Monday, July 12, 2010
Revoking Your Will
If there's evident proof with documentation that you are mentally competent, you can revoke a previous Will by destroying it. This act of revocation nonetheless needs to be properly witnessed and recorded. Some other person can contend the Will to be lost and not revoked, or lacking mental comptency at the time you "attempted" revoking your Will. This can result to a "Will Contest" in further time. A change in your martial status also revokes parts of a Will in relation to a former spouse that you may have had in the past. Any divorce of a testator and his spouse or annulment of the marraige, that occured either of which was subsequent to the execution of the testator's will; as well having all other provisions in the will relating to the spouse, and the provisions only can be revoked unless by alternative have been provided in the will or decree.
Dying Without A Will
If you plan to die without a will, the state of Maryland calls it dying "intestate." In which your assests will be divided among your existing family. With minor aged children, your spouse will receive only one half of your estate. And the other one half will go to your minor children. Children of yours that are not legal minors, your spouse will recieve the first $15,000 plus one half of your leavings from the estate. If there are no children but still have parent(s), then your spouse will recieve the first $15,000 plus one-half of the leavings of your estate. Likewise, if you don't have children or parents, your spouse will recieve the whole estate that you own.
Any part of your estate will go to your children first equally then your spouse. If there's no children or granchildren, your property goes to your parents, siblings, grandparents, and great grandparents.
Any part of your estate will go to your children first equally then your spouse. If there's no children or granchildren, your property goes to your parents, siblings, grandparents, and great grandparents.
Wednesday, July 7, 2010
Judicial Foreclosure vs. Non-Judicial Foreclosure
Judicial Foreclosure
In the state of Maryland, a judicial foreclosure is pursued when the security instrument consists neither a power of sale that will authorize the lender to sell his/her property in the event, nor an agreement to a judicial decree of forclosure.
If the loan document depicts an assent to a decree of foreclosure, it will clearly show that the borrower agreed to entry a decree of sale. The lender also needs to file a complaint against the borrower to forclose; there is no hearing required to continue with the sale.
If the borrower and lender is not present in the loan document, the lender will sue to gain a decree of sale. The court will then rule if a default has taken place. If the court comes to a decree of sale, it will fix the amount then due and arrange a legitimate period of time for the borrower to fix the default.
Non-Judicial Foreclosure
This is used when the document contains a power of sale. However, the lender will still file an order to the court's docket before any proceed can begin. There is also not hearing required.
A sale notice needs to be published weekly for a duration of three successive weeks prior to the sale. Which is then served upon the borrower by registered mail to last no more than 30 days or less than 15 days prior when the sale occured.
During the 30 day time period after the sale, the person that is conducting the sale files a report of the sale with the clerk of the court. The clerk will then issue a sale notice to be ratified unless cause to disqualify is presented within the 30 days. The notice has to be published weekly for three weeks consecutively during the 30-day time period. A suit for inadequacy, or for any deficiency for that matter, must be filed within three years.
During the event of a postponement, the new sale date has to also be published in the same approach as the original notice of sale.
In the state of Maryland, a judicial foreclosure is pursued when the security instrument consists neither a power of sale that will authorize the lender to sell his/her property in the event, nor an agreement to a judicial decree of forclosure.
If the loan document depicts an assent to a decree of foreclosure, it will clearly show that the borrower agreed to entry a decree of sale. The lender also needs to file a complaint against the borrower to forclose; there is no hearing required to continue with the sale.
If the borrower and lender is not present in the loan document, the lender will sue to gain a decree of sale. The court will then rule if a default has taken place. If the court comes to a decree of sale, it will fix the amount then due and arrange a legitimate period of time for the borrower to fix the default.
Non-Judicial Foreclosure
This is used when the document contains a power of sale. However, the lender will still file an order to the court's docket before any proceed can begin. There is also not hearing required.
A sale notice needs to be published weekly for a duration of three successive weeks prior to the sale. Which is then served upon the borrower by registered mail to last no more than 30 days or less than 15 days prior when the sale occured.
During the 30 day time period after the sale, the person that is conducting the sale files a report of the sale with the clerk of the court. The clerk will then issue a sale notice to be ratified unless cause to disqualify is presented within the 30 days. The notice has to be published weekly for three weeks consecutively during the 30-day time period. A suit for inadequacy, or for any deficiency for that matter, must be filed within three years.
During the event of a postponement, the new sale date has to also be published in the same approach as the original notice of sale.
Sale in lieu of Partition
Whenever real property is being jointly owned by two people and over, any person can ask the court to divide the acreage or sell the property. Since it's improbable to split a house in half, the court can appoint a trustee to sell the home for the owners interest and allot the proceeds accordingly.
