If you or your spouse have children from a previous marriage, estate planning provides some added challenges. In Maryland if you die without a will, stepchildren won’t inherit anything if you are survived by your spouse, your own children, siblings, parents, uncles and aunts, cousins, cousin’s children. In other words, your stepchild almost certainly won’t inherit anything from you without…
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…
Three Examples of What Trusts Can Do
Trusts can be a confusing concept. Even well-written and easy to understand descriptions can be abstract. The best way to understand them is to look at what they can accomplish. Part of the reason they are so difficult to understand is because they can be used for so many different purposes. To get us started, here’s three examples of uses of trusts…