Can I Write My Own Will and Have It Notarized in Maryland?

Contemplating the future and planning for the distribution of your assets posthumously is a vital component of personal legal planning. In Maryland, it’s legally permissible for anyone to draft their own will, but there are several critical legal stipulations that must be adhered to in order to ensure the will is valid and enforceable. Schedule a consultation with our trust and estate lawyer today to ensure your will meets all legal requirements and accurately reflects your wishes.

Can I Write My Own Will?

Yes, you can write your own will and have it notarized in Maryland. According to Maryland Estates and Trusts Code § 4-102, any person who is at least 18 years old and of sound mental capacity can create their own will. While notarization is not required by law for the validity of a will, it can be beneficial.

Notarization adds a layer of verification to the authenticity of the signature, which can help prevent disputes during the probate process. A notarized will with a self-proving affidavit can also streamline the probate process, allowing the court to accept the will without contacting the signing witnesses.

Legal Requirements for a Valid Will in Maryland

Maryland Estates and Trusts Code (ET) stipulates clear guidelines that must be followed when drafting a will to ensure its validity:

• The Testator’s Capacity: Under ET § 4-101, the individual writing the will, known as the testator, must be at least 18 years old and must be of sound mental capacity at the time of the will’s creation.
• Form of the Will: The will must be written, as stipulated in ET § 4-102. While Maryland law does not mandate that the will be typed, handwritten wills, also known as “holographic wills,” are recognized as long as they satisfy other legal criteria.
• Signature Requirements: According to ET § 4-102, the will must be signed by the testator or by another person in the testator’s presence and at their direction.
• Witnesses: The signing of the will must be witnessed by at least two individuals, as required by ET § 4-102. These witnesses must observe the testator signing the will or hear the testator acknowledge the will and must also sign the will themselves. It’s crucial that these witnesses are not beneficiaries under the will to prevent potential conflicts of interest.

The Importance of Notarization

While notarization is not a prerequisite for the validity of a will in Maryland, it serves a crucial function. A notary public’s role is to verify the authenticity of the signatory’s signature, which can be instrumental in averting disputes about the will’s authenticity. Incorporating a notarized self-proving affidavit with your will can streamline the probate process, allowing the court to accept the will without the need to contact the witnesses who signed it.

Engage With Our Estate Planning Attorney in Baltimore

Drafting a will independently is legally feasible, but consulting with a knowledgeable attorney offers invaluable advantages. A skilled estate planning lawyer can ensure compliance with all statutory requirements and help circumvent potential legal challenges. Additionally, an attorney can provide tailored advice that addresses complex personal circumstances such as intricate family relationships, business interests, or provisions for family members with disabilities.

Writing a will is a critical step in securing your legacy and ensuring your wishes are respected. While you can draft your own will in Maryland, partnering with an experienced attorney ensures that your estate planning achieves its intended objectives. Contact us today to learn how we can assist you with your estate planning needs.

When a loved one passes away, managing their estate becomes a significant responsibility, often assigned to an executor. If you are tasked with this role in Maryland, understanding the potential compensation for your duties is crucial. The Law Offices of Terri D. Mason, P.C. can guide you through the legal aspects of this responsibility.

Understanding Executor Compensation

In Maryland, the compensation for an executor, also known as a personal representative, is a matter taken with considerable flexibility. This role involves managing the deceased’s final affairs, a responsibility that can vary greatly in complexity. The compensation, therefore, is not fixed but varies with the estate’s size and the complexity of tasks involved.

Maryland law provides a framework to help determine a reasonable fee for an executor, as detailed in the Maryland Estates and Trusts Code. Specifically, compensation for executors is generally calculated as a percentage of the estate’s gross value. According to § 7-601 of the Estates and Trusts Article, the standard compensation scheme is as follows:

• 9% on the first $20,000 of the gross estate.
• 3.6% on the balance of the estate over $20,000.

These percentages serve as a guideline; however, the actual fee can be adjusted based on various factors, including the complexity of the estate, the time spent managing the estate, and any special skills or efforts required by the executor.

