Read more about the article Obtaining Power of Attorney for Parents

Obtaining Power of Attorney for Parents

As parents age, it becomes increasingly important to plan for the possibility that they may need assistance managing their financial affairs or making healthcare decisions. Without proper legal documentation, adult children may face significant obstacles in handling their parents’ needs, especially in cases of cognitive decline or medical emergencies. A power of attorney (POA) is a legal document that designates a trusted individual to act on another person’s behalf in financial, medical, or personal matters. Obtaining a POA before a crisis arises ensures a smooth transition of responsibilities and prevents costly legal battles.

What Is a Power of Attorney?

A power of attorney grants legal authority to a designated person, known as an agent or attorney-in-fact, to make decisions on behalf of another individual, known as the principal. The scope of authority varies depending on the type of POA.

Types of Power of Attorney

  • Financial Power of Attorney – The agent can manage financial matters, such as paying bills, handling investments and managing property.
  • Medical Power of Attorney (Healthcare Proxy) – Authorizes the agent to make healthcare decisions if the principal becomes incapacitated.
  • General Power of Attorney – Grants broad authority over financial and legal matters. However, it typically ends if the principal becomes incapacitated.
  • Durable Power of Attorney – When “durable,” the POA remains in effect even if the principal is unable to make decisions due to illness or injury.
  • Limited (or Special) Power of Attorney – Provides authority for a specific transaction or period.

Choosing the right type of POA ensures parents receive the support they need while maintaining as much independence as possible.

Steps to Obtain a Power of Attorney for Your Parents

1. Start the Conversation Early

Many families delay discussing estate planning because of discomfort around aging and incapacity. However, waiting too long can result in complicated legal hurdles if a parent becomes unable to grant POA due to cognitive decline.

Approach the conversation sensitively, emphasizing that a POA protects their wishes and prevents unnecessary stress. Highlighting real-world examples of families who struggled without one may encourage proactive decision-making.

2. Determine the Right Type of POA

Assess your parent’s needs and preferences to determine the most appropriate POA. A durable financial POA may be suitable if they require help managing finances. A medical POA is essential to ensure that future healthcare decisions align with their wishes.

Some states, such as Maryland, have a standard statutory power of attorney. The State of Maryland recently made changes to their statutory document in October 2023, so it is important to consult with one of our experienced estate planning attorneys to determine if the changes are applicable to you.

3. Choose a Trusted Agent

The person granted POA should be responsible, financially stable and able to handle difficult decisions. While many parents choose an adult child, they may also select a trusted family friend, financial advisor, or attorney.

The agent should be someone who:

  • Understands the parent’s values and preferences
  • Is capable of managing finances and healthcare decisions responsibly
  • Will act in the parent’s best interests without personal bias

Naming an alternate agent is also recommended if the primary agent is unable or unwilling to serve when needed.

4. Draft the POA Document

A POA must be properly drafted and executed according to state laws to be legally valid. While online templates exist, they may not provide the necessary legal protections. An estate planning attorney ensures that the document:

  • Complies with state-specific legal requirements
  • Clearly defines the agent’s powers and limitations
  • Includes provisions to prevent abuse or mismanagement

5. Sign and Notarize the POA

Most states require signing the POA in front of a notary public. Some states also require witnesses, particularly for medical POAs.

Once signed, distribute copies to relevant parties, including:

  • Financial institutions (for financial POAs)
  • Healthcare providers (for medical POAs)
  • Family members involved in caregiving

Keeping the original document in a secure but accessible location ensures that it is available when needed.

What Happens If No Power of Attorney?

If a parent becomes incapacitated without a POA in place, family members must petition the court for guardianship or conservatorship. This process is:

  • Time-consuming – Court proceedings can take months, delaying essential decision-making.
  • Expensive – Legal fees can accumulate quickly.
  • Emotionally challenging – Family members may disagree over who should be appointed guardian.

A properly executed POA prevents court involvement and ensures that a trusted individual is legally authorized to act on the parent’s behalf.