A sale in lieu of partition commonly occurs when the owners can't get a buy-out agreement between or among themselves. Mainly because they cannot make an agreement on the value of the home. It is also appropriate when the co-owner cannot be found.
A sale in lieu of partition commonly occurs when the owners can't get a buy-out agreement between or among themselves. Mainly because they cannot make an agreement on the value of the home. It is also appropriate when the co-owner cannot be found.
Friday, July 2, 2010
Keeping an Updated Will
Writing the first copy of a will may be one of the most important parts of properly seeing your estate through to your loved ones, but failure to maintain and update that will may potentially make it effectively worthless.
Be sure to review your will every couple of years, perhaps even every few months, to make sure that any newly-gained property is accounted for and properly attributed to their recipients. Better still, you may have learned that someone specifically desired a certain article or another has insisted their given share upon someone else.
The most important benefit of regularly updating a will is appropriately keeping up with your relationships with your loved ones. Such things as divorces, marriages, new births and unexpected deaths - even earthquakes or storms - may all effect how your estate gets passed on to your loved ones.
By keeping an updated will with a qualified Maryland estate lawyer you can rest assured that your hard earned estate will all be accounted for and able to fully benefit your loved ones.
Be sure to review your will every couple of years, perhaps even every few months, to make sure that any newly-gained property is accounted for and properly attributed to their recipients. Better still, you may have learned that someone specifically desired a certain article or another has insisted their given share upon someone else.
The most important benefit of regularly updating a will is appropriately keeping up with your relationships with your loved ones. Such things as divorces, marriages, new births and unexpected deaths - even earthquakes or storms - may all effect how your estate gets passed on to your loved ones.
By keeping an updated will with a qualified Maryland estate lawyer you can rest assured that your hard earned estate will all be accounted for and able to fully benefit your loved ones.
What exactly is a will?
A Will is an official document written according to local state law that allows a person to dictate how their remaining estate will be distributed after their passing; property that is divided into two categories: "real property" and "personal property." Real property would be anything of a permanent nature that is located on or under the land, things such as houses or other structures. Personal property is everything else; ranging from a photograph to clothing to money.
Now, in order to be able to write a will, the executor needs to decide which type of will he or she wishes to write. There are only two choices of wills that can be officially endorsed by the state of Maryland and any other type would not be counted as your official will.
A formal will is a will that is written and signed by the testator, the person writing the will, in front of two competant witnesses that must also sign an attestation clause. Although unecessary by law, having the two witnesses attest to your will will help it more easily be executed and your possessions distributed according to your wishes.
A holographic will is one that is written by hand by the testator of the will in front of no other witnesses. However, the will itself is not endorsed by Maryland law until the testator personally has two other witnesses sign the will.
Certainly one may have further questions than these when planning their estate. As such, it is highly recommended that one consult with a Maryland estate lawyer so that unfortunate costly mistakes can easily be avoided.
Now, in order to be able to write a will, the executor needs to decide which type of will he or she wishes to write. There are only two choices of wills that can be officially endorsed by the state of Maryland and any other type would not be counted as your official will.
A formal will is a will that is written and signed by the testator, the person writing the will, in front of two competant witnesses that must also sign an attestation clause. Although unecessary by law, having the two witnesses attest to your will will help it more easily be executed and your possessions distributed according to your wishes.
A holographic will is one that is written by hand by the testator of the will in front of no other witnesses. However, the will itself is not endorsed by Maryland law until the testator personally has two other witnesses sign the will.
Certainly one may have further questions than these when planning their estate. As such, it is highly recommended that one consult with a Maryland estate lawyer so that unfortunate costly mistakes can easily be avoided.
Thursday, May 27, 2010
Maryland Estate Lawyer
Don Feige is a well known Baltimore area estate attorney. Mr. Feige has been practicing law since 1970. He enjoys providing personal attention to his client’s needs and prides himself on handling every aspect of his client’s cases. Currently, the majority of his cases focus on wills and estates. However, over the almost forty years Mr. Feige has been in practice he has represented clients in all stages of life and has experience in almost all fields of the law including divorce, accident cases and real property matters.
Mr. Feige can provide estate planning for you as well as any other services necessary.
Are you looking for a Maryland Estate Lawyer? Don Feige can help - (410) 248-0985.
Is Maryland estate law complicated?
FACT: Probate in Maryland is relatively uncomplicated.