The specific details of the estate can necessitate deviations from the standard percentages. For instance, if the estate includes a business that needs managing or complex securities that require special handling, the court or the agreement with the beneficiaries may justify a higher fee. Conversely, if the estate is primarily composed of easily liquidated assets, the compensation might be lower.

Court Approval and Beneficiary Agreements

It’s important to note that while these percentages are guidelines, executor compensation in Maryland often requires approval by the Orphans’ Court overseeing the estate proceedings. Executors must file an accounting that includes the proposed fee, and beneficiaries have the right to object to this fee if they deem it unreasonable. The court then makes a determination based on the fairness and reasonableness of the compensation in relation to the work performed.

The compensation agreement may also be set forth directly in the will. If the decedent specified a particular amount or formula for calculating the executor’s fee in their will, that provision takes precedence, provided it is not contested by the beneficiaries or deemed unreasonably low or high by the court.

The role of an executor involves various responsibilities, from paying off debts and taxes to distributing assets according to the deceased’s wishes. Given the significant legal and financial implications, having a skilled estate planning attorney to guide you is invaluable.

Seeking Guidance from an Estate Planning Attorney in MD

Understanding your entitlement as an executor and ensuring the estate is managed correctly can be daunting without proper legal backing. The Law Offices of Terri D. Mason is here to support you with experienced legal counseling tailored to your unique needs in estate and trust management. For more information or to schedule a consultation, visit our contact page today. Let us help you honor your loved one’s legacy with confidence and legal precision.

When someone passes away in Maryland, determining whether their estate must go through probate depends largely on its value. This crucial step can significantly influence the administration of the deceased’s assets. The Law Offices of Terri D. Mason, P.C. offers guidance on this critical aspect of estate planning, helping families and individuals through these important legal processes.

What is Probate?

Probate is the legal procedure through which a deceased person’s estate is properly distributed to heirs and designated beneficiaries and any debts owed are paid off. It involves validating the deceased’s will, appointing an executor or administrator, assessing the estate’s assets, and distributing them as directed by the will or state law if no will exists.

Value Threshold for Probate in Maryland

In Maryland, the requirement for probate is primarily determined by the total value of the deceased’s estate. The Estates and Trusts Article of the Maryland Annotated Code provides specific thresholds:

• Small Estates: For estates valued at $50,000 or less, Maryland law allows a simplified probate process. This threshold increases to $100,000 if the sole heir is the surviving spouse (Md. Code, Estates and Trusts § 5-601 et seq.). These “small estates” benefit from a streamlined process that may not require formal probate, reducing the administrative burden and speeding up the distribution to beneficiaries.
• Regular Estates: Estates exceeding these values must undergo a more comprehensive probate process. This formal probate is more involved and requires a detailed examination of the estate’s assets and liabilities, completion of tax obligations, and adherence to the distribution plan outlined in the will or state law if no will is available.

Understanding these thresholds and the associated legal requirements is crucial for effectively managing estate settlement in Maryland. The Law Offices of Terri D. Mason, P.C. can provide detailed assistance and legal representation to ensure compliance with Maryland probate laws, facilitating a smooth and legally compliant process for settling estates.

How to Determine the Value of an Estate

Determining the value of an estate involves cataloging all assets owned by the deceased at the time of death, including real estate, vehicles, stocks, bonds, and personal belongings. The total value is calculated based on the fair market value of these items. It is crucial for executors and families to get an accurate assessment to ensure compliance with Maryland’s probate laws.

Why Choose the Law Offices of Terri D. Mason for Estate Planning?

At the Law Offices of Terri D. Mason, P.C., our skilled estate planning attorney in Baltimore has extensive experience in handling estate and trust law matters, including guiding clients through the probate process. Whether assisting with estate planning, navigating the probate court, or managing complex legal issues related to disabilities, our firm stands ready to provide thorough and compassionate legal support.

Interested in ensuring your estate is handled according to your wishes? View our related case results to see our success in similar cases. For more detailed information or to schedule a consultation, please contact us today. Protect your legacy with a team that understands your needs and respects your values.

