You already have an estate plan, though you may not know it.
The State of Maryland effectively has its own Last Will and Testament for you if you haven’t created one. In the event of your death, the State determines the disposition of your property according to established law.
I won’t try to scare you with horror stories of the expense and time consumed by the process of probate administration, though they can be considerable. In fact, the probate courts and registers of wills are often exemplary in their processing of an estate.
Unfortunately, they just don’t know you and that creates problems.
The state officials in Annapolis are simply not familiar with the dynamics of your family situation, and even if they were, they are bound to distribute your assets according to the law. So if the law says your ex-spouse or estranged relative is entitled to a portion of your assets that could otherwise help your family, your options are limited even if you hire an estate planning attorney after the fact.
Wills and Trusts have different advantages and disadvantages, but an experienced estate planning attorney can plan both to help mitigate taxes and provide certainty that your wishes will be followed in an uncertain time.
Fisher Law Office estate plans also include medical provisions, such as HIPAA forms that determine who may inquire about your health if you are hospitalized, a Living Will that determines your fate if you are in a vegetative or end-of-life state, and powers of attorney which designate an agent to make medical and financial decisions on your behalf.
To learn more, dial (443) 270-6305 or message me using the contact form below.
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