Estate Planning FAQs
At Adams Law Office, LLC, our legal team can help you address the most common questions and concerns surrounding estate planning, providing clear, concise answers to help you make informed decisions about your future and the well-being of your loved ones.
Whether you are just starting to think about estate planning or looking to refine your existing plan, our goal is to empower you with the knowledge you need to protect your assets and ensure your wishes are honored.
What is estate planning?
Your estate is made up of your real and personal property, insurance proceeds, investments, and other tangible and intangible property. Estate planning involves the development of a strategy for the preservation of property during life and the distribution of property after death. If you fail to create your own estate plan, the state will create one for you. Adams Law Office, LLC, is a suburban Maryland and Washington, DC metropolitan law firm assisting clients with the development of a plan for the distribution of their property after death through individualized advice and preparation of applicable documents, such as Wills, Trusts, powers of attorney, and advance health care directives.
Why have a Will?
Without a Will, state laws of “intestate succession” kick in when a person dies. In Maryland, there are property distributions that will be made according to the law. These laws were significantly updated in 2023 and are subject to further updates by the legislature in due time. Surviving spouses, minor children, adult children, grandchildren, and parents may inherit if you do not have a will providing your wishes for the distribution of your property. If you have no family or heirs, your property will pass to the state of Maryland. If the intestate laws do not precisely reflect your wishes, a Will and/or a Revocable Living Trust is necessary. The statutory formula is a one-size-fits-all approach that rarely matches individual preferences.
What are the benefits of a Will?
- You decide the distribution of your property, rather than the government
- Potential to reduce taxes and fees
- Avoid court-appointed guardianship
- Minimize the time and complication of probate
- Designate guardian(s) for your children
- Express your wishes regarding burial vs. cremation, etc.
What is a Revocable Living Trust?
A Revocable Living Trust (“RLT”) is a separate entity created for holding title to property for the benefit of a beneficiary. A Revocable Living Trust is just that – revocable and changeable by the person who created it. With an RLT, you, the property owner, are the grantor/settlor, who creates and can amend the Trust, the original Trustee, who manages and distributes the property held in Trust, and the beneficiary until death, at which time, a successor trustee transfers the property to the successor beneficiaries. Control over the property remains with the owner(s) during life and the transfer of property after death occurs without probate. If you have property in more than one state, a Trust can eliminate the need for probate proceedings in multiple jurisdictions. Also, if your estate, including life insurance, is sizable and over the estate tax exemption amount ($15 million as of 2026), a Revocable Living Trust can save your beneficiaries tens of thousands in estate taxes. In addition, a Trust can allow for great specificity with regard to distributions for beneficiaries, asset protection, retirement plan distribution planning to limit income taxes, provisions for special needs children, blended family planning, and provisions to prevent guardianship.
What is probate and should it be avoided?
Probate is the process by which a court supervises the distribution of probate property according to a verified Will or the laws of intestate succession. Probate property generally includes assets owned individually. The primary reasons for avoiding probate involve the costs and time associated with the process. In Maryland and Washington, DC for small estates, the actual court costs and probate fees involved are nominal and the probate process is more streamlined than in the past. For many estates, a valid Will and individualized planning can minimize the impact of the probate process. However, estate plans effectively utilizing a Trust can avoid probate altogether and allow for distribution of assets without court involvement or delay, keep the estate plan private, minimize and/or delay estate taxes for estates with assets (including life insurance) over the estate tax exemption, provide for assets to be held in Trust and distributed over a period of time, and can allow for the management of assets if necessary due to incapacity or the age/experience of the beneficiary.
More Questions? Contact Adams Law Office, LLC, Today.
For answers to other estate planning questions and legal advice, contact our Maryland estate planning lawyers. To set up a free consultation with an experienced Maryland Trust attorney, please call us at 301-760-2000.