Probate is the process whereby a court determines the validity of a will and supervises the distribution of the assets that a person owns individually, as opposed to assets that pass automatically upon death to beneficiaries or joint owners, such as life insurance proceeds, retirement plan proceeds, and jointly owned assets. Although advocates of living trusts stress that probate must be avoided at all costs, the evils of probate are greatly overstated. Certainly, there are court costs and legal fees associated with probate, but these future costs may be less than the immediate costs of setting up a trust. In addition, many of the costs associated with probate, such as preparation of the federal estate tax return, will be incurred in administering a living trust as well.
Probate provides certain benefits that living trusts do not. The probate process allows supervision of estate administration by the probate court and provides notices to beneficiaries, who are given an opportunity to object. In contrast, a beneficiary of a living trust may have to sue a trustee in order to challenge the trustee’s actions.
In some states the probate process can be time-consuming and expensive, but in Maryland it is relatively uncomplicated. Maryland allows a streamlined probate procedure for small estates (net estate $30,000 or less or $50,000 or less if the spouse is the only beneficiary). Maryland also permits a less burdensome modified administration in certain circumstances if the residuary beneficiaries consist only of certain people who are exempt from the Maryland inheritance tax. These options reduce the cost and administrative burdens that often are associated with probate.
In fact, in most states the actual probate fees are nominal, compared to other costs of estate administration, such as preparation of the federal estate tax return. In Maryland, for example, the probate fee for an estate of between $500,000 and $750,000 is $750. The cost of preparing a federal estate tax return and a fiduciary income tax return (both of which may have to be prepared whether a will or a revocable trust is used) could be several times the cost of the probate fee.
Proponents of living trusts argue that a grantor can establish maximum trustee commissions that are lower than Maryland’s statutory personal representative commissions. Unlike in New York and some other states, personal representative commissions in Maryland are not mandatory. Instead, they are optional and are subject to a statutory cap (9% of the first $20,000 and 3.6% of the balance of the estate). Furthermore, in certain situations it makes sense for a personal representative who is also a beneficiary to elect to receive the greatest commission possible. This may result in overall tax savings because an estate may deduct the commission at the federal estate tax rate, but the personal representative pays taxes on the commission at his or her personal income tax rate (which may be as low as 15% for federal income tax purposes).
If a person wishes to avoid probate, a living trust is not the exclusive method of doing so. Probate property generally includes only those assets that a person owns individually. Jointly owned property passes automatically to the surviving joint owners without going through probate. Similarly, life insurance proceeds and retirement benefits pass directly to the designated beneficiaries. A life estate deed also will pass property to the remainder person without going through probate. So will other forms of ownership, such as a "pay on death" account. Joint titling and pay on death designations should be discussed with an estate planning attorney to ensure that they are consistent with the overall estate plan.
If a person decides to utilize a living trust, he or she must transfer all of his or her assets to the trust (or some other form of non-probate asset) in order to avoid probate completely. If any assets have not been transferred to the trust (or some other form of non-probate asset) prior to death, the estate will have to go through probate anyway. In some situations the value of the assets may be low enough to permit use of the small estate procedure. Nevertheless, improper or incomplete transfer of assets to the trust may result in full-scale probate in any event.
Probate is the process whereby a court determines the validity of a will and supervises the distribution of the assets that a person owns individually, as opposed to assets that pass automatically upon death to beneficiaries or joint owners, such as life insurance proceeds, retirement plan proceeds, and jointly owned assets. Although advocates of living trusts stress that probate must be avoided at all costs, the evils of probate are greatly overstated. Certainly, there are court costs and legal fees associated with probate, but these future costs may be less than the immediate costs of setting up a trust. In addition, many of the costs associated with probate, such as preparation of the federal estate tax return, will be incurred in administering a living trust as well.
Probate provides certain benefits that living trusts do not. The probate process allows supervision of estate administration by the probate court and provides notices to beneficiaries, who are given an opportunity to object. In contrast, a beneficiary of a living trust may have to sue a trustee in order to challenge the trustee’s actions.
In some states the probate process can be time-consuming and expensive, but in Maryland it is relatively uncomplicated. Maryland allows a streamlined probate procedure for small estates (net estate $30,000 or less or $50,000 or less if the spouse is the only beneficiary). Maryland also permits a less burdensome modified administration in certain circumstances if the residuary beneficiaries consist only of certain people who are exempt from the Maryland inheritance tax. These options reduce the cost and administrative burdens that often are associated with probate.
In fact, in most states the actual probate fees are nominal, compared to other costs of estate administration, such as preparation of the federal estate tax return. In Maryland, for example, the probate fee for an estate of between $500,000 and $750,000 is $750. The cost of preparing a federal estate tax return and a fiduciary income tax return (both of which may have to be prepared whether a will or a revocable trust is used) could be several times the cost of the probate fee.