Common Misconceptions about Powers of Attorney

“I’ll Just Handle It when the Time Comes”

Many adult children assume they can automatically step in and manage a parent’s affairs in an emergency. However, financial institutions and healthcare providers will not grant access to accounts or medical records without a POA.

“A Will Covers Everything”

A will governs estate distribution after death—it does not grant decision-making authority during a parent’s lifetime. A POA is essential for managing affairs while they are still alive.

“POAs are Only for the Elderly”

While POAs are critical for aging parents, they are equally important for adults of any age. Unexpected accidents or illnesses can leave individuals unable to make decisions, making a POA a valuable safeguard for all adults.

Key Takeaways

A POA ensures financial and medical decision-making: Without it, family members may need to go through costly court proceedings to obtain legal authority. Contact us today to plan for incapacity.

  • The right POA depends on the parent’s needs: Financial, medical and durable POAs serve different purposes and should be chosen carefully.
  • A POA must comply with state laws: Improperly executed documents may not be legally valid, making professional guidance essential.
  • Without a POA, court intervention is required: If a parent becomes incapacitated without a POA, family members may need to pursue guardianship, which can be time-consuming and expensive.
  • Starting the conversation early prevents future stress: Delaying POA discussions can lead to legal complications and unnecessary burdens for family members.

Reference: A Place for Mom (Aug. 5, 2024) “A Beginner’s Guide to Power of Attorney for Elderly Parents”

Read more about the article Special Needs Planning Improves the Lives of People with Developmental Disabilities

Special Needs Planning Improves the Lives of People with Developmental Disabilities

Families of individuals with developmental disabilities face unique challenges when planning. Beyond daily care and medical support, they must ensure that their loved ones have financial stability, legal protections and access to essential services even after caregivers can no longer provide direct support.

As March is Developmental Disabilities Awareness Month, it’s an opportune time to recognize the importance of long-term estate planning for people with disabilities. With the right legal and financial tools, families create a secure future where their loved ones live with dignity and independence.

The Importance of Special Needs Planning

Many families assume that personal savings or inheritance will be enough to support a child or family member with developmental disabilities. However, without proper planning, those funds may disqualify individuals from critical government benefits, such as Medicaid and Supplemental Security Income (SSI).

Special needs planning ensures that financial resources enhance a person’s quality of life without jeopardizing access to essential benefits. A well-structured plan includes legal protections, funding strategies and long-term care considerations.

Special Needs Trusts and Other Key Legal Tools

A special needs trust (SNT) is one of the most effective ways to provide financial support, while maintaining eligibility for government programs. Trusts allow families to set aside money for expenses not covered by Medicaid or SSI, such as housing, education, and recreational activities.

There are three main types of special needs trusts:

  • First-party SNT: Funded with assets belonging to the individual with disabilities, often used for lawsuit settlements or inheritances
  • Third-party SNT: Created by parents or relatives, funded with private assets for the beneficiary’s lifetime care
  • Pooled SNT: Managed by a nonprofit, allowing families with fewer assets to benefit from professional trust administration

Without a properly structured trust, assets left to a disabled individual could unintentionally disqualify them from vital support programs.

Guardianship and Decision-Making Support

Many individuals with developmental disabilities need assistance managing finances, healthcare and daily responsibilities. Depending on their level of independence, families may consider:

  • Guardianship: A court-appointed legal arrangement giving a caregiver authority over personal and financial decisions
  • Power of Attorney (POA): A document allowing a designated person to manage financial or medical decisions on behalf of the individual
  • Supported Decision-Making Agreements: A legal framework that allows individuals to retain autonomy, while receiving guidance from trusted supporters

Each option provides varying levels of control, allowing families to choose the least restrictive alternative that meets their loved one’s needs.

ABLE Accounts

Achieving a Better Life Experience (ABLE) accounts are tax-advantaged savings accounts for individuals with disabilities. They allow beneficiaries to save money for qualified expenses without affecting SSI or Medicaid eligibility.

ABLE accounts can be used for education, housing, healthcare and assistive technology. Unlike traditional savings accounts, these funds are not counted toward asset limits for public benefits.

