In Maryland, estate owners need assistance in creating the most appropriate estate plan. These options are necessary to lower risks associated with the probate process. By reducing the time in probate, the owner can lower the chances of seizure by creditors. The following is the steps followed by a Probate Lawyer in Timonium MD.
Creating a Will for an Estate Owner
The estate owner creates a will to implement their preferences. They assign new ownership to their assets and properties. They determine what family members will receive their assets. The owner can also identify their final wishes and identify preferences for their funeral. They can also assign guardianship for any minor children as well.
Asset Protection for the Estate
The estate owner can also follow measures to protect their assets. A common strategy is to transfer the specific assets into an irrevocable trust. The trust is a separate entity entirely. Once the properties are transferred, they are no longer owned by the estate owner. However, the estate owner maintains full control over the trust until they die. A successor gains control through a new assignment. The owner chooses this successor.
Mitigating Tax Liabilities
Transferring properties earlier can lower tax liabilities. All properties that are awarded through a will do require the new owner to pay inheritance taxes. If the estate owner transfers ownership at an earlier time, these new owners can avoid the additional taxes.
Acting as an Executor of the Estate
A probate lawyer can act as an executor of the estate. They read the will to the estate owner’s family. They can transfer ownership to the new owners and ensure access to wealth based on the owner’s wishes. They can also direct these beneficiaries and explain their requirements for taking ownership.
In Maryland, estate owners work with an attorney to protect their assets. This includes protection after the owner dies. The attorney helps them to create a plan for their estate and stop seizures by creditors during the probate process. Estate owners who need assistance can contact a Probate Lawyer in Timonium MD by visiting MariaCarusoLaw.com for more information today.
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