Living trusts are sometimes hyped as an easy fix to several different estate planning problems at once. “Save money! Avoid probate! Ensure privacy!” At least in Maryland, these promises require qualification. Living trusts are sometimes more trouble than they are worth. They can be effective estate planning tools for some people, but you should be suspicious of anyone who claims…
How to Choose a Personal Representative
Your choice personal representative may be the most important decision you make in your will. A personal representative manages the affairs of the decedent after they die. This includes paying debts and taxes, creating an inventory of assets and other paperwork, gathering and distributing property, communicating with relatives, and hiring any professionals that are needed. (In other states this role…
Where to Store a Will in Frederick County
If you’ve gone through the trouble of creating a will, you’ll want to make sure it is stored in a safe location. Here are some options for storing a will in Maryland (and one to avoid). Whatever option you choose, make sure that your personal representative knows where it is and has access to it. Filing at the Frederick County…
Important Change to Maryland Estate Tax
Good news for Maryland residents with estates over $1 million: Maryland will soon let residents pass more of their wealth free of estate tax when they die. Maryland hopes that by reducing the amount of estate taxes owed, fewer residents will leave Maryland for states with lower or no estate tax.