Estate planning and probates are not just for the rich. With so many laws and regulations, it is important to have a will to ensure all assets are transferred correctly upon a person's demise. Probate is the process by which legal title of property is transferred from the decedent's estate to his/her beneficiaries.
If a person dies with a will ("testate"), the probate court determines if the will is valid, hears any objections to the will, orders that creditors be paid and supervises the process to assure that property remaining is distributed in accordance with the terms and conditions of the will.
If a person dies without a will ("intestate"), the probate court appoints a person to receive all claims against the estate, pay creditors and then distribute all remaining property in accordance with the laws of the state. The major difference between dying testate and dying intestate is that an intestate estate is distributed to beneficiaries in accordance with the distribution plan established by state law; a testate estate (after payment of debts, taxes and costs of administration) is distributed in accordance with the instructions provided by the decedent in his/her will.
Probate laws vary from state to state. In Maryland, the process is simple as long as one understands the procedure. Mr. Garvey has years of experience as a probate attorney in Gaithersburg, Maryland. He can handle your probate cases quick and effectively.
Wills are legally binding documents that state exactly what should happen in the event of a person's death. Wills are meant to protect a person's money, physical property and children. Mr. Garvey can handle your last wills & testaments, whether it's a small family or large estate, he can guide you through the entire process.
There is also another type of will called a living will or advance directive. Living wills state exactly what a person wants to happen if he or she becomes incapacitated and must remain in a hospital or health care setting. Directions provided in living wills include whether or not the person wants to be placed on feeding tubes or if extraordinary resuscitation measures should be used. Living wills also state what should take place if the person should become brain dead.
A trust is a written agreement that names someone to be responsible for managing property for the benefit of others. A revocable living trust (also called a "living trust" or "revocable trust") is one type.
It is a "living" trust because you create it while you're alive. It's"revocable" because, as long as you're mentally competent, you can change or end the trust at any time, for any reason. You need no one's permission to do so. Usually a living trust becomes irrevocable (not open to changes) when you die.
Estate planning is the process of accumulating and disposing of an estate to maximize the goals of the estate owner. The various goals of estate planning include making sure the greatest amount of the estate passes to the estate owner's intended beneficiaries, often including paying the least amount of taxes and avoiding or minimizing probate court involvement. Additional goals typically include providing for and designating guardians for minor children and planning for incapacity. Contact Mr. Garvey to handle all your estate planning needs in Gaithersburg, MD. He can be reached at 301-948-1227