Read more about the article How to Pre-pay for a Funeral – Annapolis and Towson Estate Planning

How to Pre-pay for a Funeral – Annapolis and Towson Estate Planning

When getting started with prepaying funeral expenses, a big factor to consider is your age and current health status. Unlike life insurance policies, funeral planning insurance from most major providers is available to anyone over 18 who wants a policy. However, depending on the type of policy, you may have to answer some health screening questions. Your answers will impact the terms and benefit payouts determined by time of death, says Yahoo Life’s recent article, “Should You Pre-Pay for Your Own Funeral as Part of Estate Planning?”

Pre-arrangement insurance policies must be paid in full by age 90, so someone near that age and planning for the first time will likely have to pay in full upfront.

Some companies might state that certain diagnoses with imminent death are disqualifiers for policies, and others will insure individuals with a short life prognosis but with altered payout clauses—or they may require full payment upfront.

In those instances, a trust might be a better choice. That fiduciary arrangement lets a third party (the trustee) hold assets on behalf of a beneficiary or beneficiaries.

Remember that companies, policies and regulations vary greatly by state. It will, therefore, be helpful to consult an experienced estate planning attorney on the best options for you.

You should review your plans periodically throughout life because what you want today in your 20s may differ from what you want in your 80s. You should also keep your family up to date on any changes you make.

There’s one main difference between trusts and insurance policies. Insurance will often have a clause allowing for the difference between what you’ve paid and the total cost of your funeral arrangement to be covered, if you haven’t paid your policy out in full at the time of death.

However, a trust will typically let you put in whatever amount you want over time.

The pre-arrangement insurance policies used by funeral homes to cover the cost of funerals differ from what is generally known as “life insurance.” A life insurance policy is meant to cover unexpected death. However, it’s not guaranteed to pay out benefits—because factors like cause of death affect the policy payout.

Contact us to review your estate plan with one of our experienced estate planning attorneys.

Reference: Yahoo Life (Feb. 17, 2022) “Should You Pre-Pay for Your Own Funeral as Part of Estate Planning?”

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

Read more about the article What Is Probate?- Annapolis and Towson Estate Planning

What Is Probate?- Annapolis and Towson Estate Planning

Investopedia’s recent article, “What Is Probate Court?” explains that people want to avoid or shorten the probate process because of its length and expense. This can be accomplished by creating a living trust, assigning your assets to it and naming beneficiaries for those assets. A living trust is an estate planning tool that can help you avoid probate’s usually lengthy, sometimes costly, and always public nature.

Some assets, including life insurance and retirement accounts, are not generally subject to probate. You instead designate beneficiaries for them in the account paperwork held by the life insurance company, retirement plan, brokerage, and bank. As a result, these funds will flow directly to the beneficiaries upon your death.

Another way to reduce probate is to give gifts during your lifetime. Anyone can provide individuals with tax-free money in the form of gifts, as defined by the IRS.

At a probate court hearing, the judge will list the responsibilities of the executor of the will, including contacting any beneficiaries and creditors, appraising the deceased’s assets and paying any outstanding creditors and taxes.

At the second court hearing, the judge will ensure that all these tasks have been accomplished and close out the estate, so that the transfers of money and other assets in the estate may start.

Each state has specific probate laws to determine what’s required. Unless someone has no assets or descendants when they die, probate may still be necessary to settle the deceased’s remaining affairs, including debts, assets and paying their final bills and taxes.

While it can be hard to avoid probate court altogether, some ways to avoid probate include creating a living trust, naming beneficiaries clearly on all investment, bank and retirement accounts, and establishing joint ownership for certain assets.

The time for probate varies depending on the deceased person’s assets, the complexity of their will and other factors. For instance, the executor may have to liquidate assets to pay creditors, and selling a home or other property for this purpose can take time. However, the average time it takes to complete is about nine months.

After someone dies, the grief over their loss can be all-consuming for their family and friends.  Unfortunately, the probate process can add to this a financial and administrative burden. Yet, with or without a will, the probate process is essential to ensure that all of one’s affairs are in order before death.

Contact us to review your estate plan with one of our experienced estate planning attorneys.

Reference: Investopedia (Sep. 21, 2022) “What Is Probate Court?”

