In the state of Maryland, all wills must be reviewed through probate court. In this court, all debts associated with the deceased are settled. A probate attorney must manage these debts by providing payments to all creditors who have placed a lien against the estate. However, there are methods that could help estate owners to reduce the impact of these requirements on their families.
Understanding Estate Planning
To keep more of your wealth within your family, you must reduce the total value of your estate. Through estate planning techniques, you can transfer ownership of key assets and properties to their loved ones or into a foundation. These assignments remove the properties and assets from the estate. When you perform these ownership transfers, creditors may not make an attempt to use them to settle debts.
The Creation of Trust Funds
You have the right to transfer any value into a trust fund for your family. Your Probate Lawyer Bel Air MD helps you to set up provisions for these assignments. For example, if the trust is for your child’s education, you can reduce the total value that is dispersed each year and impose limitations on how the funds are used. This could reduce the tax implications on the funds and allow your child to keep more overall.
Issuing a Living Will
Estate owners who have specific wishes in terms of living saving techniques should create a living will. This document prevents family and hospital staff from placing them on a respirator if they are incapacitated. The individual addresses several probabilities concerning their future health care in this document. It could prevent their family from facing a financial burden by stopping hospitals from prolonging their lives in dire circumstances.
By reviewing concepts used in estate planning, you identify your rights as an estate owner. Through these concepts, you make choices associated with your property or assets. You could also utilize these techniques to prevent your family from losing large portions of your estate due to outstanding debts. To review these concepts with a Probate Lawyer Bel Air MD, contact Maria Caruso for more information.