Legal Question in Wills and Trusts in Maryland
Will Breakdown\Interpritation
I am a 20 year old male, who recently lost my mother. She left a last will and testament, but it's like reading another language to me. I need to know if the following passage, broken down, means that the mortgage and things of the such will be paid from her life insurance, then the remaining insurance money will be cycled down to me and my sister. If it doesn't, then what exactly does that mean, in terms I might be able to understand?
''I direct that all estate, inheritance and succession taxes (Including interest and penalties thereof, if any) levied and assessed by all governmental bodies and which may become payable by reason of my death, including specifically all such taxes otherwise payable by the surviving owner of any fund or asses formerly held with me in joint and survivor tenancy, shall be paid from my residuary estate without requiring contribution from anyone who in the absence of this provision would be liable for the payment of such taxes''
1 Answer from Attorneys
Re: Will Breakdown\Interpritation
The clause you question relates to residuary beneficiaries and is intended to make them as whole as possible with regard to the overall estate and taxation/probate matters.
Your mother apparently incorporated this provision since she was not in a position to ensure that tax matters would be taken care of and her attorney presented this option in relation to her estate and intentions.
I would need to see your mother's last will and testament to address any other matters. Contact me should you need assistance. Joe Holthaus (410) 799-9002
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