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

Read more about the article Does Divorce Have an Impact on Estate Planning?-Annapolis and Towson Estate Planning

Does Divorce Have an Impact on Estate Planning?-Annapolis and Towson Estate Planning

Even if your divorce is amicable, you still need to make changes to the paperwork, including your will and power of attorney. Yahoo News’ recent article entitled, “I’m Divorcing. Will That Impact My Estate Planning?” says to ask an experienced estate planning attorney how to protect your assets against potential loss due to a potential divorce. Here are some tips:

Revise Your Will. If you have a will, and if it’s written so that your soon-to-be ex will get all or most of your assets, you may want to change how to split up your assets after your death. Check with an estate planning attorney because state laws handle the assets in a will differently. Many states say that gifts to your ex are automatically revoked.

Change Your Trust. If you have a trust in your estate plan, your spouse may be designated as the trustee, so change who will be dispersing your assets.

Review Your Insurance Policies. You’ll want to remove your spouse from all of your insurance policies. However, if you have young children your ex-spouse will be raising, you may want to keep your ex-spouse as a beneficiary. If you were covered on your spouse’s health insurance plan while married, you’ll need to get your own policy. Also consider changing the beneficiaries on your life insurance policy if you’re worried about your future ex-spouse cashing in if something happens to you.

Change Your Power of Attorney. If your spouse is named as your medical or financial power of attorney, change that. Do that by the following steps:

  1. Notify the person currently holding power of attorney
  2. Make the change in writing
  3. Include all required language
  4. Notarize and, if necessary, record; and
  5. Notify all concerned parties.

Divide Retirement Accounts. There are several factors to consider as retirements are divided, like the type of account and when the earnings were received. Before defined contribution plans can be split, the court must issue a qualified domestic relations order (QDRO). The court will determine which properties are marital and which are separate. When the judge signs the QDRO, it lets plan administrators enforce it. The order applies to all plans governed under the Employee Retirement Income Security Act (ERISA) of 1974, like 401(k) plans, 403(b) plans, and Thrift Savings Plan (TSP).

Questions? Contact us to schedule a call with one of our experienced estate planning attorneys.

Reference: Yahoo News (Feb. 3, 2023) “I’m Divorcing. Will That Impact My Estate Planning?”

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

Read more about the article What You Need to Know About Estate Taxes – Annapolis & Towson Estate Planning

What You Need to Know About Estate Taxes – Annapolis & Towson Estate Planning

Most Americans don’t have to worry about federal estate and gift taxes. However, if you’re even moderately wealthy and want to transfer wealth to your children and grandchildren, you’ll want to know how to protect your ability to pass wealth to the next generation. A recent article from Woman’s World, “If You’re Rich, Read This—Your Estate Taxes Could Be at Stake (And Your Kids at Risk of Losing Their Inheritance” provides a good overview of estate taxes. If any of these issues are relevant to you, meet with an experienced estate planning attorney to learn how your state’s tax laws may impact your children’s inheritance.

A well-created estate plan can help you achieve your goals and minimize tax liability. There are three types of taxes the IRS levies on gifts and inheritances.

Few families worry about federal estate taxes for now. However, this will change in the future and planning is always wiser. In 2023, the federal estate tax exemption is $12.92 million. Estates valued above this level have a tax rate of 40% on assets. People at this asset level usually have complex estate plans designed to minimize or completely avoid paying these taxes.

An estate not big enough to trigger federal estate taxes may still owe state estate taxes. Twelve states and the District of Columbia impose their own state taxes on residents’ estates, ranging from 0.8 percent to 20 percent, and some have a far lower exemption level than the federal estate tax. Some begin as low as $one million.

Six states impose an inheritance tax ranging between 10 percent and 18 percent. The beneficiary pays the tax, even if you live out of state. Spouses are typically exempt from inheritance taxes, which are often determined by kinship—sons and daughters pay one amount, while grandchildren pay another.

Taxpayers concerned about having estates big enough to trigger estate or inheritance taxes can make gifts during their lifetime to reduce the estate’s tax exposure. In 2023, the federal government allows individuals to make tax-free gifts of up to $17,000 in cash or assets to as many people as they want every year.

A couple with three children could give $17,000 to each of their children, creating a tax-free transfer of $102,000 to the next generation ($17,000 x 3 children x 2 individuals). The couple could repeat these gifts yearly for as long as they wished. Over time, these gifts could substantially reduce the size of their estate before it would be subject to an estate tax. It also gives their heirs a chance to enjoy their inheritance while their parents are living.

