Bowie, MD Trust & Estates Attorney
Setting up a will and other estate planning instruments to make sure that your wishes are carried out is incredibly important. Especially if you are married, have children, own a business, or have other assets and investments that you want to protect, it is never too early to speak with an attorney about these kinds of plans.
Our attorneys can help you with estate planning issues for your own assets and will as well as will contests that might arise after a loved one passes away. Much of the subject matter in this area of law is difficult to discuss, but our attorneys provide compassionate service to help you with your questions.
For a free review of your potential case, call Rice, Murtha & Psoras’ trust and estates attorneys at (410) 694-7291.
Wills and Estate Planning in Bowie, MD
If you need help planning what happens to your estate when you pass, our trust and estates attorneys can help. Our lawyers understand that there are many ways to pass an inheritance to a loved one, but that it usually begins with a will.
In your will, you can dictate who gets what shares of your estate when you pass. Without a will, Maryland’s intestacy statute will pass your estate to your children and spouse if you have any. If you do not, then it passes to your parents or your siblings (if your parents are no longer with us). This situation might work for many individuals, but most people will have additional issues to settle that are not dictated by the default intestacy rules. For example, you will need a will to specify who gets your children if you and your spouse both pass or to specify any specific bequests you would like to make.
Estate planning often involves more than just a will. Other property transfers to loved ones without needing to pass through “probate” with your will. The most common examples are a home owned with a spouse or a joint bank account, both of which can pass to the other owner without you needing to include it in your will. Our lawyers can also set up other instruments and situations to transfer assets this way, too. This often gives immediate access to funds without any need for powers of attorney or the delay of executing a will. Many additional situations involve setting up a trust.
Trust Law in Bowie, MD
Usually, when you own something, you have legal ownership, control, and benefit of those assets or money. When you put money into a trust, you retain ownership, but control of the asset goes to the trustee, and the benefits pass to the beneficiaries. Putting assets and money into a trust is especially helpful for many situations, including managing funds for a loved one before or after you pass.
Setting up a trust for a loved one can ensure that the money you leave them is well taken care of and that they have an income to draw from the assets. This is most commonly used to set up a trust fund for a minor child so that they will be taken care of but do not have access to the full funds until they are adults. It can also be used to set up care for a disabled child or loved one.
The utility of trusts goes beyond care for a loved one and can also be used for charitable donations or endowments. You can also take advantage of trusts while you are alive for many different purposes.
Disputing Wills and Intestacy in Bowie, MD
Getting what you are supposed to under a loved one’s will or the Maryland intestacy statute is not always simple. Family and friends are often torn apart by the legal issues surrounding a will, and it is often vital to turn to an estate and trust lawyer who can help you with these issues before things get out of hand.
One of the most common situations occurs when someone is “cut out” of a will. In this case, you might seek to enforce the will as written and get the share of the estate that you are entitled to – but the person who has been cut out might seek to have the will declared invalid. We can represent you and fight to keep the will that benefits you and get you the share of the estate that your deceased loved one meant for you to have.
Sometimes there are problems with wills or multiple wills that call into question what the deceased actually intended. In these cases, it might benefit you the most to have one will enforced over another or to have the wills struck down entirely, allowing you a share under the intestacy statute. In this case, we can negotiate to see if there is a way to settle all claims, or else ask a court to step in and make the rulings necessary to get the right parties the proper shares of the estate.
Will and Estate Administration in Bowie, MD
Our attorneys can also help you execute and enforce a loved one’s will. If you were named in their will as executor, our lawyers can help you determine what your next steps are and how to proceed. This is often a challenging time, and having an attorney help you can help avoid mistakes and issues with enforcing the will.
Call Our Bowie, MD Trust and Estates Attorneys Today
For a free case review, call the trust and estates attorneys at Rice, Murtha & Psoras at (410) 694-7291.