Estate planning in Maryland refers to the various planning strategies employed in optimization of estate investment. Estates attract taxes and gives returns. The basic idea behind estate planning is to formulate a strategy which is cost minimizing, law abiding, return maximizing, ensures a smooth bequest and aids the disabled.
More on Estate Planning in Maryland
Estate Planning in Maryland makes use of planning instruments like the following:
powers of attorney
powers of appointment
The various issues covered include probate, alternative options to will formation, ways for provision for one’s minor children and more.
Alternative Options to Wills in Estate Planning in Maryland
Under Estate Planning in Maryland there are a plethora of available options, which are distinct from wills. They are life insurance policies, “Revocable living trusts”, trusts, Individual Retirement Accounts, bank accounts which are of “Payable On Death” type or “Transfer On Death” type, asset holding via the common tenancy option, joint tenancy asset holding.
“Revocable living trusts” are also known as grantor trusts. It implies providing the responsibility of handling of one’s assets to some chosen trustee, prior to their demise, for ensuring better estate management.
Joint tenancy asset holding are generally JTROS. In other words they come with a specific right of survivorship. Having this right means that the joint tenant automatically gets ownership of the concerned property on the death of his co-tenant.
Asset held through common tenancy is a situation where individual tenants have well defined and well demarcated individual property areas . This portions can also be sold off individually.
Will Making under Laws of Estate Planning in Maryland
Under laws of Estate Planning in Maryland a person is capable of making a will if he is 18 years of age or more and is legally competent to execute the task. A will always needs to be a written document. The will maker needs to be a signatory to the will . Alternatively he may authorize someone to do the same at his presence. The wills need to be attested by at least two credible witnesses in the presence of the person whose will is being made.
Maryland lawyers in the estate planing business can explain the nuances of the laws applicable in such circumstances. Professional help, for a fee, is capable of explaining the legal jargons and helps in making a well informed choice.
Last Updated on : 30th July 2013