When a Special Needs Trust Should Be Reviewed and Updated

There are many types of trusts that can protect your estate, but choosing the right trust for your needs requires experience and extensive knowledge of the law, related tax issues, and more. Talk to a trusts and estates lawyer here in Columbia, MD to get details on all the trust options and decide what will work best with your goals. From a Trusts and Estates Lawyer in Columbia, MD: Meeting Your Goals With Revocable and Irrevocable Trusts A revocable trust is often the best choice if you want to keep full control of your assets and are just looking for a simple way to avoid probate and ensure that things smoothly transfer upon your death. You can make updates to this trust as your life circumstances change. These trusts are particularly useful if flexibility is one of your primary goals. An irrevocable trust is often the best choice for high-net-worth people who really need to reduce estate taxes, as well as for business owners who need to protect their personal assets from creditors or potential lawsuits. This type of trust is also typically how generational wealth is preserved and is also best for charitable estate gifts. It's also right for those planning for their long-term healthcare, as it removes assets from your name so that they don't count against you and make it impossible to access Medicare benefits. Details of Revocable Trusts What makes a revocable trust so useful is how easy it is to revise or revoke. So long as there's no question of mental competence, these trusts are easy to adjust. Additionally, though you have moved some of your assets into the trust, you can name yourself the trustee and then continue to manage and use those assets just as if they were part of the rest of your estate. A revocable trust will allow your loved ones to avoid probate because everything in the trust belongs to the trust, not to you personally. Therefore, when you pass, these assets avoid probate and go straight to the beneficiaries. This means they do not become part of the public record, and there is no delay. However, what's critical to understand is that assets in this type of trust will remain part of your taxable estate. Details of Irrevocable Trusts An irrevocable trust cannot easily be changed once it's created, and that is both the source of its strength and the primary downside to this type of trust. Once you transfer the assets into this trust, they are very protected financially, and you enjoy the best tax protections, as well. However, you have transferred the assets out of your control, and if you should change your mind later, it's almost impossible to do anything about it. It's important to choose wisely when setting up a trust, and we can help. Schedule a free consultation with us today at Elville and Associates in Columbia, MD at 443-339-5638, or call our Rockville office at 240-456-1657. We also serve clients by appointment only in Annapolis.

As an essential part of estate planning, having a valid will in place can be a relief. However, this doesn't mean you never need to think about your will again. If your life circumstances change or if there is a substantial change in the law, your will may need to be updated. A wills attorney in Columbia, MD will be able to provide you with trusted legal advice about any changes you should make. Should I Update My Will as Life Circumstances Change? Do You Need to Update Your Will? Your will determines who will receive your property and possessions after you die, and it is a legally binding document. For this reason, it's vital that everything contained in a will be up-to-date and correct. A change in life circumstances can alter your wishes, but there are no laws in Maryland that will automatically supersede your will. It's therefore essential that you update your will with any alterations necessary if your life circumstances change. What Changes Should Prompt a Review of My Will? Everyone's personal affairs are different, so a change in circumstances doesn't necessarily mean you will want to change your will. However, if there are any significant events in your life or your circumstances change, it's good practice to review your will. Some of the changes that should prompt this include: Marriage Divorce Birth or adoption of a child Birth or adoption of a grandchild Death of an executor Death of a beneficiary Changes in your assets You should also review your will if there are any changes in the law to ensure your estate planning still achieves the desired goals. This applies to all circumstances but is particularly important if any trusts are being established in your will. How Do I Update My Will? If you want to make changes to your will, you can either add a codicil or you can write a brand-new will. The latter option is the simplest and automatically revokes all provisions made in the previous will. However, if the changes are relatively straightforward, a codicil may also be an appropriate option. Many people alter their wills as their circumstances change, but it's critical that any amendments are properly executed. This prevents any challenges to the validity of your will. Any changes should be carried out by an experienced wills lawyer who can ensure all changes comply with state and federal legal requirements. They can also advise on whether a codicil or a new will would be the better option. Consult a Wills Attorney in Columbia, MD As legislation can be different in every state, it's advisable to use an experienced wills lawyer who is familiar with Maryland laws. As well as updating your will if there are any changes, it's also a good idea to review your will every 3–5 years. This ensures that there aren't any changes you have missed and that your will still achieves your goals. Your attorney can help execute any changes, as well as provide advice on what may need reviewing. With a primary focus on elder law and estate planning, we can assist with your will. Whether you want to create a new will or update an existing one, contact us today at Elville and Associates in Columbia, MD. We also have offices in Rockville and Annapolis, MD, for your convenience.

If you do not have a will, then the laws of Maryland kick in to determine what to do with your assets after your death. Dying without a will is known as dying "intestate," and this is never recommended. Proper will planning with a Rockville, MD estate attorney ensures that your loved ones have the smoothest possible experience after your death and that everything is done according to your wishes. Maryland Intestacy Laws Maryland intestacy laws are quite rigid. The courts are required to follow the rules laid down in the law regardless of a family's unique situation. How your assets are distributed will depend on whether you are married or not and whether you have children or not. If you have living parents, they could also be involved. Married With Children If your children are underage, then your spouse gets half of your assets, and the other half is distributed to your children. If your children are adults, then the process depends on whether the children are also the children of your surviving spouse. If they are not, then your spouse receives the first $100,000 of your estate plus half of the remaining property that goes through probate. The other half is distributed to the children. If the children are also the children of your surviving spouse, then your entire estate goes to your spouse on the assumption that, when your spouse passes, the estate will then be divided equally amongst your children. There is no mechanism in intestacy law for any of your children to receive a lesser or greater portion of your estate. Married But No Children If you do not have any children, then your spouse gets 100% of your probated property. Your parents and siblings would not get anything in this situation, and neither would any stepchildren or foster children, unless you have officially adopted them. Legally adopted children are no different from birth children in the eyes of the law. If you do not have any children, then your spouse gets 100% of your probated property. Your parents and siblings would not get anything in this situation, and neither would any stepchildren or foster children, unless you have officially adopted them. Legally adopted children are no different from birth children in the eyes of the law. If you do not have any children, then your spouse gets 100% of your probated property. Your parents and siblings would not get anything in this situation, and neither would any stepchildren or foster children, unless you have officially adopted them. Legally adopted children are no different from birth children in the eyes of the law. If you do not have any children, then your spouse gets 100% of your probated property. Your parents and siblings would not get anything in this situation, and neither would any stepchildren or foster children, unless you have officially adopted them. Legally adopted children are no different from birth children in the eyes of the law. Not Married and No Children If you are not married and have no children, then your assets are given out to your closest relatives. Your parents would have the first right to your estate in this situation, and your siblings come next if your parents have already passed away. If there are no living parents and no living siblings, then grandparents, aunts and uncles, nieces and nephews, and cousins all stand to inherit your property, depending on the precise situation. The Benefits of Will Planning With a Rockville, MD Attorney When you plan out your will with an attorney, you have the opportunity to determine exactly how you want your assets to be distributed. This can be very important if you have, for example, one child that you know stands in need of more assets than the others. Another benefit to planning your will is that you can adjust your estate in such a way that much of it can avoid probate completely. This simplifies the process enormously for your family as well as ensuring that everything goes exactly where you want it to upon your death. Your assets belong to you and should be distributed according to your will, not the will of the state of Maryland. Contact us at Elville and Associates in Columbia, Rockville, or Annapolis, MD today to ensure your wishes are followed.