Young parents are always on the lookout for dangers for their children. Yet many overlook the crucial area of estate planning. Even if you are healthy and have modest assets, a few legal documents can offer a enormous amount of protection for those that depend on you. Here are the documents every young parent should have: Will. By drafting a will…
What Happens If You Don’t Have a Power of Attorney
A power of attorney is a good idea for nearly everyone in Maryland. With one, you can name a person to manage your financial affairs in case you become disabled. But what happens if you don’t have a power of attorney? If you become disabled, you may need someone else to manage your finances. Without a valid power of attorney,…
What Single People Should Know About Estate Planning in Maryland
Many people don’t think about estate planning until there is a spouse and children. While this is understandable, the need for estate planning is even greater for the unmarried. Estate planning lets you designate someone else to manage your affairs in case of injury, disability or death and put your wishes in writing. If you’re married and don’t have an…
What Does “Per Stirpes” Mean?
You may have been confused by the phrase “per stirpes” before in a will. Here’s a quick rundown on what it means in Maryland. Per stirpes (pronounced “purr stir-peas”) literally means “by the stocks” or “by the roots.” It is used when a beneficiary’s children inherits their parent’s share if the beneficiary is no longer living. It’s best understood through some examples. Example…
What Happens If You Don’t Have a Will in Maryland
If you want to know the importance of having a will, it helps to know what happens if you die without one. Maryland has a default set of rules (called intestacy statutes) that apply to individuals who die without a will (called dying intestate) in Maryland. Different states have different default rules. Who will inherit the property of the decedent (the…