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

Estate Administration & Probate Archives

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.

Estate administration is more than just a will in Maryland

Most people have limited knowledge about planning an estate. Many consumers in Maryland think that planning for estate administration simply consists of having a will in place. Although this is certainly an important estate-planning tool, there is more to planning an estate than just a will. Two estate-planning tools that people many times forget are life insurance and retirement funds.

Estate administration planning can protect loved ones in Maryland

Planning an estate is not only about the person doing the planning, it is about protecting loved ones in the case of one's demise. Although this may not be a pleasant occurrence to think about, estate administration planning can save loved ones from significant legal and financial problems in Maryland. A good estate plan ensures that the financial infrastructure that one has built for one's family while alive will remain intact after the person's death.

Possible estate administration problems with JTWROS accounts

Preparing estate-planning documents to ensure assets are set to be passed on to intended beneficiaries is the main goal of most estate-planning strategies for married people. However, after one has drafted a will and created trusts, there are still other aspects that should be considered when planning for estate administration in Maryland or in any other state. Married people should also remember to coordinate account titling with beneficiary designations.

Estate administration plans require some important calculations

Planning an estate requires several different considerations. A good estate administration plan in Maryland will address how much one can give, who will receive estate assets and when assets should be given. The first step usually is to calculate exactly how big of an estate one has available to give.

Common estate administration mistakes in Maryland

When it comes to estate planning, most people understand the basics of the need of a will and maybe a trust. However, this is just a small part of the many important aspects of estate administration in Maryland or in any other state. Forgetting to consider many of these aspects is the most common mistake that people making while trying to plan an estate.

Mistakes in estate administration plans problematic for funeral

When most people think of estate planning, they think of distribution of assets to intended beneficiaries. Others in Maryland and elsewhere may think of avoiding unnecessary taxes. However, not only are financial issues important to consider when planning for estate administration, sometimes simply making the proper arrangements for a funeral can be complicated if one makes a mistake in estate plans. This is what happened to one man who had issues trying to bury is father in the cemetery.

Roth IRA strategy can save on taxes during estate administration

An individual retirement account (IRA) is a common estate-planning tool used to ensure that one has enough money for retirement years. However, many times, due to other investments or savings, people in Maryland and other states do not need the extra money from their IRAs right away. Therefore, they will avoid taking distributions from their IRAs in order to minimize their income taxes. This strategy could result in leftover money in IRAs to be left for their children during estate administration.

Prenuptial agreements can alter estate administration strategies

Planning an estate can already be quite a task for many people. However, planning for estate administration can be even more daunting for married couples with a prenuptial agreement in Maryland. One man had to deal with this situation but was able to find a solution through a cleverly designed estate plan.

Newlyweds should update estate administration plans in Maryland

Marriage is often one of the most special unions that a person can experience. Although spending time together is usually the one thing newlyweds do right after tying the knot, most probably do not envision spending this time together planning their estates. However, it is important in Maryland to reevaluate one's estate administration strategies after a significant life change, such as a marriage.

  • 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
  • Law Offices of Scott Alan Morrison is a BBB Accredited Lawyer in Frederick, MD
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 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.

The Law Offices of Scott Alan Morrison, P.A.
141 W Patrick Street
Suite 300
Frederick, MD 21701

Toll Free: 866-220-5185
Phone: 301-694-6262
Fax: 301-668-8884
Map & Directions
Frederick Law Office Map

Contact This Office Contact This Office