate’s success.

At Liberty Legacy Law Group, our attorneys are here for you every step of the way. For some folks, being involved in the administration of a deceased individual’s estate may be the first time they are stepping foot into the Circuit Courthouse on Judicial Way. The attorneys at Liberty Legacy Law Group can walk you and your family through every aspect of estate or trust administration. Whatever your administrative case may look like, we are here to answer all your questions.

Defining Trust and Estate Administration in Ellicott City, Maryland

Challenges are bound to arise during the administration of a trust and estate. For this reason, having a secure estate plan in place can be invaluable. In fact, 35% of Americans have stated that they or someone they know has struggled with estate administration because of a lack of proper estate planning.

After an individual passes away, their assets and affairs will need to be properly managed and distributed according to their estate documents, such as a will or trust. In cases where there are no estate documents, the settling of their estate will be done so in accordance with Maryland’s intestate laws.

When an individual dies and leaves behind a will or a trust, they will have named someone to act as their estate’s executor or the trustee of their trust. At Liberty Legacy Law Group, we are here to help these appointed individuals follow through on the duties and responsibilities they have been tasked with.

Trust Administration

In Maryland, a trust is a legal arrangement between the party who is establishing said trust, the grantor, and an individual who is in charge of handling and distributing the assets held within that trust to the beneficiaries at the time of the grantor’s choosing. Being named as a trustee comes with several responsibilities, and our team can guide you through every one of them while ensuring legal compliance.

In Ellicott City, administering a trust can involve the following tasks:

• Reviewing All Trust Documents. It is vital that you look over all the documents involved in the trust so that you understand your responsibilities, the terms of the trust, the intentions and wishes of the grantor, and the rights of the beneficiaries named in the trust.
• Collecting Trust Assets. You will then want to identify and collect all the assets held by the trust, including any real estate, bank accounts, personal items of property, and investments.
• Appraising Assets and Assigning Value. Taking this step can help ensure all assets are accounted for and properly valued and records are kept for tax-reporting purposes.
• Managing the Assets In the Trust. You will then need to begin managing all assets held within the trust according to the conditions laid out in the documents. This might look like distributing assets right away after the grantor’s death or maintaining them until the beneficiaries reach a certain age or maturity.
• Overseeing Asset Distribution. Once the time comes, you will need to distribute the correct assets according to the grantor’s wishes.
• Handling All Other Legal Matters. Lastly, you will be in charge of handling all the legal matters, including taxes, that may arise during the trust administration process.

No matter what your unique trust administration case looks like, the team at Liberty Legacy Law Group is here to help you through it. We know how complicated and intimidating being named as a trustee can be, and we can answer your questions and set you on the path to success.

Estate Administration

When an individual creates a last will and testament, they will most likely name a trusted family member or friend as the executor or personal representative of their estate. This individual will be in charge of seeing the estate through the probate process and ensuring that all debts are paid, estate taxes are settled, and the assets of the deceased person are distributed according to the stipulations of the will. Generally, this individual will carry out tasks like:

• Notifying the courts of the death and then completing and filing a petition with the courts to open the probate process.
• Locating the will, financial statements, deeds, titles, life insurance policies, and all other assets owned by the estate.
• Notifying all of the estate heirs and creditors of the individual’s passing and the opening of the probate process.
• Identifying and assigning value to all of the assets held within the estate and creating an official inventory.
• Reviewing any creditor claims or other debts held by the estate and paying them where valid.
• Preparing the tax returns for the deceased individual and the estate.
• Distributing the remaining assets to the heirs of the will according to the wishes of the deceased.
• Preparing and filing any remaining accounts or documents to close the estate and settle the probate process.

Without an estate plan in place, what happens with your assets is left up to the state. This almost guarantees that your assets will be distributed in a way you do not wish them to be. In 2024, only 32% of Americans had an estate plan in place. To secure your assets and ensure your loved one’s success as they act as trustee or your estate’s personal representative, you should establish a comprehensive estate plan.

Speak With a Seasoned Trust and Estate Administration Lawyer Today

If you find yourself tasked with administering a trust or an estate in Ellicott City, you likely have questions. At Liberty Legacy Law Group, we are here to answer those questions and ensure you are equipped with the tools and knowledge to succeed. Even if you are not familiar with estate or trust law, we are happy to help you navigate this process. Contact our office today to schedule a consultation and learn more about our legal services.