Why a Probate Lawyer Sees Problems with Do-It-Yourself Wills
These documents could save money but can lay estate planning traps.
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Home • April 2019
These documents could save money but can lay estate planning traps.
Do I file 2018 tax returns for my father? He passed away in October 2018.
While most of us have heard of a power of attorney, many have misconceptions about them.
In tough economic times, people are sometimes left scrambling for cash to meet everyday expenses and lifestyle demands. Your life insurance policy is a possible source of funds – but should you tap into it?
A new “Maryland Augmented Estate Law” has been enacted by the legislature. This law greatly enlarges a husband’s or wife’s protections to receive at least a minimum “Piece of the Pie” at death. It expands new rights about which assets a surviving spouse can elect to receive at the death of their spouse. It is a significant factor to consider in creating or reviewing your Revocable Trust or Last Will and Testament. Current law provides protections so that a spouse cannot be disinherited. It has long been the law that, absent a valid prenuptial agreement (or postnuptial agreement), a surviving spouse could opt to receive one-third of the deceased spouse’s assets instead of what the will provided. This is called taking an Elective Share, as it is a right that must be exercised by the spouse and is not automatic. In most cases, this right did not include assets the deceased spouse held in a revocable trust. In addition, the spousal inheritance right did not apply to assets passing by beneficiary designation, such as life insurance, pay on death accounts or individual retirement plans. The Augmented Estate law will allow a surviving spouse to reach such assets if left out of the planned inheritance. It also potentially increases the portion for surviving spouses without children, increasing it from one third to one half of the augmented estate. If you are married and are leaving everything, or most things, to your spouse, this new law will not affect you. However, for couples who are separated or who do not plan to provide his or her spouse, this law could impact you significantly. Even if this is irrelevant to your marriage, or if you are single, it is now an important consideration when planning for your descendants. If you are concerned about the stability of your children’s marriages, or if you want to protect their inheritance from divorce, the impact of this new law should be considered when revising your plan. The creation and structure of trusts to protect beneficiaries from potential marital problems will be more important. Time is needed to see the full implications of this new Augmented Estate Law. Although, it clearly increases the advisability of prenuptial or postnuptial agreements for people getting married who have children from prior relationships. The law will take effect in October 2020, so there is time to adjust your planning if needed. I foresee significant work for estate litigation attorneys because of this change. As always, we are here to make modifications to your estate plan necessitated by changes in the law to make sure your plan accomplishes your goals. For the Full text of the bill, http://mgaleg.maryland.gov/2019RS/bills/hb/hb0099f.pdf Is Prenuptial Agreement a Good Idea?
While everyone from brand new parents to great grandparents can benefit from the advice of a competent estate planning lawyer, frequently the individuals making sure that their affairs are in order, are those in their golden years. They have a common concern: what about their grandbabies?
Truly, nearly every legal question depends on a host of facts and circumstances that make it impossible to guarantee a particular outcome … except in the case of my favorite question: ‘Do I need a will?’
Normally, your doctor explains your health care options. You then decide what is best for you. What happens if you are too ill to make decisions for yourself? Who do you want to make those decisions for you?
Fortunately, Perry’s foresight to do proper estate planning, meant that the tragedy was not made worse for his family.
Complaints about stolen homes have shot up from 44 in 2013 to 136 in 2018, according to the city Department of Records. The department is making changes to its security system in the aftermath of the Inquirer stories, but it declined to detail the upgrades, fearing it would tip off scammers.