There may be instances where you need to take legal action against an estate in Maryland. Reasons for this can vary widely, from being owed money by the deceased to disputes over the terms of a will or other estate-related disagreements. Understanding the legal framework and your rights is essential for effectively navigating these challenges. If you’re facing such a situation, reach out to the Law Offices of Terri D. Mason, P.C. today for dedicated legal support.

Filing a Claim Against an Estate in Maryland

Under Maryland law, individuals and entities (creditors) who believe that an estate owes them money have the right to file a claim to recover their dues. This process is governed by the Maryland Estates and Trusts Code and is designed to ensure fairness and transparency in settling the deceased’s debts.

Claim Form

The Maryland Register of Wills facilitates this process by providing a “Claim Against Decedent’s Estate” form, which is accessible on their official website. To file a claim, creditors must complete this form with precise details regarding the nature of the debt, the total amount owed, and include supporting documents such as contracts, invoices, or other written agreements that substantiate the claim.

Lawsuit

If the estate’s personal representative (often the executor or administrator) disputes or rejects the claim, the creditor may need to initiate further legal action. This involves filing a lawsuit against the estate, which moves the dispute to the Maryland Orphans’ Court system. This court specifically handles disputes related to the administration of estates and trusts. Engaging in litigation involves several legal procedures, such as proving the validity of the debt and the adequacy of notice given to the creditor.

Given the legal procedures involved, it is crucial to seek legal guidance. An estate planning attorney in Baltimore can help guide these proceedings, ensuring that your claim is presented effectively and your rights are upheld in court. Legal support is crucial in understanding state laws, engaging in negotiations with the personal representative, and, if necessary, presenting a compelling case to the Orphans’ Court.

Time Limits for Claims

Maryland imposes strict deadlines for filing claims against an estate. Generally, creditors have six months from the date of the decedent’s death to file their claims Maryland Estates and Trusts Code, Section 8-103. This timeframe is designed to allow estates to settle their affairs promptly.

However, the law also provides for an additional two-month window if the personal representative sends a formal notice to known creditors, requiring them to present their claims within a specified period, typically not less than two months from the date of the notice. Missing these deadlines can lead to the claim being barred, eliminating the possibility of recovery.

Trust Our Experienced Team

With over 29 years of experience in Maryland law, the Law Offices of Terri D. Mason, P.C. represent individuals in estate and disability-related legal matters. Our skilled estate planning lawyer understands the nuances of estate law and is dedicated to advocating for your rights and ensuring that you receive what you are rightfully owed.

If you are considering filing a claim against an estate, or if you face any disputes regarding estate administration, do not hesitate to seek professional legal help. Our team is equipped to guide you through every step of the process, from filing a claim to litigation if necessary. Take the first step towards resolving your estate-related concerns by contacting the Law Offices of Terri D. Mason, P.C. today.

Estate planning isn’t just for the wealthy. It’s a crucial process that offers peace of mind by ensuring your loved ones are taken care of and your wishes are honored after you’re gone. At the Law Offices of Terri D. Mason, P.C., we’re dedicated to helping you navigate the often confusing world of estate planning. Let’s address some common questions citizens in Baltimore often ask.

What is Estate Planning?

Estate planning encompasses a range of legal tools designed to manage and distribute your assets after your passing. These assets include property, financial holdings, and personal belongings. But estate planning is more than just dividing your assets; it’s about protecting your legacy, ensuring your healthcare decisions are respected, and even planning for potential disability.

Why is Estate Planning Important?

Without a proper estate plan, your assets could be subject to lengthy probate proceedings, potentially causing financial strain and conflict among your heirs. An estate plan gives you control over who receives your assets, minimizing the chances of disputes and ensuring a smooth transition for your loved ones.

What Documents Are Included in an Estate Plan?

The cornerstone of most estate plans is a will, which outlines your wishes for asset distribution. Other crucial documents include:

• Power of Attorney: This authorizes someone you trust to manage your financial affairs if you become incapacitated.
• Advance Healthcare Directive: This specifies your healthcare preferences and designates a healthcare proxy to make decisions on your behalf if you’re unable to do so.
• Trusts: These offer a flexible way to manage and distribute assets, potentially reducing tax burdens and protecting your beneficiaries.

