Helping our neighbors plan for their family’s future and avoid painful issues.
Last week we discussed pour-over Wills in the context of a revocable living trust. This week I want to talk about testamentary trusts. These types of trusts are what we might call springing or contingent trusts. They are created by your Last Will and Testament - hence the description testamentary trust. What do we mean by springing or contingent trust? Normally a trust is created by a stand-alone trust document. A Read More
I know what a Last Will and Testament is; but, what the heck is a Pour-Over Will? It’s a great question that we often get asked. It’s also one around which a great deal of confusion exists. Let’s sort it out. Pour-Over Wills Work with Trusts Pour-Over Wills work in conjunction with a Trust - be they Revocable Living Trusts (the most common) or Irrevocable Trusts. Does that mean that you need both a Trust and a Read More
How much does a Will cost? It is perhaps our most frequently asked questions. At The Tyra Law Firm, we get this question a lot. Of course, it makes sense to want to know what you are getting into and to budget accordingly. As you begin thinking about your estate plan, take some time to shop around, and find the right attorney for you. While the price may be a factor, finding an attorney whose process and philosophy Read More
In the State of Maryland, the process of obtaining legal guardianship is fairly straightforward. However, it can be a long and detailed process. If you have a loved one who is unable to care and make decisions for themselves, you will likely need to go through this process if they do not already have a valid Power of Attorney nor an Advanced Health Care Directive in place. If the vulnerable individual does not have Read More
If you have recently been named a personal representative in a loved one’s Maryland probate administration, you are probably wondering, “how long will the probate process take?” You may have heard that the probate process can be long and fairly costly. In fact, there is a lot of variation in how the probate process works. Let’s back up and walk through the process together: My Loved One Just Passed, How Do I Read More
Many people don’t have a Will, whether intentionally or not. They might know that estate planning is a good idea but, for one reason or another, they end up putting it off or deciding to skip it altogether. I don’t mean to call anybody out here, but, if this sounds like you, there is something important that you need to know: not having a plan is a plan. It’s not one that I recommend, but it is making a choice about Read More
Every summer, I am reminded of the intense emotions I felt all those years ago when my kids first went away to college. Sure, I was proud of them for graduating from high school. I was excited to watch them embark on the next step in their journeys. I was nostalgic about how quickly time passes, thinking of them as little toddlers running on the beach. But, most of all, I was scared. It wasn’t an active fear like I Read More
Do you know what’s rarely talked about? What comes after you create your estate plan? How do you actually fund your Trust once you’ve created it? Chances are, you don’t even know what I mean when I say “fund a Trust.” Why? Because, in the estate planning conversation, there is so much discussion about 1) whether you need an estate plan, 2) whether you need a Trust, and 3) how to use estate planning tools to protect Read More
When do you really need to start thinking about your estate plan? When many people think about “estate planning,” they think about it in terms of age. Estate planning is often associated with retirement, prolonged illness, or preparing for passing. For that reason, it’s not something that is talked about often outside of post-retirement communities. However, estate planning is necessary at any age. In fact, estate Read More
There is no such thing as a “typical family.” At The Tyra Law Firm, we work with families on a daily basis that comes in all shapes and sizes. Many families are blended, meaning that they include children from previous relationships. Many families have separate households, or single parents, or multiple generations living under one roof. No matter the structure, each and every family needs a carefully-tailored and Read More
