WILLS & TRUSTS
WILLS & TRUSTS
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 TYPES OF WILLS
Different types of wills cater to diverse needs and circumstances:
- Simple Will – This is a document that helps you legally and clearly distribute what you leave behind to your heirs. It contains your name, address, marital status, and how you wish your property to be distributed. It names an executor and a guardian for minors if the spouse passes on. This will has to be signed in the presence of witnesses who also leave their signature.
- Living Will – This will specifies your medical care preferences in case of incapacitation, addressing issues like life support and resuscitation.
- Joint Will – This type of will is created by two individuals, usually couples, to leave each other properties to one another.
- Testamentary Trust Will – This will helps you establish a trust upon your death, protecting assets and providing detailed distribution instructions. The details of the will can only be altered when both parties consent to it. So, when one party is no more, the will is irrevocable.
- Pour-Over Will– Works alongside a trust, ensuring any unallocated assets are transferred to the trust upon death.
Each type serves a unique purpose. Working with Ledingham Law ensures your will aligns with your specific needs and goals.
WHAT HAPPENS WHEN SOMEONE DIES WITHOUT A WILL?
If someone dies without a will, their estate is considered intestate, and the state laws of intestacy determine how assets are distributed.
This process often involves probate court, where a judge appoints an administrator to divide the assets among surviving relatives, which can include:
- Spouse and Children: Typically prioritized for asset distribution.
- Parents and Siblings: Inherited if there are no direct descendants.
- Distant Relatives: Only considered if no immediate family exists.
While there are structures for when you die without a will, such occurrences can lead to family disputes, delays, and outcomes that may not align with the deceased’s wishes. A will ensures your intentions are honored and reduces the burden on your loved ones.
WHAT IS A TRUST?
A trust is a legal arrangement that allows a trustee to manage assets for the benefit of a designated beneficiary. Trusts are versatile and can address various estate planning goals, from avoiding probate to protecting assets.
COMMON TYPES OF TRUSTS
There are many types of trusts that you can use to fit your needs. Ledingham Law has experience in analyzing different situations to determine which type suits you best.
- Revocable Trusts: Flexible trusts that can be modified or revoked during the trustor’s lifetime. By transferring assets while you’re still alive, you can keep assets out of probate.
- Irrevocable Trusts: These are unchangeable trusts. When a property is placed in this trust, it cannot be removed except by the beneficiary, and it is dependent on specific stipulations.
- Special Needs Trusts: Provides financial support for individuals with disabilities without jeopardizing their eligibility for government benefits.
- Charitable Trusts: These allocate assets to a charitable cause, offering philanthropic and tax benefits.
- Spendthrift Trusts: These are designed to protect assets from creditors and poor financial decisions of the beneficiary.
- Testamentary Trusts: These are created through a will and only come into effect when the individual dies. The executor then settles the estate as stipulated in the will.
WHAT IS MORE POWERFUL, A WILL OR A TRUST?
The choice between the two depends on your needs. A will is designed to manage what will happen to your assets when you pass on, while a trust goes into effect after signing the paperwork.
ADVANTAGES OF WILLS AND TRUSTS
Both documents have their strong suit that make it a good choice. For instance, you can choose a will because it:
- Clearly outlines your wishes for asset distribution.
- Appoints guardians for minor children.
- Is simpler and less costly to create.
On the other hand, trusts are beneficial because they:
- Avoid probate, ensuring a quicker and private transfer of assets.
- Provide long-term asset management and protection.
- Can address complex financial and family dynamics.
HOW LEDINGHAM LAW CAN HELP
Navigating the complexities of wills and trusts requires legal expertise. Your success on this front will be determined by the attorney you choose. Ledingham Law is ideal for this type of work because we:
- Assess your unique circumstances and goals.
- Recommend the best estate planning tools.
- Draft legally binding documents tailored to your needs.
- Help minimize taxes and protect your assets.
- Guide you through updates and changes as life circumstances evolve.
Working with Ledingham Law, a knowledgeable wills and trust attorney, ensures your estate plan is comprehensive, legally sound, and aligned with your wishes.
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.