Building and Protecting Families
Posted in Estate Planning on Jan 20th, 2010
According to the Maryland Register of Wills website, if you die without a Will (intestate), your property will be distributed to your surviving relatives based on Maryland state law. If you are survived by: Spouse and your minor children – spouse receives one-half, children share remaining one-half Spouse and your children (all adult) – spouse [...]
Posted in Estate Planning, Probate on Jan 18th, 2010
Probate costs vary from state to state and may include the following fees/costs: fees to appraise the value of your property; fees for your Personal Representative; estate administration costs, which can be high; court costs; insurance costs for a Surety Bond; and legal and accounting fees. Total probate costs can range from 3% – 7% (or [...]
Posted in Estate Planning, Probate on Jan 15th, 2010
Probate is the process by which legal title to property is transferred from the deceased person’s estate to his/her beneficiaries. The probate process involves the following: proving that the deceased person’s Will is valid; hearing any objections to the Will; identifying and listing the deceased person’s property; appraising the property; paying any outstanding debts and [...]
Posted in Estate Planning on Jan 11th, 2010
In Parts I through III, we discussed estate planning and the importance of having an estate plan as well as two important estate planning tools, Wills and Trusts. This issue will focus on Powers of Attorney (POA) and the different types of POAs. What is a Power of Attorney? Estate planning is more than determining [...]