Individuals with a disability that occurred before age 26 who meet certain criteria are eligible to open a Maryland ABLE account.

Life Insurance and Estate Planning

Many parents worry about what will happen to their children when they can no longer provide care. Life insurance policies can ensure ongoing financial support, with funds directed into a special needs trust. Families should also update their estate planning documents to reflect their child’s needs and appoint trusted individuals to oversee their care.

The Role of an Attorney in Special Needs Planning

Creating a financial and legal plan for a loved one with disabilities requires careful attention to detail. Without proper structuring, even well-intended gifts or inheritances could create financial hardship.

An elder law and special needs planning attorney ensures that:

  • Trusts and financial accounts are properly structured to maintain government benefit eligibility
  • Legal documents, such as guardianship agreements and powers of attorney, are tailored to the individual’s needs
  • Families are aware of state and federal programs that can provide additional resources

Working with an attorney provides peace of mind, ensuring that a loved one’s future is secure, and their quality of life is protected.

Secure a Better Future for Your Loved One

Planning for a family member with developmental disabilities is an act of love and responsibility. The proper legal and financial steps ensure that they have lifelong support and access to the care they need. Our special needs planning law firm helps families create comprehensive special needs plans that protect assets, maximize benefits and ensure peace of mind. Schedule a consultation today with one of our experienced estate planning attorneys to start planning for a secure future.

Key Takeaways

  • Special needs trusts protect assets: These trusts allow families to provide financial support without jeopardizing eligibility for Medicaid or SSI.
  • Guardianship and decision-making tools offer support: Legal arrangements, such as POAs, guardianship, and supported decision-making agreements, ensure that a loved one’s needs are met.
  • ABLE accounts provide tax advantages: These accounts allow individuals with disabilities to save money without affecting government benefits.
  • Estate planning ensures long-term security: Life insurance, updated wills and carefully structured inheritance prevent financial disruptions.
  • Legal guidance prevents costly mistakes: An attorney helps families navigate complex rules and secure the best possible future for their loved ones.

References: National Association of Councils on Developmental Disabilities “Developmental Disabilities Awareness Month” and Special Needs Alliance “Long-Term Care Planning for Children with Disabilities”

Read more about the article How an Estate Planning Attorney Can Bridge the Gap Between Generational Wealth

How an Estate Planning Attorney Can Bridge the Gap Between Generational Wealth

Building wealth is only half the battle—ensuring that it lasts for future generations requires careful estate planning and strategic wealth management. Many families fail to implement a structured plan, leading to lost assets, unnecessary taxes and family disputes. Without the proper legal and financial strategies, even substantial inheritances can be squandered within a generation.

An estate planning attorney plays a crucial role in bridging the gap between generations, ensuring that wealth is protected, distributed according to the family’s wishes, and sustained for years to come.

Why Generational Wealth Often Fails to Last

Studies show that 70% of wealthy families lose their wealth by the second generation and 90% by the third. The primary causes include:

  • Lack of financial literacy – Heirs often receive wealth without a plan for responsible management.
  • Estate tax burdens – Without proper planning, substantial portions of an estate may be lost to federal and state taxes.
  • Legal disputes – Poorly structured wills and trusts often lead to costly inheritance battles.
  • Failure to adapt to changing financial laws – Inheritance laws, tax regulations and trust structures evolve over time.

Estate planning provides legal structures and safeguards to prevent these issues and ensure that family wealth remains intact.

How Estate Planning Protects Generational Wealth

Structuring Trusts for Long-Term Asset Protection

Trusts are among the most effective tools for protecting wealth and ensuring that assets are passed down responsibly. Unlike a will, which simply distributes assets, trusts provide ongoing management and protection.

A solid estate plan may include the use of the following Trust structures:

  • Revocable Living Trusts – Allow individuals to control assets during their lifetime, while avoiding probate upon death.
  • Irrevocable Trusts – Provide stronger asset protection and tax advantages by permanently removing assets from the grantor’s estate.
  • Generation-Skipping Trusts (GSTs) – Allow assets to bypass one generation, reducing estate tax liability for grandchildren.

