What is estate planning? Estate planning is pre-arranging for control of your money, real estate, personal property and business interests to pass to others at the time of your passing or disability. Its not a desirable topic of conversation death or disability, but establishing a good estate plan is one of the most important things you can do to protect your wealth and you loved ones. Proper estate planning puts you in charge of your finances and spares your family from delay, frustration, and conflict that can occur at the time of death or disability.
We focus our efforts on education and counseling and getting to know you to assure our clients understand the estate planning process and the documents they have signed.
We can efficiently implement estate plans that are both comprehensive and personal to you.
Possible elements of your estate plan
You are the most important part of the estate planning process. Working with you and your key financial advisors,
The Baddour Law Firm can quickly and comfortably establish and maintain an estate plan to give you confidence, security, and a complete understanding of the process. Your goals and desires are addressed to ensure your overall well-being and that of your family.
The Baddour Law Firm will design and draft custom Wills only after personal and detailed interview with the attorney and client. A Will, is just one of the several legal tools which might be used to implement you complete estate plan.
It is critical to understand in regards to property that it is governed by your Will and passes through the probate court and is subject to the probate process after death. It is also important to know that your will does not control the distribution of all of your property after your death. Jointly titled property, life insurance, retirement plans and annuities are just some of the types of assets that are not governed by the Will.
The Baddour Law Firm offers legal representation and counsel to family members or friends who have been named as the personal representative or executor of the estate. We understand the legal procedures and the technical issues necessary to guide the personal representative through the probate court.
Probate can be a frustrating and confusing legal process. Sometimes there is no will to help direct the proceedings. Sometimes the Will is old or does not truly reflect the desires of the deceased. Sometimes there may be conflict among family members and emotional turmoil caused by grief and the loss of a loved one. We are experienced and sensitive to family dynamics and the common problems encountered on probate cases. Our focus is to help the personal representatives execute their obligations, by distributing assets as required by law and avoid unnecessary conflict and promote family unity whenever possible.
Many people want to use a revocable living trust as their primary estate planning tool. The Baddour Law Firm has built a reputation as caring and knowledgeable experts in establishing the appropriate Trust that best preserves your legacy. The Baddour Law Firm has established a simple yet comprehensive process that helps clients efficiently establish a trust-based estate plan.
A Trust is a private contract that allows you to transfer control of your assets to your Trust during your lifetime. Bank accounts, property and assets titled in the name of the Trust at the time of death do not pass through the court supervised probate process. Instead of going through the court process, a named trustee or trustees will take control of the trust assets at the time of your disability or death. The trustee than will manage, distribute the property and assets as you have directed in the trust document. The Trust serves as a “ a “Will substitute” at the time of death without a lengthy court mandated probate process.
After a Trust is created, the trustees are responsible to follow the directives contained in the Trust document.
We provide ongoing Trust administration and maintenance assistance to our clients with a three year
When a person dies or becomes incapacitated, successor trustees are required to take over the trust and follow the directions given by the trustmaker. This means taking care of the trustmaker’s financial affairs during his or her lifetime. Upon death, the trustee is required to distribute and hold property in trust for the next generation of beneficiaries identified in the trust. We strongly recommend that our clients retain an attorney to help in this process which is called post-mortem trust administration. We can guide successor trustees through this process with a minimum of hassle and assure that the trustees properly discharge their duties and responsibilities to creditors, the IRS and the trust beneficiaries.
Come visit us and enjoy a complimentary class on Estate planning.
We have relocated please visit us in our new office in the Howlin Building
10085 Dunkirk Way, Suite 302, Dunkirk Maryland 20754
Have More Questions? Click below for more on Maryland Probate rules