WILLS & TRUSTS
Wills and trust
Wills and Trusts are tools used in estate planning to ensure inheritance is passed down to their heirs. While you may have heard of these terms, implementing them is hard and requires an experienced attorney to do it right.
Ledingham Law has skilled and experienced probate attorneys who can help with your estate planning in Maryland. Contact us today for quality and future-proof estate planning.
WHAT IS A WILL?
A will is a legal document that outlines how your assets, property, and responsibilities should be handled after your death. It provides specific instructions for the distribution of assets, care for dependents, and other important matters.
In a will, you can:
- Leave your assets or property to an organization or an heir.
- Name the guardian to your minors.
- Name the individual who’ll manage the assets and property that you leave for your children, who are currently minors.
- Name your executor – the person who will ensure your last wishes are adhered to.
Common Trusts and Wills
Should you be thinking about consulting a wills and trusts attorney, you should be aware of the several will choices at hand to guard your assets and loved ones:
- Your voice after you’re gone is a Simple Will, precisely outlining among your successors who gets what. Beyond only stating your personal information and asset distribution preferences, it designates someone you trust as executor and can specify guardians for your children. Remember, to make everything official, the signing needs witnesses present.
- If medical decisions affect you, a Living Will becomes absolutely vital. If you cannot speak for yourself, this paper describes your choices for medical treatment and addresses important issues concerning life-sustaining procedures.
- Many times, couples choose a Joint Will, which produces a single document guaranteeing property flows to the remaining partner upon one partner’s death.
- A Testamentary Trust Will gives strong asset protection and particular distribution instructions for more complicated circumstances. One essential point: these directions are irrevocable once one individual dies.
- Working hand-in-hand with an existing trust, the Pour-Over Will ensures that any assets you have not particularly designated find their way into your trust at your death.
Every type will meet different needs in your path of estate planning. Choosing a trustworthy lawyer for wills and trusts guarantees you will produce documents that really reflect your particular family circumstances and personal preferences.
WHAT HAPPENS WHEN SOMEONE DIES WITHOUT A WILL?
In cases known as “intestate“—that is, when someone dies without leaving a will—state rules take front stage. The probate court intervenes and assigns someone to divide assets using exacting legal rules:
- Usually first in line are your children and partner.
- Without direct descendants, parents and siblings could inherit your belongings.
- Only when immediate family cannot be located can distant relatives come to play.
Although these rules offer some order, the repercussions usually include family conflicts, protracted delays, and distributions that might not reflect the wishes of the dead. Making a will guarantees that your real intentions direct the fate of your possessions and help to spare your family further hardship during their bereavement.
WHAT IS A TRUST?
A trust forms a legal partnership whereby one person—the trustee—manages assets for the advantage of others. In complete estate planning, wills and trusts work in concert to assist avoid probate processes and protect assets for next generations.
NAVIGATING THE DIFFERENT TRUST OPTIONS
Planning your estate calls for a grasp of the difference between will and trust structures. Knowing which of these trust forms best for your objectives can help a competent wills and trusts attorney:
- Revocable Trusts allow you flexibility over your lifetime; you keep control even as you are guiding assets away from probate court.
- A more permanent choice is an Irrevocable Trust. Once assets are placed in this trust, they usually cannot be taken out except under very particular conditions outlined for beneficiaries.
- Families looking after disabled loved ones sometimes create Special Needs Trusts to help with finances without compromising important government benefits.
- Charitable Trusts help those with charitable goals allocate funds to organizations close to your heart while maybe generating tax benefits.
- A Spendthrift Trust helps direct beneficiaries who might struggle with financial management and shields assets from creditors.
- When you prepare using your will, you may construct a Testamentary Trust with your executor carrying out your designated wishes only upon your death.
Which works better—a will or a trust?
Reading trust and will reviews will help you realize that although they have different uses, neither option generally beats the other. Wills mostly control what happens following death; trusts can start working from the time they are signed.
The advantages of both planning tools
Every document adds unique value to your estate plan:
Wills have several benefits, including:
- Clearly guiding your possessions’ distribution
- Naming guardians looking over your little children
- Providing a quite cheap and basic starting point
Trusts bright since they:
- Avoid the sometimes involved and public probate process
- Over time keep under control and safeguard assets
- Discuss difficult family dynamics and financial circumstances
HOW WILL WE BE OF SERVICE TO YOU?
Wills and trusts complexity calls for expert advice. Your success with estate planning mostly relies on your choice of legal partner. Our specialty at Ledingham Law is assisting clients just like you by:
- Pay close attention to grasp your own family scenario and objectives
- Suggesting the most suitable estate planning techniques for your situation
- Writing legally solid papers catered especially to your requirements
- Creating ways to reduce tax consequences and safeguard what you have created
- Can help you change your plan when your living situation changes
By working with a committed wills and trusts attorney who guarantees your estate plan really reflects your preferences and offers optimum protection for your loved ones, partnering with Ledingham Law means doing this.
CLIENT TESTIMONIALS
Being selected for an audit is arguably one of the worst things that could happen to a small business owner, or at least that’s how I felt.
It felt a lot less stressful when I hired Jess to communicate with the IRS on my behalf. Her extensive knowledge of tax law was evident when she would educate not just me but also the RA on the proper law.
She went the extra mile every day – with driving to me, essentially holding my hand through an interview, and making sure all responses to the RA were effective.
If you get audited – I strongly recommend having her by your side.
– Parul G.
As a small business owner, I had an enormous amount of questions. I needed to know how to book keep, claim deductions and credits, navigate selling online, providing services in different jurisdictions, and filing quarterly taxes.
A small business requires an enormous attention to detail and Jessica helped me be meticulous in strategizing my tax landscape and know the necessary laws and regulations.
I highly recommend her to anyone with tax questions.
– Nate W.
CONSULT WITH LEDINGHAM LAW
When it comes to estate planning, partnering with a trusted attorney is essential. Ledingham Law specializes in creating customized wills, trusts, and powers of attorney that meet your unique needs and ensures the probate process proceeds smoothly. Because we are customer-centric, we take time to understand your needs and recommend the best tools.
Contact Ledingham Law today to secure your legacy and protect your loved ones. Our expertise in Maryland estate law ensures your plan is effective and compliant.