Trusts also allow customized inheritance distribution, such as delayed payouts, financial milestones, or incentives for responsible wealth management.

Minimizing Estate Taxes and Legal Fees

High-net-worth individuals face significant estate tax challenges if wealth is not structured correctly. An estate planning attorney helps reduce tax exposure through:

  • Gifting strategies – Annual tax-free gifts to heirs reduce taxable estate size.
  • Charitable giving – Donating assets through charitable remainder trusts or donor-advised funds offers tax deductions while benefiting causes.
  • Family Limited Partnerships (FLPs) – These allow wealth to be transferred gradually, minimizing tax burdens.

Without tax planning, heirs may be forced to sell assets or businesses to cover tax liabilities.

Preventing Family Disputes Over Inheritance

Even well-meaning families can experience conflict over wealth distribution. An estate planning attorney helps prevent disputes by:

  • Creating straightforward wills and trust agreements that specify asset distribution.
  • Including business succession plans to ensure seamless leadership transitions in family businesses.
  • Establishing conflict resolution mechanisms like mediation clauses to settle disputes outside of court.

A structured estate plan ensures that inheritance disagreements do not escalate into costly legal battles.

Teaching Financial Responsibility to Heirs

Wealth transfer is more effective when heirs understand how to manage their inheritance. Estate planning attorneys work with families to:

  • Educate younger generations on financial management and investment strategies.
  • Introduce heirs to financial advisors who can help them navigate wealth preservation.
  • Incorporate inheritance incentives that promote responsible spending and investment.

Without financial education, even a well-structured estate plan can fail to maintain generational wealth. As a client of Sims & Campbell, we can connect you with our referral partners, such as a CPA or Financial Advisor, to strengthen your team of advisors that will guide your family upon your incapacity or death.

Estate Planning for Business Owners

Companies often struggle to survive past the first generation without a business succession plan. Family businesses require careful succession planning to ensure stability after the founder’s passing. An estate planning attorney helps:

  • Identify and prepare successors for leadership transitions.
  • Establish buy-sell agreements to ensure smooth ownership transfers.
  • Structure ownership in trusts or LLCs to provide financial protection.

Secure Your Family’s Financial Legacy

Estate planning is more than wealth transfer—it’s about ensuring that assets are preserved, managed wisely and passed down without unnecessary financial losses. Our law firm helps families create customized estate plans that protect wealth for generations. Schedule a consultation today to safeguard your legacy.

Key Takeaways

  • Generational wealth often fails without planning: Families that do not structure inheritance properly risk losing assets within a generation.
  • Trusts protect wealth and control distributions: Properly structured trusts ensure responsible asset management and prevent mismanagement by heirs.
  • Tax planning preserves more wealth: Estate taxes can erode inheritances. However, gifting strategies and charitable giving help reduce tax liabilities.
  • Clear estate plans prevent family conflicts: Legally binding wills, trusts and mediation clauses prevent disputes over wealth distribution.
  • Financial education ensures wealth lasts: Teaching heirs responsible financial management strengthens long-term asset preservation.

References: J.P. Morgan (Nov. 18, 2024) “We Need to Talk: Communicating Your Estate Plan With Your Family” and Business Insider (Feb. 9, 2025) “Inside the Retreat for Billionaire Heirs Trying to Give Away Their Money”

Read more about the article How to Create an Estate Plan That Works

How to Create an Estate Plan That Works

An estate plan tells your loved ones and the courts how you want to divide your property, as well as protecting heirs from the expenses and stress created when there is no estate plan. An estate plan also saves your family from months, even years, of dealing with courts and government bureaucracies in settling your estate.

How to start? Follow these steps.

Make a complete inventory of your assets, both tangible and intangible. Your Estate is made up of different assets such as real estate, cars, financial accounts, digital assets, life insurance, retirement accounts, pension accounts and personal property. Save your heirs from a scavenger hunt and protect assets from being lost.

Decide who you want to care for your family. If you have children who are underage, name a guardian in your will. The guardian often serves as the conservator, managing the children’s financial assets. Check on your life insurance policies, which provide funds for your family after you’ve passed.

