Legal Question in Wills and Trusts in Maryland

I recommend you consult with an estate planning attorney in your area.

Hello. A will is a basic planning document encouraged for anyone in your situation whether or not you have a trust. Determining whether a trust makes sense for you will require more information. Note that it is not necessarily an "either/or" situation. Trusts can be put in your will (called a testamentary trust) or be active during your life (called an inter vivos trust). Different kinds of trusts serve different purposes. For instance, if your children were from a prior marriage you might want a trust to protect assets, if your spouse has significant assets you might want to set up a marital trust to minimize taxes, if a child is imprudent with money you may want a Trustee to control the funds and so forth. Generally estates with greater complexity or increased assets benefit most from a trust although even smaller estates may realize a benefit from eliminating probate taxes.

To gauge the best estate plan an attorney will want to know whether you or your spouse have been married before, how the assets are titled, the extent of your spouse's assets, whether you have property in different states, the spending habits and needs of your children and how much control you want to exert over assets after your death. While the above is not legal advice, I do hope it gives you a general idea of the factors that go into the estate planning process.

A Will is necessary for virtually all persons. There are a number of different types of trusts that can be used for estate planning. There are a number of variables and fact-specific issues that need to be carefully worked through to see whether a trust is needed to achieve your estate planning objective(s) under MD law. An experienced estate planning/wills/trusts attorney should be able to handle this under Federal and MD law. Please note that my legal services are available only with a signed engagement agreement in accordance with the Maryland Rules of Professional Conduct applicable to attorneys licensed in the state of MD. If I can be of any help to you, contact my offices as I would be pleased to provide legal/tax support.

Sincerely,

Robert Beatson II; 1-15-2010, 8:05 p.m. EST

Law Offices of Robert Beatson, II

9818 Glynshire Way

Potomac, MD 20854

Email: [email protected]

Website: www.beatsonlaw.com

Licensed to practice law in DC, MD, VA, and NY