Off The Press BOSTON LAW GROUP, LLC Inside This Issue: Legal Tidbit 1 Living Legend 2 Scholarship Tea 3 Kudos Corner 4 Volume VI, Issue 4 May 2016 On April 21, 2016 entertainer Prince Rogers Nelson passed away at the age of 58 years old. Prince left an estate with an estimated value of over $300 million dollars. His surviving sister has petitioned the court stating that Prince died without a will. Maryland Attorney Bruce Edwards of Advocate for Justice , Inc. has provided information regarding the truths and misconceptions about wills and estate planning. One of the biggest misconceptions about Estate Planning is that it is simply designed to protect the interests of the rich and wealthy. Conversely, regardless of whether you are single or married, have children, elderly loved ones or intellectually disabled relatives that you look after, estate planning could prove beneficial for you and your family. In a nutshell, the objective of estate planning centers on asset protection. A well-established Will would provide clarity in the event of one’s untimely demise. A Will is a legal docu- ment that outlines one’s wishes for the distribution of their property and/or for the appropriate care of one’s minor children in the event of their death. A nicely-tailored Will enables one’s assets to be smoothly transi- tioned after their death. However, if the necessary financial distributive arrangements are not made prior to death and one dies without a Will, loved ones could find themselves at the mercy of the state probate court in a desperate and perhaps costly attempt to figure things out. “Dying intestate” is when one dies without a Will and the state’s probate court has to oversee the distribution of their assets. If one desires to avoid the probate court while maintaining flexible control of their assets while they are alive, a revocable living trust is definitely a worthy option. A revocable living trust is an agreement between the maker (also commonly known as “grantor,” “declarant” or “settlor”) and the trustee to manage the trust property consistent with the terms established within a trust agreement for the benefit of the beneficiary, who often tends to be the maker. The trustee, who holds an adverse interest and is appointed by the maker, manages the trust unless the maker chooses to act as the trustee him/herself. Further- more, a revocable living trust is not only revocable during the maker’s lifetime but it is also amendable. Most importantly, the trust must be funded. That is, the maker must be sure to transfer the ownership of their property and assets into the trust. Property that is not transferred will be subjected to the probate court. Wills and revocable living trusts are just two examples of a variety of estate planning options. Although proper considerations must be explored, in the end, a proactive, diligent and informative approach to estate planning is a plan that is sure to succeed in protecting one’s familial interests and wealth. For more information on Estate Planning in Maryland, be sure to contact Attorney Bruce Edwards. Thank you, Mr. Edwards. THE IMPORTANCE OF ESTATE PLANNING Bruce D. Edwards, J.D., LLM Advocates For Justice, Inc. 6710 Laurel-Bowie Road, 1203 Bowie, MD 20715 [email protected]202-262-3539 Providing Service Throughout Maryland
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Off The Press BOSTON LAW GROUP, LLC
Inside This Issue:
Legal Tidbit 1
Living Legend 2
Scholarship Tea 3
Kudos Corner 4
Volume VI, Issue 4
May 2016
On April 21, 2016 entertainer Prince Rogers Nelson passed away at the age of
58 years old.
Prince left an estate with an estimated value of over $300 million dollars. His
surviving sister has petitioned the court stating that Prince died without a
will. Maryland Attorney Bruce Edwards of Advocate for Justice , Inc. has
provided information regarding the truths and misconceptions about wills
and estate planning.
One of the biggest misconceptions about Estate Planning is that it is simply designed to protect the interests
of the rich and wealthy. Conversely, regardless of whether you are single or married, have children, elderly
loved ones or intellectually disabled relatives that you look after, estate planning could prove beneficial for
you and your family. In a nutshell, the objective of estate planning centers on asset protection.
A well-established Will would provide clarity in the event of one’s untimely demise. A Will is a legal docu-
ment that outlines one’s wishes for the distribution of their property and/or for the appropriate care of one’s
minor children in the event of their death. A nicely-tailored Will enables one’s assets to be smoothly transi-
tioned after their death. However, if the necessary financial distributive arrangements are not made prior
to death and one dies without a Will, loved ones could find themselves at the mercy of the state probate
court in a desperate and perhaps costly attempt to figure things out. “Dying intestate” is when one dies
without a Will and the state’s probate court has to oversee the distribution of their assets.
If one desires to avoid the probate court while maintaining flexible control of their assets while they are
alive, a revocable living trust is definitely a worthy option. A revocable living trust is an agreement between
the maker (also commonly known as “grantor,” “declarant” or
“settlor”) and the trustee to manage the trust property consistent with
the terms established within a trust agreement for the benefit of the
beneficiary, who often tends to be the maker. The trustee, who holds
an adverse interest and is appointed by the maker, manages the trust
unless the maker chooses to act as the trustee him/herself. Further-
more, a revocable living trust is not only revocable during the maker’s
lifetime but it is also amendable. Most importantly, the trust must be
funded. That is, the maker must be sure to transfer the ownership of
their property and assets into the trust. Property that is not transferred
will be subjected to the probate court.
Wills and revocable living trusts are just two examples of a variety of
estate planning options. Although proper considerations must be
explored, in the end, a proactive, diligent and informative approach to
estate planning is a plan that is sure to succeed in protecting one’s
familial interests and wealth.
For more information on Estate Planning in Maryland, be sure to
contact Attorney Bruce Edwards. Thank you, Mr. Edwards.