The Law Offices of Scott Alan Morrison, P.A.
Frederick
Location
301-694-6262
Hagerstown
Location
301-293-0010

Steps to planning for estate administration in Maryland

Most people may have heard of the idea of planning an estate; however, there are many who likely do not realize the importance of doing so. If one does not have an estate plan in place, intended beneficiaries may not be able to receive assets from a person's estate in the case of one's unexpected death in Maryland or in any other state. Therefore, it is important to have a good idea of how to go about creating a plan for estate administration.

It will not be sufficient to use a generic template for an estate plan. The first step in planning an estate consists of evaluating one's current situation to determine what makes one's personal situation different from others. Some of the important considerations are whether one has minor children or elderly parents to take care of. Also, one should take into consideration any special needs of intended beneficiaries.

The next step in planning an estate is to calculate one's net worth. This will require listing all assets one owns and then subtracting that amount from debts owed. Then, after accounting for living expenses, one will have a better idea of what assets are available to pass to intended beneficiaries. In some cases, it may be a better financial move to gift assets during one's lifetime.

On the other hand, in order to ensure that a plan for estate administration is properly executed, one must utilize the correct legal documents and instruments. In Maryland, these will include a will, trust, power of attorney and various types of accounts. With estate-planning goals clear and an estate plan properly formed, one's estate administration goals are more likely to be achieved in the case of one's demise.

Source: nasdaq.com, "Estate Planning Guide 101: A Basic Guide To Establishing Your Estate", Joe Young, Oct. 15, 2014

No Comments

Leave a comment
Comment Information
  • Best Of The Best The Frederick News Post
  • Bar Association Of Frederick County, Maryland
  • NAELA National Academy Of Elder Law Attorneys, Inc.
  • Maryland State Bar Association Inc.
  • Washington County Bar Association , DC Bar
Form Submit Button

Schedule Your Free Consultation Today

For more information and a free consultation with a Maryland estate planning attorney, call us at 301-694-6262 or fill out the form below. We provide clients with the estate services they need.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

We have offices in Frederick and Hagerstown, Maryland, to serve you.

Evening, weekend and off-site appointments are available upon request. Free parking is available at our Frederick office.

Our office will follow the same closing & delays as Frederick County Public Schools for both offices due to inclement weather.

Frederick Office
141 W Patrick Street
Suite 300
Frederick, MD 21701

Phone: 301-694-6262
Fax: 301-668-8884
Map & Directions
Frederick Law Office Map

Hagerstown Office
Cornerstone Wealth Center
19833 Leitersburg Pike
Suite 1
Hagerstown, MD 21742

Toll Free: 866-220-5185
Phone: 301-293-0010
Map & Directions
Hagerstown Law Office Map

Contact This Office Contact This Office