Ask potential personal representatives if they are willing to do the work. The personal representative carries out directions in your will. It can be a big responsibility. They’ll need to gather and manage assets of your estate, notify heirs, Social Security, Medicare, pay estate taxes, secure and possibly sell your home, and more.

Have an experienced estate planning attorney set up at least three key elements: a will, power of attorney, and advance medical directive.

The Will names a guardian and a personal representative (also known as an executor) and gives directions for distributing assets. The biggest estate planning mistake people make is not having a will. When this happens, the court assigns someone to manage your estate, and your family will have to live with whatever the court-appointed person decides.

A Power of Attorney allows someone to care for your business affairs if incapacitated.

An Advance Medical Directive (“AMD”) will enable you to name someone to be involved with your healthcare, speak with your doctors and health insurance company, and help make decisions for you. These documents should be customized to convey your wishes as to how much or how little you want these people to be able to do. An advanced healthcare directive is also used to state your wishes if you are incapacitated about what kind of treatment you do or do not want to receive if you are at the end of your life. This document can be challenging to consider. However, it is a blessing to spare your family from having to guess your wishes during a time of crisis.

Discuss the use of a trust with an estate planning attorney. Trusts are not just for wealthy people. Some trusts take assets from your taxable estate and distribute them directly to beneficiaries outside of probate. Many kinds of trusts serve different purposes, so your estate planning attorney will help you understand which is best for your purposes.

Determine who to leave your assets to and how to structure your estate. If you have young children and you don’t establish the correct trusts, they may inherit everything when they turn 18 or 21. This is rarely a good idea.

Tax planning is a part of estate planning. Your estate may face federal, estate, and/or inheritance taxes. Rates and exemptions are different in every state. This is why it is important to disclose all of your assets and their values to your estate planning attorney.

The incapacity planning part of an estate plan is for you. However, the rest is for your family, to take care of them and show them how much you care about them and their futures.

Contact us today to schedule a complimentary initial consultation with one of our experienced estate planning attorneys. They will walk you through our unique Sims & Campbell firm process and guide you on the next steps in creating your custom estate plan.

Read more about the article Updates on the Corporate Transparency Act: Our Commitment to Keeping You Informed

Updates on the Corporate Transparency Act: Our Commitment to Keeping You Informed

At Sims & Campbell, our experienced estate planning attorneys are committed to providing our clients with the latest updates on legal developments that could impact them. To ensure you have the most accurate and timely information, we will now be posting all news regarding the Corporate Transparency Act (CTA) right here on our blog.

On March 2, 2025, the U.S. Treasury Department announced a suspension of the March 21, 2025, deadline for filing under the Corporate Transparency Act (CTA) for both domestic companies and U.S. citizens. Additionally, the Treasury announced it will not enforce any penalties or fines. This decision follows a series of legal and regulatory developments regarding the CTA and its enforcement. For more details, see below:

The Corporate Transparency Act (CTA) is a U.S. law that was enacted as part of the National Defense Authorization Act for Fiscal Year 2021. The purpose of the CTA is to enhance transparency in the ownership of companies and to combat illicit activities like money laundering, tax evasion, and terrorist financing by making it harder for criminals to hide behind anonymous shell companies. The CTA requires certain businesses, including corporations, limited liability companies (LLCs), and similar entities, to disclose information about their beneficial owners. A beneficial owner is an individual who, directly or indirectly, owns or controls at least 25% of a company or who exercises substantial control over it.

The CTA has far-reaching implications for both domestic and foreign companies, and understanding its requirements is essential for compliance. With that in mind, we’ll keep you up to date on any changes, deadlines, and new regulations that emerge. Read on for the latest news on the Corporate Transparency Act.

