You can change your will anytime you want before you die. This includes the ability to revoke your own will. If you revoke a will without creating a new one, you will be treated like you never had a will and the rules of intestacy will govern. (What Happens If I Die Without a Will?) It’s even possible for an…
What Young Parents Need to Know About Estate Planning
Young parents are always on the lookout for dangers for their children. Yet many overlook the crucial area of estate planning. Even if you are healthy and have modest assets, a few legal documents can offer a enormous amount of protection for those that depend on you. Here are the documents every young parent should have: Will. By drafting a will…
What Does “Per Stirpes” Mean?
You may have been confused by the phrase “per stirpes” before in a will. Here’s a quick rundown on what it means in Maryland. Per stirpes (pronounced “purr stir-peas”) literally means “by the stocks” or “by the roots.” It is used when a beneficiary’s children inherits their parent’s share if the beneficiary is no longer living. It’s best understood through some examples. Example…
What Happens If You Don’t Have a Will in Maryland
If you want to know the importance of having a will, it helps to know what happens if you die without one. Maryland has a default set of rules (called intestacy statutes) that apply to individuals who die without a will (called dying intestate) in Maryland. Different states have different default rules. Who will inherit the property of the decedent (the…
Dangers of Do-It-Yourself Estate Planning
Your toilet won’t stop running and it’s driving you nuts. You’re feeling ambitious and instead of calling a plumber, you try to fix it yourself. You can save money, learn something, and maybe get it done more quickly. For similar reasons, many are taking this same do-it-yourself approach to estate planning. Online forms and software make it easier than ever to create…