When Should I Start Estate Planning?

Ideally, estate planning should begin as early as adulthood. Life events such as marriage, having children, or acquiring significant assets often necessitate a review and update of your estate plan. However, it’s never too late to start.

Do I Need a Lawyer for Estate Planning?

Consulting an experienced estate planning attorney in Baltimore ensures your plan is comprehensive, legally sound, and tailored to your specific needs. At the Law Offices of Terri D. Mason, P.C., our team is committed to providing personalized guidance throughout the estate planning process.

What are the Estate Tax Implications in Maryland?

Maryland has both an estate tax and an inheritance tax. However, the estate tax exemption is relatively high, meaning most estates won’t be subject to this tax. Inheritance tax, by contrast, depends on the relationship between the deceased and the beneficiary. Understanding these tax implications is crucial for effective estate planning in Maryland.

When Should I Update My Estate Plan?

Regularly reviewing and updating your estate plan is essential. Life events such as marriage, divorce, the birth of a child, or significant changes in your financial situation may necessitate adjustments to your plan. Additionally, changes in Maryland law could also impact your estate plan, making periodic reviews with an attorney crucial.

Ready to Take the Next Step?

Don’t leave your estate planning to chance. Contact the Law Offices of Terri D. Mason, P.C. today to schedule a consultation and embark on a journey towards peace of mind. Our compassionate and experienced team is here to guide you through the intricacies of estate planning in Maryland and create a plan that reflects your unique goals and values.

A power of attorney (POA) is a legal document that grants another person, known as your agent or attorney-in-fact, the authority to act on your behalf in legal and financial matters. There are two primary types of POAs: limited power of attorney (LPOA) and general power of attorney (GPA). Understanding the differences between these two types is crucial when planning for your future. If you need assistance understanding or creating a power of attorney, contact the Law Offices of Terri D. Mason, P.C.

Limited Power of Attorney (LPOA)

An LPOA is a valuable tool for Baltimore residents who need assistance with specific tasks but prefer not to grant broad authority to their agent. Common scenarios where a limited power of attorney might be beneficial include:

• Real Estate Transactions: Whether you are buying or selling property in Baltimore, an LPOA can authorize your agent to handle the necessary paperwork and negotiations on your behalf.
• Managing Finances During Temporary Absences: If you are planning to travel or are temporarily unable to manage your finances due to a medical condition, an LPOA can empower your agent to pay bills, deposit checks, and handle other financial matters.
• Healthcare Decisions: An LPOA can ensure that your medical wishes are respected even if you are temporarily unable to communicate them yourself, allowing your agent to make decisions about your care in Baltimore hospitals and medical facilities.

General Power of Attorney (GPA)

A General Power of Attorney (GPA) is a more comprehensive document that grants your agent broad authority to handle a wide range of your affairs. This type of POA is often used for long-term planning, particularly in situations where you anticipate becoming incapacitated or unable to manage your affairs independently.

Under a GPA, your agent may be authorized to:

• Manage Your Finances: Access and manage your bank accounts, pay bills, and make financial decisions on your behalf.
• Handle Legal Matters: Represent you in legal proceedings, sign contracts, and make decisions about your assets.
• Make Healthcare Decisions: Choose your medical treatment, consent to surgeries, and decide on end-of-life care.

A GPA is often a crucial component of a comprehensive estate plan, ensuring that your affairs are handled according to your wishes even if you are unable to communicate them yourself. However, it is important to choose your agent carefully and trust their judgment, as they will have significant power over your life.

Choosing the Right Power of Attorney for Your Needs

Selecting the most suitable Power of Attorney in Maryland requires careful consideration of your individual circumstances, preferences, and long-term goals. At the Law Offices of Terri D. Mason, P.C., our Baltimore estate planning lawyer recognizes that each client’s situation is unique. Here are some factors to consider when choosing a power of attorney in Baltimore:

• Scope of Authority: Do you need assistance with a specific task (LPOA) or comprehensive management of your affairs (GPA)?
• Duration: Do you need temporary assistance (LPOA) or long-term management (GPA)?
• Trust and Confidence: Are you comfortable granting broad authority to your agent (GPA), or do you prefer a more limited scope (LPOA)?
• Your Individual Needs: Do you have specific concerns, such as managing property in Baltimore, making healthcare decisions, or ensuring your financial affairs are handled in your absence?