Here are the key takeaways:

  1. Suspension of the Filing Deadline: The Treasury has suspended the filing requirement under the CTA for domestic companies and U.S. citizens. The March 21, 2025, deadline is no longer applicable at this time.
  2. No Penalties or Fines At This Time: The Treasury Department announced it will not enforce any penalties or fines associated with the BOI reporting rule under the existing regulatory deadlines.
  3. Proposed Rulemaking to Narrow Scope: The Treasury is preparing a proposed rulemaking that could narrow the scope of the CTA’s reporting requirements to focus exclusively on foreign reporting companies. These are entities formed under foreign law but that have registered to do business in the U.S. by filing a document with a secretary of state or similar office.
  4. Legal Uncertainty: The proposed narrowing of the rule is inconsistent with the original text of the CTA and could be subject to legal challenges. While it is unclear who might challenge these changes, the possibility of legal action remains.
  5. Ongoing Legal Challenges: The CTA, which was passed during the first Trump Administration and implemented under the Biden Administration, has faced numerous legal challenges across the country. These challenges are still ongoing, with many cases pending before appellate courts.
  6. Impact on Information Already Filed: The Treasury has not clarified what will happen to the information already submitted under the CTA. Additionally, with the suspension of the enforcement of the filing deadline, domestic companies and U.S. citizens are no longer required to keep their submitted information up to date.

Stay tuned to our blog for the latest information on the Corporate Transparency Act and other legal matters that may affect you and your business. For additional questions or concerns, please contact our office to schedule a confidential estate planning meeting with one of our attorneys.

Read more about the article How Divorce Affects an Estate Plan

How Divorce Affects an Estate Plan

Divorce changes not only a person’s financial and personal life but also the way their assets will be handled after death. Many people overlook the importance of updating estate planning documents after a divorce, which can result in unintended beneficiaries receiving inheritances or former spouses retaining control over critical financial and medical decisions. Taking the time to revise an estate plan ensures that assets are protected and aligned with post-divorce goals.

How Divorce Affects Your Estate Plan

Divorce changes personal and financial circumstances and how assets will be distributed after death. Many forget to update their estate plans, leaving former spouses as beneficiaries or decision-makers. Without revisions, an ex-spouse could inherit assets, manage finances, or make medical decisions in an emergency.

Key documents that need immediate attention include wills, trusts, powers of attorney and beneficiary designations on life insurance and retirement accounts. Updating these ensures that assets go to intended heirs and that financial and medical decisions remain in trusted hands.

Updating Wills and Trusts

A divorce does not automatically remove an ex-spouse from an estate plan. If a will or trust still names the former spouse as a primary beneficiary or executor, they may inherit assets or retain authority over the estate. Updating key documents includes:

  • Revising a will to name new beneficiaries and executors
  • Amending or revoking any revocable trusts that include the former spouse
  • Reviewing state laws, some jurisdictions automatically void spousal provisions upon divorce, while others do not

Failing to update these documents may lead to unnecessary legal battles or the distribution of assets against the person’s wishes.

Changing Beneficiary Designations

Many financial assets pass directly to named beneficiaries outside of a will, making beneficiary updates essential after divorce. Documents to review include:

  • Life insurance policies and retirement accounts, such as 401(k)s and IRAs
  • Payable-on-death (POD) and transfer-on-death (TOD) accounts
  • Jointly held assets or real estate with right of survivorship

If an ex-spouse remains listed as a beneficiary, they may still receive these assets, regardless of the divorce decree. Updating beneficiary designations ensures that assets go to the intended individuals.

Adjusting Powers of Attorney and Healthcare Directives

Divorce often necessitates appointing new individuals to manage financial and medical decisions in case of incapacity. Changes to consider include:

  • Naming a new power of attorney for financial matters
  • Revising a healthcare proxy to designate a trusted individual for medical decisions
  • Ensuring that living wills and advance directives reflect current wishes

Leaving a former spouse in control of these decisions can lead to unintended complications, particularly in medical emergencies.

Spousal Elective Share

Some states, such as Maryland, have a spousal elective share which allows a surviving spouse to claim a portion of the deceased spouse’s estate, even if they were excluded from the will. This is a protection for a surviving spouse who might otherwise be left with nothing due to the deceased spouse’s will or other estate planning documents. A spouse can waive the right to an elective share if they signed a valid pre-nuptial agreement or post-nuptial agreement giving up this right.

