Ellicott City Wills Lawyer

Wills Attorney In Ellicott City

From historic landmarks like the B & O Railroad Museum to the Patapsco River, Ellicott City is a community bursting with life and abundance. However, with this life and abundance also comes the need for security. No one wants to think about what the end of their life might look like, but whether you are a young professional in Centennial or a retiree living in Worthington, an Ellicott City wills lawyer can help you craft a will to protect your wealth for generations.

At Liberty Legacy Law Group, our attorneys can guide you through every step when it comes to legally establishing a last will and testament. We are firm believers that no matter your age, wealth, or health status, having a valid will in place is vital. Our estate planning attorneys can assist you in drafting a legal will that can correctly reflect your goals and desires when it comes to how your assets will be distributed and how your wealth will be preserved after death.

Why Do I Need a Will in Ellicott City?

In the state of Maryland, when an individual dies without a valid will in place, they are considered to have died “intestate.” This means that the overall probate process of their estate and the distribution of all assets, debts, and property owned by their estate will be subject to the intestate laws of Maryland. When this occurs, your wishes regarding your property and even the guardianship of any minor children will be left up to the state.

According to a recent study, nearly 60% of Americans do not have any valid estate planning documents – such as a will – in place. This is a strikingly large number, and you do not want to be a part of that statistic. When it comes to creating a will, there are various valuable things this legal document can accomplish, including:

• Naming Beneficiaries. The most common accomplishment made by a legal will in Ellicott City is to name individuals who will receive certain property or assets belonging to the individual who has passed. These properties and assets can include family heirlooms, cars, artwork, jewelry, or anything else that is personal or sentimental to the deceased.
• Planning Estate Taxes. Trusts can be used as an essential tool for tax planning to help your loved ones avoid paying certain estate taxes after your death. This can also include capital gains tax or inheritance tax. One of the simplest ways of accomplishing this is through the establishment of a trust.
• Establishing a Trust. For some individuals, they may not want certain beneficiaries to receive all their inherited assets at once. This might occur in the case of young children or disabled adults. These assets, therefore, can be set up through a trust where another party, called the trustee, will manage the assets and then distribute them once the beneficiary either comes of age or is otherwise allowed to access the assets.
• Appointing Guardians. Another main component of a will in Maryland is to establish legal guardians for any minor children or incapacitated adult children should they be left behind after your passing. If you do not specify this in your will, the guardianship of these children will be left up to the courts and may not align with your personal wishes.
• Naming Executors and Trustees. Your will can also name the individual you would like to ensure your wishes are carried out and who will oversee the probate process on behalf of your estate. This individual is known as your estate’s executor, and it is vital that you choose someone you can trust who is capable of handling the job. You can also establish the trustee of a trust in your will.

In Maryland, there are a few requirements when it comes to creating a will. According to Maryland Estates and Trusts §4-102, the individual creating the will must be 18 years or older and of sound mind. The will must also be written, either by hand or typed, and it must be signed by the individual who has established it, also known as the testator.

Finally, the will and signing must be witnessed by at least two other parties in the presence of the testator, who does not know or benefit from what the will contains. There are several different kinds of wills you may consider creating in Ellicott City, including:

• Simple Wills – wills that direct how assets will be distributed and who will care for your minor children.
• Testamentary Trust Wills – wills that establish a trust for estate administration to benefit named beneficiaries.
• Joint Wills – often made by spouses, in which they agree on how assets will be distributed after they both have passed on.
• Living Wills – wills that document your preferences regarding medical treatment if you become unable to communicate your desires yourself.
• Pour-Over Wills – wills that transfer any remaining assets into a trust that already exists upon your death.
• Holographic Wills – wills that are completely written by hand and signed by you.

At Liberty Legacy Law Group, we can review your life circumstances and help you determine which kind of will, or combination of wills, works right for your situation.

Liberty Legacy Law Group: Helping You Establish a Valid Will

At Liberty Legacy Law Group, we are here to help you establish a valid will in Ellicott City. With a population whose median income stands well over $150,000, having a will in place is vital. We can help you do just that through the following actions:

• Compile a list of all your assets
• Help determine who should inherit these assets
• Name an individual as your estate’s executor
• Decide who will act as the guardian of your children
• Drafting the actual will
• Reviewing and updating the will as needed

Speak With a Trusted Wills Lawyer in Ellicott City Today

The first step in creating a solid will and estate plan in Ellicott City is reaching out to a trusted attorney. The team at Liberty Legacy Law Group is here to serve you and ensure your legacy is protected for generations to come. Contact our office today and schedule a consultation with our attorneys. Let us protect and preserve what you have worked so hard to build.