The Law Offices of Terri D. Mason: Your Trusted Legal Partner

If you have questions about powers of attorney or need assistance with estate planning, contact the Law Offices of Terri D. Mason, P.C. today. Our dedicated trust and estate lawyer is committed to providing personalized legal services to meet your specific needs. We understand the importance of safeguarding your future, and we’re here to help you every step of the way.

Contact us today to schedule a consultation and learn more about how we can assist you with your legal needs.

An Intentionally Defective Grantor Trust (IDGT) is a unique type of irrevocable trust designed with specific tax advantages in mind, as established under Internal Revenue Code Section 671. While the term “defective” might sound concerning, it’s actually a strategic feature.

In an IDGT, the grantor (the person creating the trust) retains certain powers over the trust, making them liable for its income taxes. This might seem counterintuitive, but it can lead to significant estate and gift tax savings. If you’re seeking to optimize your estate plan, the Law Offices of Terri D. Mason, P.C. can discuss how an IDGT could be a valuable tool for you.

How Does an IDGT Work?

An IDGT is a type of irrevocable trust that allows the grantor to retain certain powers over the trust assets. This means the grantor can still make decisions about how the trust assets are invested and used. However, because the grantor retains these powers, the trust assets are considered part of the grantor’s taxable estate for estate tax purposes.

Despite this, IDGTs can still be a valuable estate planning tool. This is because the grantor can make gifts to the trust without incurring gift taxes. The gifts are considered incomplete for gift tax purposes because the grantor retains some control over the trust assets.

In addition, the income generated by the trust assets is taxed at the grantor’s individual income tax rate, which is often lower than the trust’s tax rate. This can cause significant tax savings.

Finally, IDGTs can be used to protect assets from creditors. This is because the assets in the trust are generally not considered part of the grantor’s estate for creditors’ purposes. Here is an example of how an IDGT can work:

A grantor creates an IDGT and transfers $1 million worth of assets to the trust. The grantor retains the power to make investment decisions for the trust assets. The grantor also retains the power to revoke the trust at any time.

The trust generates $50,000 of income each year. This income is taxed at the grantor’s individual income tax rate, which is 37%. As a result, the grantor pays $18,500 in income taxes on the trust income each year.

The grantor dies five years later. At that time, the trust assets are worth $1.5 million. Because the grantor retained the power to revoke the trust, the trust assets are not included in the grantor’s taxable estate for estate tax purposes. As a result, the grantor’s estate does not owe any estate taxes on the trust assets.

In this example, the IDGT saved the grantor’s estate $525,000 in estate taxes. This is because the grantor was able to make gifts to the trust without incurring gift taxes, and the trust assets were not included in the grantor’s taxable estate for estate tax purposes.

Overall, IDGTs can be a complex but valuable estate planning tool. If you are considering using an IDGT, it is important to consult with an experienced estate planning attorney to discuss whether it is right for you.

Who Should Consider an Intentionally Defective Grantor Trust?

An IDGT might be a suitable estate planning tool for individuals who:

• Have a high net worth and want to minimize estate and gift taxes.
• Own assets that are expected to appreciate significantly.
• Are willing to pay income taxes on trust income in exchange for estate tax benefits.
• Want to provide financial support to their beneficiaries while maintaining some control over the trust assets.

Is an Intentionally Defective Grantor Trust Right for You?

If you are considering an Intentionally Defective Grantor Trust as part of your estate plan, it’s crucial to seek guidance from an experienced estate planning attorney. The Law Offices of Terri D. Mason, P.C., with 29 years of experience, can help you understand the intricacies of IDGTs and determine if they align with your financial goals and family needs. Contact us today to schedule a consultation and explore how an IDGT can benefit your estate plan.

