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What is the difference between a will and a trust, and how do I know which one I need?

A will and a trust are both essential estate planning tools, but they serve different purposes. A will is a legal document that outlines your wishes regarding the distribution of your assets after your death. It becomes effective only upon your passing and must go through probate, a court-supervised process that can be time-consuming and public. On the other hand, a trust is a legal arrangement that allows a third party, known as a trustee, to hold and manage assets on behalf of your beneficiaries. Trusts can be structured to take effect during your lifetime (living trusts) or upon your death.

Can you help with Maryland probate court?

Probate is the legal process through which a deceased person's estate is administered and distributed under court supervision. This process involves validating the will (if one exists), inventorying assets, paying debts and taxes, and distributing the remaining assets to beneficiaries. Probate can be lengthy, costly, and public, which may not align with your wishes for privacy and efficiency. To ease the probate process for your family, consider strategies such as establishing a revocable living trust, designating beneficiaries on accounts, and holding assets jointly with rights of survivorshi

How can I protect my business interests in my estate plan?

Protecting your business interests requires careful planning to ensure continuity and minimize disruptions. Business succession planning involves identifying successors, outlining transition processes, and establishing legal documents such as buy-sell agreements. These steps help ensure that your business can continue operating smoothly in your absence. Incorporating your business into your estate plan may also involve setting up trusts or other entities to manage ownership interests, reduce tax liabilities, and provide for your heirs. Attorney Susan Eleff has extensive experience in assisting

Do I need an estate plan if I don’t have significant assets?

Yes, estate planning is important regardless of the size of your estate. An estate plan encompasses more than just the distribution of assets; it includes appointing guardians for minor children, designating healthcare proxies, and outlining your wishes for medical treatment in case of incapacity. These elements are crucial for ensuring that your personal and healthcare decisions are respected. Moreover, having an estate plan can prevent potential conflicts among family members and provide clear guidance during challenging times. By working with an experienced attorney like Susan Eleff, you ca