Ellicott City Probate Lawyer

Probate Attorney In Ellicott City

Nestled in the historic heart of Howard County, Ellicott, Maryland, is a picturesque town known for its tight-knit community and historical charm. Legacy is important to the residents of Ellicott, and many families have worked to protect that legacy for generations. Unfortunately, after a loved one passes, their legacy and estate will most likely need to undergo the time-consuming probate process. Having an Ellicott City probate lawyer on your side can prove to be essential.

At Liberty Legacy Law Group, we are committed to helping you and your loved ones navigate the complex issues that often arise during probate. We can offer you the trusted legal advice that you deserve and help your family administer the estate of your deceased loved one, no matter what that estate might hold. Whatever challenges might arise during the probate process, we are here to help you overcome these challenges and protect your family’s legacy.

What Happens to an Estate After Death?

In Maryland, after an individual passes, their estate will need to be legally administered through the process of probate. This means that all debts still owed by the estate will need to be paid, and all estate taxes will need to be filed before the assets held within the estate can be distributed amongst beneficiaries according to the wishes of the deceased person.

Ensuring you have a solid estate plan established prior to death can help protect your family and assets from certain liabilities. However, a study showed that nearly 16% of individuals with a household net worth of $25 million have no estate plan in place. This is a startling number and for folks in Ellicott City, where many families hold vast amounts of affluence and wealth, having no estate plan can be detrimental, especially when it comes to probate.

In Maryland, if there is no estate plan, your assets will be distributed by the laws of the state and may not align with your wishes. When facing probate, it is important to understand which assets are subject to this legal process and which are not. In Maryland, if the estate of your loved one meets certain criteria, it does not need to undergo probate. These criteria include:

• The assets of the estate are held jointly with survivorship rights, such as in the case of real estate owned in cases of tenants by the entirety or joint bank accounts. In these situations, the living owner keeps ownership of all assets when the first owner dies.
• If assets and personal property do not exceed a certain dollar amount in total value, as outlined by Maryland state law, they will not need to go through probate. These items of personal property can include furniture, cars, jewelry, or other items that were solely owned by the deceased party.
• The deceased party set up a trust to allow their loved ones to avoid the probate process. In Maryland, a trust is a legal entity that holds certain property placed within it on behalf of named beneficiaries. It allows an appointed individual, known as the trustee, to manage the trust and distribute the assets held within it without having to undergo probate.

While having a probate lawyer on your team is necessary, it is likewise necessary to meet with an attorney to come up with a comprehensive estate plan so that your surviving loved ones will have guidance and clarity throughout the probate process after your passing.

The Maryland Probate Process

In Ellicott City, where the median household income is well over $100,000, ensuring you have a solid estate plan to guide your loved ones through the probate process is necessary. The length of time this process can take will vary depending on the exact nature of your estate, but it can take upwards of a year if certain complications arise, such as family disagreements and the complexity of the estate itself.

It is important to keep in mind, as well, that probate is not only time-consuming, it can also be expensive. Your family and the executor of your estate will need to pay off certain debts and liabilities before any assets can be distributed. Given the complexity of the probate process, families typically hire and pay attorneys to provide guidance throughout the process which can become costly. There are several steps these parties will need to take when facing the probate process, including:

• Upon death, a petition will need to be filed with the probate court.
• The executor of the estate, or the personal representative, will need to be appointed as they are named in the will. If there is no will or no executor named, the courts will appoint a representative on behalf of the estate.
• All creditors and heirs of the estate will need to be notified of the individual’s passing.
• An inventory of all assets will be prepared.
• The executor will need to determine which creditor claims are valid and pay off these claims.
• A final income tax return will need to be filed for the deceased individual and their estate.
• All remaining assets will be distributed amongst the estate’s beneficiaries in accordance with the will or the laws of Maryland
• Probate will then be officially closed after one last accounting of all applicable documents.

At Liberty Legacy Law Group, our probate lawyers can guide you and your family through the process. We can ensure that you obtain all the required documents and that all court procedures are correctly followed, and we can do everything in our power to ensure all beneficiaries of the estate receive what they are due in accordance with the wishes of the deceased.

How Liberty Legacy Law Group Can Guide Your Family

Several issues can arise during the probate process. This is where the team at Liberty Legacy Law Group becomes invaluable. The most common issues we can guide you through include:

• Missed tax filing deadlines and any fees or penalties that may be associated with them
• Creditors who make claims against the estate, especially if these claims seem unwarranted
• Disagreements or disputes between the beneficiaries regarding the assets themselves or the validity of the will or other estate documents.

Thankfully, many of these issues can be avoided through detailed and effective estate planning, and our team is here to ensure you receive just that.

Speak With a Trusted Ellicott City Probate Lawyer Today

When you need legal help probating the estate of your loved one, the skilled team at Liberty Legacy Law Group is here to help. Contact our Ellicott City office today to schedule a consultation with our team and speak to an experienced Maryland probate lawyer.