In today’s digital age, you no longer need to leave the comfort of your home to take crucial steps in securing your family’s future. Estate planning, once synonymous with in-person meetings and stacks of paperwork, can now be initiated remotely. Let’s delve into how you can start this important process from the comfort of your home. Ready to get started? The Law Offices of Terri D. Mason, P.C., is here to guide you every step of the way.

Step 1: Contact an Estate Planning Attorney in Baltimore

Securing your legacy starts with a conversation. Reach out to an experienced estate planning attorney at Law Offices of Terri D. Mason, P.C. Together, we’ll explore your goals and options, tailoring a plan that perfectly suits your situation.

Step 2: Gather Your Financial Information

To create a comprehensive estate plan, it’s essential to have a clear picture of your assets. Compile a list of your financial information, including bank accounts, investment portfolios, retirement accounts, insurance policies, and any real estate holdings you own. This information will serve as the foundation for your estate plan, ensuring your assets are protected and distributed according to your wishes.

Step 3: Define Your Estate Planning Goals

What do you want your legacy to be? Do you want to ensure your loved ones are taken care of financially, minimize tax burdens on your estate, leave a lasting contribution to a charity, or safeguard your assets for future generations? Clearly articulating your goals will help your estate planning lawyer craft a customized estate plan that aligns with your values and aspirations. It will also help you avoid the most common estate planning mistakes most people make.

Step 4: Select Your Estate Planning Tools

Estate planning encompasses various legal tools, each with its unique purpose. A will, durable power of attorney, advance healthcare directive, and trust are common components of a comprehensive estate plan. Consult with your attorney to determine which combination of tools best suits your individual needs and objectives.

Step 5: Draft Your Estate Planning Documents

Working closely with your estate attorney, you’ll create essential estate planning documents. Your attorney will ensure that these documents accurately reflect your wishes and follow relevant laws. By drafting your documents electronically, you can easily review and revise them as needed, ensuring every detail is perfect.

Step 6: Execute Your Documents Securely

Once your estate planning documents are finalized, it’s time to make them official. With secure electronic platforms, you can sign your documents from the comfort of your home. If witnesses are required, they can also participate virtually, ensuring a smooth and convenient process.

Step 7: Regularly Review and Update Your Estate Plan

Life is full of changes, and your estate plan should evolve alongside it. Make it a habit to review your estate planning documents periodically, especially after major life events such as marriage, divorce, births, deaths, or significant changes in your financial situation. By keeping your estate plan up-to-date, you can ensure that it continues to reflect your wishes and protect your loved ones.

Making Sure Your Estate Plan Works for You

At the Law Offices of Terri D. Mason, P.C., we are dedicated to guiding you through the process with compassion and unparalleled skill. Our team, led by Terri D. Mason, an experienced estate planning attorney in Baltimore, understands the unique needs of individuals with disabilities and their families. Don’t delay securing your family’s future. Contact the Law Offices of Terri D. Mason, P.C. today to schedule a consultation and initiate your estate plan remotely.

Remember: Peace of mind is just a click away.

Estate planning isn’t just about writing a will. It ensures that your financial affairs are in order and assets pass smoothly to beneficiaries. A crucial component in estate planning is determining the fair market value of your estate’s assets. Understanding how valuations work enables you to make well-informed decisions about maximizing your legacy and minimizing potential tax burdens.

What is Included in an Estate Valuation?

An estate valuation compiles all the assets that constitute your estate. This comprehensive process encompasses:

• Real Property: Residential and commercial properties, as well as land.
• Investments: Stocks, bonds, mutual funds, retirement accounts (e.g., IRAs, 401(k)s )
• Businesses: Interests in privately held businesses.
• Personal Property: Vehicles, jewelry, art collections, and other valuables.
• Life Insurance: Policies where you are the insured.
• Debts and Liabilities: Mortgages, loans, and outstanding bills.

How Are Assets Valued?

Evaluating an estate requires a comprehensive assessment of all assets, including real estate, investments, personal property, and even intangible assets. This process can be complex, necessitating a detailed understanding of current market values and the legal landscape.

