McEvoy Law

Frederick Maryland Law Blog

What contingencies are in your home purchase contract?

Buying a home in Maryland is not an easy process. If you have found a property in Frederick County or beyond, you may want to move quickly to secure it as your own. However, there are some steps you should take carefully, and among the first is to understand and sign the sales contract.

The sales contract is a legally binding agreement between you and the seller of the property. In addition to containing a description of the property and the agreed upon price, your sales contract may also include a list of contingencies. These contingencies allow you or the seller to cancel the sale under certain circumstances.

Be alert for legal issues many businesses face

Whether you realize it or not, you deal with legal issues every day in your Maryland business. If you use contracts, have employees on your payroll or pay taxes, you are handling only a few of the many potential legal matters that arise in a business or practice.

If you are busy trying to keep your business successful, you certainly don't have time to earn a law degree or even take a class on business law. So what can you do if legal questions arise that are beyond your scope of knowledge? Are you comfortable risking the wellbeing of your enterprise by taking advice from a website or e-zine? Undoubtedly, you would feel more secure if you had solid advice you knew you could rely on and advisors you could turn to for counsel in any situation.

What you should discuss with a prospective executor

Every adult in Frederick and throughout the U.S. should draft a will to express their final wishes. Estate planning doesn't just involve drafting a will, though. The selection of an executor is an important part of this.

One of the most important decisions that you'll have to make before you finalize your will is to select a personal representative or executor of your estate. They'll be responsible for submitting your final tax return, paying off any outstanding debts you may owe when you die and also for distributing any remaining assets to your heirs.

Where should you look for a Maryland testator's hidden assets?

For many, it's an honor for your friend to appoint you as the executor of their estate. Knowing what to do in your role likely doesn't come naturally though. You'll need to inventory of all their assets soon after you file the testator's will with your local county probate court in Maryland. There are some tips that you can follow to identify all of a testator's assets.

Some of the testator's assets that are easy to identify and inventory are their home, car and any tangible items contained within them. You shouldn't stop after you document some of their more obvious assets though. You should try to identify more obscure ones too.

Basic checklist for estate planning

Estate planning is crucial for everyone regardless of your age or the wealth you’ve accumulated. Having a plan in place allows you to make sure your assets are distributed according to your wishes once you’re gone.

Seeking an experienced estate planning attorney in Maryland can help you make sure your plan covers your needs and those of your family. There are some basic questions to answer to put a plan in place.

How and why to set up a trust fund for your estate

A trust fund is one way to build wealth for your children and grandchildren, but some investors shy away from them because they believe they are only for the rich. In many cases, trusts are a tool for wealthy people to control how their assets are distributed to heirs and organizations, but even those on the lower end of the earning spectrum can benefit.

Trusts are legal entities that can be an important part of estate planning holding property that will go to another person, groups or organizations. Before you decide to set one up, be sure about what you want to accomplish.

Details about probate that every Maryland executor should know

When someone passes away, it's the obligation of the executor, or the personal representative as it's known in Maryland, to settle the testator's estate in probate court. There are certain key pieces of information that every Maryland personal representative should know.

First, you should know that there are two primary types of estates in Maryland. If the decedent has assets with a value of $50,000 or less, then it's considered to be a small estate. This amount increases to $100,000 if their spouse is their only heir.

Why it's important for millennials to have an estate plan

When you hear someone talk about getting their affairs in order or planning their estate, you likely think of someone older in age. They're not the only ones who have assets to protect or loved ones with futures that they need to plan for though. Millennials do too.

A Gallup poll published in 2016 showed that fewer Americans are drafting wills while they're 30-years-old or younger. In 2005, 24% of them had them. By 2016, that number had dropped to 14%. A study published in 2017 by Caring.org showed that 36% of Generation Xers (then 37 to 54-year-olds) had wills. Even fewer (12%) of millennials did.

Be cautious when selecting your Maryland trust's trustee

A key decision that anyone setting up a trust must make is to decide who they're going to appoint to the role of trustee. There are a few attributes that you should look for any potential trustee candidate to have before appointing them to that role.

First, the individual that you appoint as your trustee needs to be honest and trustworthy. They should be comfortable making decisions that are in the best interest of the trust's beneficiaries -- not their own personal interests.

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McEvoy Law
8 West Third Street
Frederick, Maryland 21701

Phone: 301-228-0810
Fax: 301-694-2754
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