Estate Planning Myth #2

Many people believe that estate plans are only for the wealthy and well-to-do.  This is another common estate planning myth.  More than 60% of all Americans die without an estate plan, leaving their state’s intestacy laws to determine who will inherit their property.  Intestacy laws may also determine who will act as guardian of your … Read more

How will my estate be distributed if I die without a Will in Maryland?

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:

  1. Spouse and your minor children – spouse receives one-half, children share remaining one-half
  2. Spouse and your children (all adult) – spouse receives $15,000 plus one-half of remaining estate-children divide balance (the interest of a predeceased child passes to the children or grandchildren of that child)
  3. Your children only – children (does not include step-children) divide entire estate (the interest of a predeceased child passes to the children or grandchildren of that child)
  4. Spouse and your parents – spouse receives $15,000 plus one-half of remaining estate-both parents divide balance or surviving parent takes balance

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The Basics of Estate Planning – Part I

Did you know that approximately 60% of American adults do not have a written estate plan?  Estate planning is extremely important, but most adults do not fully understand what estate planning is and how it works.  Adults also do not fully understand that without an estate plan, a judge, who does not know you, your family, or your wishes, will determine who gets your assets and who will care for your minor children.

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