You have probably given some thought to what happens to your assets once you are no longer among the living. The best thing you can do for your loved ones is to create a will, specifying exactly how your assets should be allocated. Even if you don’t have any loved ones, you can still write a will bequeathing your assets to a favorite charity or other organization.

But writing a will isn’t so easy as just jotting down a list and sticking it in a drawer. The laws vary by state. A simple trip to a lawyer who specializes in wills and trusts ensures your assets will be distributed according to your wishes. Consider it an investment in your peace of mind. The lawyer can also help you designate an executor/executrix for your estate and create a power of attorney form in case you become incapacitated.

You might also want to consider putting some of your assets in a trust, especially if you have children. A trust will allow you to spell out exactly how your assets will be managed. For example, you can put money in an investment account and say the income from the account can only be used towards your children’s education. You can also name the person who will be in charge of the account (i.e. a spouse or sibling). You can even create a trust to care for a pet. Again, this is worth the trip to the attorney to make sure you have the details right.

If you live in Maryland, the attorneys at Hillman, Brown and Darrow (http://www.hbdlaw.com/practice-areas/practice-areas-list.php) are here to help. With over 150 years’ combined experience, our attorneys will ensure your loved ones will be taken care of for years to come.

Without a will, minors will not be given to a preferred guardian. The person who passed away may have wanted the children to be raised by their grandparents, but without a document specifying maternal or paternal, the courts will end up making the final decision. This can cause ill feelings, fights and great stress for everybody involved. A will ensures that there will not be any hurdles to overcome, and that the writer of the will can have their wishes fulfilled.

Wills and trusts are also needed to make sure that nobody important is left out. If a close friend or family member has been promised a certain item or even the estate of the will writer, but it was never put officially on paper, they may not receive it once the person passes away. In fact, they could end up with nothing at all, leaving them helpless and perhaps even homeless. Nobody wants the people that they care about to go through such a difficult experience, especially when the situation could have been easily avoided.

When a will or trust is being created, it is important for lawyers to be involved. These legal professionals can ensure that there will be no question that the will or trust is real, and they can assist beneficiaries in getting what is rightfully theirs. Nobody will be left in the dark, and less than admirable individuals will not be able to cheat and manipulate their way into getting property. This is something that under no circumstances should be overlooked.

Wills are legal documents that become relevant once you have died, and not before then. However, a trust can take effect whenever you specify. Trusts are very popular, because it allows family members to personally see the effect their generosity has on their loved ones. There are many different types of trusts, including: a revocable, irrevocable, individual, or a joint living trust. Because of the differences between trusts, receiving the help of a lawyer is highly recommended.

If you decide that a will is a better option for you, then the transfer of assets will only take place after you have passed on. As mentioned earlier, a will is a legal document that is drafted in order to specify exactly how you wish your personal property and assets to be distributed amongst your loved ones.

Leaving behind will is extremely important, and can help end any squabbling between family members in court, after your death. It is also the only way to guarantee that your assets are distributed in a way that you know is fair. Death without a will can have other terrible legal consequences, meaning that the courts will decide what will become of your estate and assets. In addition, steep taxes must be paid to the government, or else your
estate must be sold to pay these taxes.

Because of the legal complications surrounding trusts, wills and dying before a will is properly constructed, it is important to consult a lawyer who has the credibility and expertise to make sure your assets do not end up in the pockets of the government instead of the ones you love. Contacting a professional is the best way to protect your family and make sure your affairs are properly in order once your time comes.

Most people want to decide how their assets are distributed after their death. A will allows a person to do that with very few restrictions, usually only concerning a spouse. Without a will, the state’s intestate laws completely control who will inherit the assets of a decedent.

It is especially important for people with minor children to have a will in which they designate
a guardian for their children. Without such a will, the courts will decide and, again, that choice may not be that of the testator.

Some people feel that they have too few assets to bother with a will. However, when most people add up their assets, they find that they may be leaving more than they think.

A trust is a legal instrument by which the person establishing the trust, the grantor, transfers the legal ownership of assets to a trustee for the benefit of a beneficiary. It is an important instrument of estate planning that can supplement, even replace, a will. There are many kinds of trusts and many reasons for establishing them.

A living trust is established during the lifetime of the person and can continue after the person’s death. In the case of disability, the trustee can continue managing the assets without the need of a conservator. Probate costs are avoided and privacy maintained as assets in a living trust are not subject to probate.

A testamentary trust is provided for in a will, and comes into effect after a person’s death.

Some trusts, such as generation-skipping trusts, legally avoid certain tax consequences. Special needs trusts provide for disabled beneficiaries without losing any government benefits to which they are entitled. Some trusts hold assets until the beneficiaries are a certain age. Charitable trusts distribute assets to charitable organizations.

It is wise to consult with an attorney to draw up these legal documents. An attorney can review your particular situation and make sure that these documents do exactly what you want. An attorney can also offer legal advice to make sure that tax and other consequences are dealt with according to your wishes.

Contrary to popular belief, most wills won’t avoid taxes, and can’t determine custody issues.  However, wills can put good, common sense conditions even on transfers of property that most people consider normal, and they can be tailored to suit your personal family situation.  They can also prevent court action to determine trustees, guardians, and conservators, actions which are typically much more expensive than a simple will, and which may occur if you don’t spell the matters out in a will.  Along with your will, at Hillman, Brown & Darrow we also will draft Powers-of-Attorneys and Living Wills to assist your affairs upon disability and end-of-life decisions.  These are documents that clients often don’t consider but are of tremendous help.  The attorneys here stand ready to assist you in planning for your family’s future, during your life and beyond.