Proponents of living trusts argue that a grantor can establish maximum trustee commissions that are lower than Maryland’s statutory personal representative commissions. Unlike in New York and some other states, personal representative commissions in Maryland are not mandatory. Instead, they are optional and are subject to a statutory cap (9% of the first $20,000 and 3.6% of the balance of the estate). Furthermore, in certain situations it makes sense for a personal representative who is also a beneficiary to elect to receive the greatest commission possible. This may result in overall tax savings because an estate may deduct the commission at the federal estate tax rate, but the personal representative pays taxes on the commission at his or her personal income tax rate (which may be as low as 15% for federal income tax purposes).
If a person wishes to avoid probate, a living trust is not the exclusive method of doing so. Probate property generally includes only those assets that a person owns individually. Jointly owned property passes automatically to the surviving joint owners without going through probate. Similarly, life insurance proceeds and retirement benefits pass directly to the designated beneficiaries. A life estate deed also will pass property to the remainder person without going through probate. So will other forms of ownership, such as a "pay on death" account. Joint titling and pay on death designations should be discussed with an estate planning attorney to ensure that they are consistent with the overall estate plan.
If a person decides to utilize a living trust, he or she must transfer all of his or her assets to the trust (or some other form of non-probate asset) in order to avoid probate completely. If any assets have not been transferred to the trust (or some other form of non-probate asset) prior to death, the estate will have to go through probate anyway. In some situations the value of the assets may be low enough to permit use of the small estate procedure. Nevertheless, improper or incomplete transfer of assets to the trust may result in full-scale probate in any event.
Making a Will in Maryland
In Maryland, you can make a valid will if you are at least 18 years old and of sound mind to make a will. The will must be in writing and signed by you or by some other person for you at your direction and in your presence. Additionally, your will must be attested and signed by two or more credible witnesses in your presence.
A Maryland lawyer who does a lot of estate planning can explain the consequences of some of the most basic choices you must make. For that reason, it makes sense to consult with a Maryland estate planning lawyer and have him or her draft your will, so that you don't make costly mistakes or accidentally not accomplish what you intended.
A Maryland lawyer who does a lot of estate planning can explain the consequences of some of the most basic choices you must make. For that reason, it makes sense to consult with a Maryland estate planning lawyer and have him or her draft your will, so that you don't make costly mistakes or accidentally not accomplish what you intended.
Maryland Estate Tax Law and Fiduciaries
If you are the personal representative for an estate, you need to know how Maryland's income tax law treats fiduciaries, estates and trusts.
Fiduciaries who are personal representatives of estates are subject to the Maryland income tax - as well as the Maryland inheritance tax - and may have to file Maryland Form 504 and pay Maryland fiduciary income tax. Nonresidents must also file Form 504NR, which is used to calculate their nonresident tax.
Dying Without a Will in Maryland
If you die without a will in Maryland, your assets will be divided amongst your immediate family. If you have minor children, your spouse will receive one-half of your estate. The other one-half of your estate will go to your minor children. If you have children but they are not minors, your spouse will receive the first $15,000 plus one-half of the remainder of your estate. If you do not have children but you have a parent or parents, your spouse will receive the first $15,000 plus one-half of the remainder of your estate. If you do not have children or parents, your spouse will receive your entire estate.
Any part of your estate that does not go to your spouse will go first to your children equally. If you do not have children or grandchildren, your property goes next to your parents, siblings, grandparents and great-grandparents.
Friday, May 21, 2010
Maryland Regular Estate Filing
REGULAR ESTATES
Assets subject to administration in excess of $30,000 ($50,000 if the spouse is the sole legatee or heir)
- Petition for Probate with Schedule A attached
- Notice of Appointment ~ Notice to Creditors designating an approved newspaper for publication (Leave dates blank except date of death.)
- Bond (Required by law. )*
- Consent to Appointment of Personal Representative (Only applicable if the person named in the Will, if any, or the person entitled to appointment, is not applying.)
- Appointment of Resident Agent if petitioner is not a Maryland resident
- Proof of Execution of Will if Will lacks attestation clause
- List of Interested Persons** (names and addresses of those named in the Will, if any, and those who would inherit if there were no Will as set forth in "How Will My Property Be Distributed If I Die Without A Will?" )
- Copy of death certificate (available from Division of Vital Records)
*In Judicial Probate, this form must be filed immediately after the Court appoints a Personal Representative or a Special Administrator.
**Must be filed (a) within 20 days after appointment of a Personal Representative under Administrative Probate, or (b) at the time of filing a Petition for Judicial Probate.
It is the duty of every Personal Representative or Special Administrator of a regular estate to timely file the following documents in the Register of Wills Office:
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