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

Estate plan offers several benefits in Maryland

Having estate plans in place gives people a peace of mind in knowing that their assets will be distributed according to their wishes in the event of their deaths. An estate plan also makes administering an estate a lot less burdensome for surviving heirs. A few tips may help people to successfully navigate the estate planning process in Maryland.

First, it is important to designate beneficiaries on one's retirement accounts and insurance policies. Any assets covered by beneficiary designations do not pass through probate, which is the legal process of distributing a deceased person's estate. Any designated beneficiaries listed on one's accounts usually trump those listed in one's will.

It is also wise to establish a trust. Trusts are helpful not only for well-to-do individuals but also for people with relatively modest estates who have several assets that are not covered by beneficiary designations. Trusts keep these assets from going through probate, and they give a person more control when his or her assets end up being distributed after his or her passing. Trusts are also helpful for people with minor children, particularly if they do not want their kids to receive their inheritances in lump sums.

A huge benefit of having an estate plan is privacy because an estate plan can help one's estate avoid probate. The probate process is costly and lengthy, and it becomes part of the public record. Proper legal guidance may help people complete well-thought-out estate plans for their own benefit as well as that of their loved ones in Maryland.

Source: valdostatoday.com, "Estate Planning Keeps Your Life Private by Steering Clear of Probate", Bob Lambert, Aug. 17, 2015

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