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…
The New Maryland Trust Act
The Maryland legislature recently enacted a new set of laws, “The Maryland Trust Act,” that went into effect January 1, 2015. In large part, these new laws do not change existing law, but they help clarify existing law in put it into place. Prior to the Maryland Trust Act, much of the law on trusts was in the form of…
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…
Do You Need a Living Trust in Maryland?
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…