• Fair Market Value: The standard for valuations is fair market value – the price a willing buyer would pay a willing seller when neither party is under pressure to transact.
• Appraisals: Professionals like licensed appraisers specialize in assessing the value of assets like real estate, jewelry, art, or businesses.
• Financial Account Statements: Statements for bank accounts or investment portfolios provide accurate valuations.

Why Does Estate Valuation Matter?

Accurate estate valuation is vital for several reasons.

• Estate Taxes: Valuation determines whether your estate surpasses federal or state estate tax thresholds. Careful valuation and strategic planning can help minimize tax liability.
• Asset Distribution: An accurate valuation ensures fair distribution of assets among beneficiaries, potentially reducing the risk of future disputes.
• Informed Decision-Making: Understanding your estate’s value enables you to make informed financial choices about gifting assets during your lifetime or making charitable donations.

Schedule Your Consultation Today

Estate planning can become complex, especially when dealing with sizable or diverse assets. An experienced estate planning attorney in Baltimore helps navigate the valuation process. They have the skill to ensure accurate assessments, provide legal guidance, and develop strategies to optimize the value of your estate while keeping your goals in mind.

If you’re ready to ensure a smooth and efficient transfer of your wealth,  don’t leave your estate plan to chance. Contact the Law Offices of Terri D. Mason to schedule a consultation and discuss how we can help safeguard your legacy. Our team of estate planning lawyers provides the legal support you need.

Traveling should be a time of enjoyment and relaxation. However, unexpected accidents and emergencies can mar a well-planned vacation. To ensure your peace of mind and safeguard your legacy while you’re away, having a solid estate plan in place is a non-negotiable.  Here’s a comprehensive travel checklist to make sure your estate affairs are in order.

Important Estate Planning Documents

The core of estate planning lies in a few key documents. Understanding what they are and how they work is the first step toward establishing a solid plan that brings both you and your loved ones peace of mind.

• Last Will and Testament: Clearly outlines who will inherit your assets and who will act as a guardian for minor children.
• Living Trust: Helps bypass probate, ensuring privacy and efficient asset transfer if you can no longer manage your affairs.
• Durable Power of Attorney: This designates someone to make financial decisions for you if you become incapacitated.
• Advance Healthcare Directive (Living Will): This document expresses your wishes for medical care should you be unable to make choices yourself.

Don’t just have these documents in place; make sure your family or an authorized person knows where to access them.

What You Should Do Before Traveling

Preparing for a trip extends beyond packing your suitcase. Taking care of important matters before you depart will save you from potential headaches and ensure you can fully enjoy your adventures.

Review and Update Beneficiaries

Insurance policies, investment accounts, and retirement plans often have designated beneficiaries. Ensure these are up-to-date. Life changes, like marriage, divorce, or family dynamics, might require you to adjust beneficiaries accordingly.

Guardianship Arrangements

Should you be traveling with minor children, it’s vital to set up temporary guardianship in the event of an unforeseen incident. This gives a trusted person the right to make decisions regarding the well-being of your children while you are unable to do so.

Organize and Protect Your Documents

Leaving your affairs in order before you travel will save heartache in an already difficult situation. Here are some key things to do:

• Essential Documents: Make copies of your estate planning documents, passport, insurance policies, a list of assets and accounts, and contact information for key people in your life.
• Safety Measures: Store these documents securely in a safe at home and provide a copy to someone you trust. Consider using a digital vault with strong encryption features for added security.

Consult an Estate Planning Attorney in Baltimore

Complex estate planning decisions or international travel can present unforeseen challenges. In these cases, partnering with a qualified estate planning lawyer will bring peace of mind. They can provide the right guidance tailored to your unique circumstances.

At the Law Offices of Terri D. Mason, we understand the importance of safeguarding your legacy and protecting your loved ones. Our experienced trust and will attorneys will help you navigate all aspects of estate planning, ensuring your affairs are in order whether you are at home or abroad.  Visit us for a consultation and let us be a part of your peace of mind before your next journey.