Secure Your Legacy with an Updated Estate Plan

Divorce requires more than financial separation—it demands a complete estate plan review to prevent unintended consequences. Ensuring that your will, trusts and powers of attorney reflect your current wishes is critical to protecting your assets and loved ones.

Our boutique law firm provides comprehensive estate planning services to help you update legal documents after divorce. Schedule a consultation today with one of our experienced estate planning attorneys to secure your financial future.

Key Takeaways

  • Wills and trusts must be updated after divorce: Failing to revise estate documents may result in an ex-spouse inheriting assets or serving as executor.
  • Beneficiary designations require careful review: Retirement accounts, life insurance and bank accounts should be updated to reflect new intentions.
  • Powers of attorney and healthcare directives should be revised: Naming a new agent ensures that a trusted individual handles financial and medical decisions.
  • State laws may impact estate plan changes: Some jurisdictions automatically revoke spousal provisions, while others require updating specific documents.
  • Proactive planning prevents legal disputes: Updating an estate plan immediately after divorce helps avoid unintended consequences and ensures that assets are distributed according to new wishes.

References: Investopedia (June 25, 2024) “Rewriting Your Will After Divorce” and Justia (September 2024) “Estate Planning After Divorce”

Read more about the article Where Should I Keep My Will?
Probate is the legal process of administering the estate of a deceased person, resolving any claims and ultimately distributing the deceased person's property under the declaration of the deceased’s Last Will & Testament. A probate court decides the legal validity of a testator's will and grants its approval by granting probate to the executors. Until such time as probate is granted and after any due taxes have been deducted, the assets and property forming the wealth of the estate, remains locked - out of the reach of any beneficiaries.

Where Should I Keep My Will?

A will is only useful if it can be found after death. If misplaced, locked away without access, or accidentally destroyed, the probate court may proceed as if no will exists, distributing assets according to state law rather than the decedent’s wishes. Proper storage balances security and accessibility, ensuring that the document is protected but readily available when needed.

Best Places to Store a Will.

In a Fireproof and Waterproof Safe at Home

A home safe provides security while allowing immediate family access when needed. It should be fireproof and waterproof and placed in a location known to the executor. If the safe requires a key or code, at least one trusted person should have access. Without access instructions, a locked safe can delay probate and require court intervention.

With the Probate Court (Where allowed)

Some states allow individuals to file their will with the local probate court for safekeeping. This ensures that the document is secure and legally recognized. However, this method requires updating the court file when revisions are made. If this step is overlooked, an outdated will may be used in probate.

Registered with The U.S. Will Registry

Registering your will with The U.S. Will Registry helps ensure your loved ones can locate it when needed. Even if you store a physical copy safely, family members may forget its location, misplace it, or accidentally discard it. By registering, you clearly record where your will is stored, preventing unnecessary stress and delays in settling your estate. The U.S. Will Registry also offers free online storage, giving you extra security and peace of mind.

With an Estate Planning Attorney

Some people choose to leave their will with the attorney who drafted it. Law firms typically store wills in fireproof safes, ensuring that the document is secure and intact. If the will’s validity is questioned, an attorney can verify its authenticity. However, this option is only effective if family members or the executor know which attorney holds the will and that the attorney is still in business.

Where Not to Store a Will

In a Bank Safe Deposit Box

While safe deposit boxes provide strong security, they can cause delays. Banks typically seal a box upon the owner’s death, preventing the executor from accessing the will without a court order. If choosing this option, the executor should be listed as a co-owner with access rights.

In an Unsecured Location

A will should not be stored in a desk drawer, filing cabinet, or with other household papers. These locations increase the risk of loss, accidental destruction, or intentional tampering. A digital copy is insufficient, as most states require the original, signed document for probate.

Ensuring the Will Can Be Found

Regardless of where the will is stored, the executor and at least one trusted person should know its location. Keeping instructions in a separate estate planning file and other critical documents ensures the will can be located and used immediately.

