Estate Planning FAQs

Why is it important to have a will?

It is important to have a will to be sure that your assets are transferred upon your death to those persons whom you wish to receive them. If you do not have a will, Maryland law will determine who will receive your assets.

What is the difference between a simple will and a complex will?

A simple will may be prepared for persons whose assets, including life insurance benefits, total less than $1,000,000.00, and that do not desire to set up any trusts. After the $1,000,000.00 threshold an estate may be subject to federal and state estate taxes. In these cases, your will should be drafted by an estate attorney with specific knowledge in addressing estate and inheritance taxes.

What is a power of attorney?

A power of attorney is a document prepared at your request giving another person permission to act on your behalf. The power may be limited to only certain acts or it may be a general grant of authority.

What is a durable power of attorney?

A durable power of attorney is a document that permits another person to act on your behalf now and after you become disabled.

What is an advance health care directive?

An advance health care directive is more commonly known as a living will. A living will designates another person as your health care agent to make decisions for you should you become unable to do so for yourself. Additionally, a living will states what kind of care you would like to receive if you become terminally ill, are in a persistent vegetative state, or are suffering an end-stage condition. You may also state your desire to make organ donations after death in a living will.

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