Towson Estate Administration Lawyers
Thinking about what happens in the event of death or incapacitation isn’t something that’s particularly enjoyable, and it can be easy to put off. We understand the sentiment, but the reality is that there are important legal and financial considerations at stake when a person passes on or loses their cognitive function. There are several legal vehicles available for protecting yourself, your family, and your assets. The lawyers in our Towson office work with clients on wills, power of attorney, trusts, and estate administration.
Call (410) 755-5801 or contact us online today to set up a free consultation. We can also meet virtually for your convenience.
Why You Should Have a Will
In the absence of a will, your estate is governed by Maryland's intestacy laws, which dictate asset distribution without considering your personal relationships. This process is inflexible, potentially disregarding your unique family dynamics.
In contrast, when you have a well-drafted will, you can do the following:
- Protect your legacy: Creating a will allows you to specify beneficiaries, such as family, friends, or charities. This allows your estate to reflect your personal values and commitments.
- Protect your minor children: Without a will, the court decides on guardianship, which might not align with your preferences. A will gives you the ability to choose someone you trust to care for your children.
Protect your loved ones: The passing of a loved one is emotionally taxing, and a will can alleviate some of this burden by providing clear directives on your estate. By clearly outlining your wishes, you may reduce the chances of conflict between your loved ones.
Trusts
There are several different types of trusts, but they generally fall into the category of being revocable or irrevocable, along with living or testamentary.
- A revocable trust provides you, as the grantor, the flexibility to modify its terms, adjust beneficiaries, or even dissolve the trust entirely. This adaptability is ideal for those who may anticipate a need to change their estate plans in the future.
- An irrevocable trust is rigid, with terms set in stone once established. While this inflexibility might seem daunting, it often offers advantages, particularly in terms of tax benefits.
- A living trust is created while the grantor is alive, allowing you to transfer assets into the trust immediately.
- A testamentary trust is set up through a will and only comes into effect upon the grantor’s death, transferring assets directly to the trust posthumously.
It is important to note that a trust is an independent financial entity. That means the assets in it get liability protection. If you—or your beneficiaries are sued, go through a divorce, or face any other type of legal claim, the assets in the trust are off-limits.
Choosing the right type of trust involves considering both your personal circumstances and your future intentions. When we sit down for your free consultation, we take the time to understand all the factors that make your situation unique. Furthermore, with our two decades of experience, we know what questions to ask and what issues to anticipate.
What Sets Us Apart
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Thousands of Happy Clients
Our attorneys have successfully served thousands of clients, delivering personalized and effective legal solutions.
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Former Prosecutor Experience
With Mike LaFleur’s background as a former prosecutor, we bring unique insight into both sides of the law, giving us a strategic edge.
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Wide Range of Services
Our firm offers a wide range of experience across criminal defense, family law, personal injury, and estate planning, ensuring comprehensive legal support for your needs.
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Teamwork With A Track Record
At Alex and LaFleur, our strong teamwork and collaboration comes with a consistent track record of success, delivering positive outcomes for our clients,
With experience on both sides of the court system, we're prepared for whatever direction your case takes. Contact us today to get started.
Trust Administration
A trust that is established also has to be administered. This is a big responsibility that comes with serious legal obligations. The job of trust administration includes:
- Asset oversight: The administrator must manage your trust’s assets wisely and prudently.
- Detailed record-keeping: Accurate and comprehensive record-keeping is vital. All transactions, expenses, income, distributions, and communications related to the trust are to be documented, leaving behind a transparent audit trail for accountability and compliance.
- Communication: Transparent communication with beneficiaries is vital. We aim to help all involved understand how the process works, what their rights are as beneficiaries and to promptly address all concerns and questions.
- Handling taxes: We manage all tax-related duties for the trust. Our team prepares and files necessary tax documents, calculates liabilities, and implements strategies to optimize tax efficiency.
- Ensuring legal compliance: We regularly review trust documents to ensure they comply with current laws and advise on necessary adjustments to maintain legal integrity.
- Distribution oversight: We manage distribution schedules, process payments, and ensure that all distributions comply with the trust's stipulations.
Power of Attorney: Medical and Financial
Power of attorney (POA) refers to the right to act on someone else’s behalf if that person is incapacitated. It’s a good idea to designate a POA for both medical decisions and to oversee your financial affairs.
A prime reason many people designate a medical POA is to ensure that important decisions—notably those at the end of one’s life—align with their values. Having one person clearly designated to make these decisions can also contribute to family peace. While such decisions can be unfortunately tense among family members, having a clearly identified POA can at least make it clear who has the final say. Furthermore, this clear “chain of command,” so to speak, can facilitate action on potential life-or-death treatments when time is of the essence.
Appointing a financial power of attorney allows a person you trust to pay your bills, manage your investments, and execute important transactions. Much like with healthcare, a clearly identified financial POA establishes authority that reduces the odds of conflict and streamlines decision-making. It is something that is a good idea for everyone, but can take on enhanced importance for those who own small businesses.
