An executor of an estate must generally step in and file an individual's will with the county probate court when a testator dies. An executor only has a set number of days to do this after a testator's death. The decedent's personal representative may face both civil and criminal penalties if they fail to do this in a timely fashion.
If there's one recommendation that people make about estate planning, it's that no one should put it off. If you've already planned your estate but now you're preparing to divorce, there's no time like the present to schedule an appointment with your estate planning attorney to discuss changes that you should make to your documents.
Heirs tend to line up when a testator, or will writer, dies. They do so because they want to be first in line to receive what they expect has been left to them in their loved one's will. Is that necessary though?
One of the reasons that individuals become embroiled in heated disputes in which they contest wills or trusts after a loved one dies boils down to poor communication. So, many of these conflicts could be avoided if testators, or those drafting their wills, sat down with their family members and discussed things instead of leaving things to chance. The holiday season is a perfect time for doing this.
Many Maryland residents draft a will so that they can decide who inherits their assets instead of a judge doing that for them. Even still, a testator's estate must be probated. It's during this process that a probate can decide to handle things differently. There are ways that you can avoid the probate altogether though.
Contrary to popular belief, estate planning is not a process that you do once and then never revisit it. It's instead something that you should expect to do at different stages of your life including when you get engaged, married, have a child, you get divorced and as you age.
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.
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.
While many individuals in Maryland and across the United States tend to put estate planning on their back burner, it's not advisable to do so. You leave your hard-earned assets up to chance by doing so. If you don't draft a will or come up with a succession plan for your business, then your loved ones may not receive what you intended to leave them.
Estate planning is a legal realm that can initially seem complex and even a bit overwhelming to many individuals and families in Maryland and across the country.