Key Takeaways

  • Proper storage prevents legal complications: The probate court may distribute assets according to state law if a will is lost or inaccessible.
  • An attorney’s office offers security and authentication: Keeping a will with an estate planning attorney protects it from loss and helps verify its validity.
  • A fireproof home safe balances security and access: A well-placed, fireproof safe ensures that the will is protected while remaining available to the executor.
  • Safe deposit boxes can cause probate delays: If an executor cannot access a safe deposit box, a court order may be required to retrieve the will.
  • Family members must know where the will is stored: Informing the executor and key family members of its location prevents confusion and unnecessary legal delays.

Contact us to schedule a complimentary initial call with one of our experienced estate planning attorneys.

Reference: The U.S. Will Registry (Oct. 24, 2024) “Where to Store Your Will to Ensure its Security”

Read more about the article Update Regarding Corporate Transparency Act and the Beneficial Ownership Information Reporting – December 27, 2024

Update Regarding Corporate Transparency Act and the Beneficial Ownership Information Reporting – December 27, 2024

We previously shared updates regarding the Corporate Transparency Act (“CTA”), most recently reporting that the injunction against enforcement of the CTA was overturned and deadlines for most filers were extended to January 13, 2024.

We have yet another change to report. Late December 26, 2024, a panel for the Fifth Circuit Court of Appeals reinstated the injunction until it can hear oral arguments from the parties and issue a ruling on the government’s appeal of the original injunction.

We anticipate a ruling and more updates in early January.  In the meantime, we continue recommend all parties required to file under the CTA should be prepared to file on short notice after the court’s ruling provides more clarity.

We will continue to monitor the situation and share updates as they become available.

Sims & Campbell, LLC- Annapolis and Towson Estate Planning Attorneys

Read more about the article Update Regarding Corporate Transparency Act and the Beneficial Ownership Information Reporting – December 26, 2024

Update Regarding Corporate Transparency Act and the Beneficial Ownership Information Reporting – December 26, 2024

  • Post category:CTA

We are following up on the latest developments regarding the Corporate Transparency Act (CTA) and its implications for beneficial ownership information (BOI) reporting. On December 23, 2024, a significant update came from the Fifth Circuit Court of Appeals, which granted a stay on a preliminary injunction that had previously suspended the CTA’s enforcement. This decision reinstates the obligation for reporting companies to submit beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). However, acknowledging the confusion caused by the temporary suspension, FinCEN has extended the filing deadlines to provide a grace period for compliance. Companies created or registered prior to January 1, 2024, now have until January 13, 2025, to file their initial reports, while those registered between December 3 and December 23, 2024, have an additional 21 days from their original deadline.

We will continue to monitor this development closely and provide updates as they become available. For clients concerned about the implications of this ruling on their business or estate planning, please feel free to contact us.

Sims & Campbell, LLC- Annapolis and Towson Estate Planning Attorneys

Read more about the article Update Regarding Corporate Transparency Act – Court REINSTATES Reporting Requirements – December 23, 2024

Update Regarding Corporate Transparency Act – Court REINSTATES Reporting Requirements – December 23, 2024

This afternoon (December 23, 2024), the United States Court of Appeals for the Fifth Circuit reinstated the enforceability of the Corporate Transparency Act (CTA) effective immediately. In Texas Top Cop Shop, Inc. v. Garland, a three-judge panel of the Fifth Circuit stayed a lower court’s nationwide preliminary injunction against the CTA, which was issued on December 3, 2024. This means that, among other obligations, the January 1, 2025, compliance deadline for reporting companies in existence as of January 1, 2024, is back in effect.

This situation is likely to rapidly evolve. It is entirely likely that in the coming days, the challengers in this case will seek further review from the Fifth Circuit or seek relief from the United States Supreme Court. Additionally, several other federal courts are actively considering challenges against the CTA. At the time of this writing the United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has not publicly released any guidance based on today’s ruling.

We will continue to monitor this development closely and provide updates as they become available. For clients concerned about the implications of this ruling on their business or estate planning, please feel free to contact us.

Sims & Campbell, LLC- Annapolis and Towson Estate Planning Attorneys