It should be noted that gifts over $17,000 in 2023 count against the individual estate tax limit. Therefore, your federal estate tax exemption will decline if you give more than the limit. This is why it’s essential to work with an estate planning attorney who can help you structure these gifts and discuss other estate tax and asset protection strategies.

Questions? Contact us to review your estate plan with one of our experienced estate planning attorneys.

Reference: Woman’s World (April 5, 2023) “If You’re Rich, Read This—Your Estate Taxes Could Be at Stake (And Your Kids at Risk of Losing Their Inheritance”

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

Read more about the article How a Special Needs Trust Protects Loved Ones – Annapolis & Towson Estate Planning

How a Special Needs Trust Protects Loved Ones – Annapolis & Towson Estate Planning

A special needs trust, also called a Supplemental Needs Trust, is created for a person who is disabled and provides financial support. This is necessary because individuals who receive means-tested government benefits have assets and income limits set by government agencies, says a recent article, “The right special needs trust can help ensure a loved one’s financial stability” from Florida Today.

By setting up a special needs trust, these limits can be avoided, and a parent can ensure that their loved one has a better quality of life during and after the parent’s own lifetime.

An estate planning attorney can help determine the best trust type in this situation. It’s also important to track how money from the trust is spent and follow legal guidelines.

A benefit of having a SNT is that it protects a special needs individual from financial abuse since the trustee is the only person with access to the funds. For this reason, choosing a trustee who is responsible, financially savvy and of the highest integrity is very important.

The most commonly used trust is a Third-Party SNT. The distinction is that the trust is funded by someone other than the beneficiary, such as a parent or other family members. There are two types of third-party SNTs—a “standalone” trust and a “testamentary” trust. The standalone trust may be accessed during the funder’s lifetime. The testamentary trust is funded by an estate when the funder passes and is part of their will.

There is also a first-party trust funded by the beneficiary. This is helpful when the individual acquires a large sum of money. The money may be placed in the trust and used as it would be for any special needs trust. A key difference is, a Medicaid Repayment Provision usually needs to be put into place as part of the trust so Medicaid may be reimbursed when the beneficiary dies.

Lastly, the pooled trust is another commonly used special needs trust. It combines the trusts of more than one beneficiary and can be a first or third-party funded trust. It must be set up and run by a nonprofit organization, which can benefit a loved one of a person with special needs by the nonprofit handling the trust. The nonprofit acts as the trustee and administers the funds, makes investments, and ensures that tax obligations are met.

An estate planning attorney will provide you with the options for your unique situation. Parents are wise to put a comprehensive plan in place to protect their special needs family members for the future.

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

Reference: Florida Today (April 8, 2023) “The right special needs trust can help ensure a loved one’s financial stability”

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

Read more about the article Do Joint Accounts With Rights of Survivorship Work?- Annapolis & Towson Estate Planning

Do Joint Accounts With Rights of Survivorship Work?- Annapolis & Towson Estate Planning

A common request from seniors is to add their children to their bank accounts, in case something unexpected should occur. Their goal is admirable—to give their children access to funds in case of an emergency, says a recent article from Kiplinger, “Joint Account With Rights of Survivorship and Alternatives Explained.” However, making a child joint owner of a bank account, investment account or even a safe deposit box, can have unintended consequences.

Most couple’s bank accounts are set up by default as “Joint With Rights of Survivorship” or JWROS, automatically. Assets transfer to the surviving owner upon the death of the first spouse. This can lead to several problems. If the intent was for remaining assets not spent during a crisis to be distributed via the terms of a will, this will not happen. The assets will transfer to the surviving owner, regardless of directions in the will.

Adding anyone other than a spouse could also trigger a federal gift tax issue. For example, in 2023, anyone can gift up to $17,000 per year tax-free to anyone they want. However, if the gift exceeds $17,000 and the beneficiary is not a spouse, the recipient may need to file a gift tax return.

If a parent adds a child to a savings account and the child predeceases the parent, a portion of the account value could be includable in the child’s estate for state inheritance/estate tax purposes. The assets would transfer back to the parents, and depending upon the deceased’s state of residence, the estate could be levied on as much as 50% or more of the account value.

There are alternatives if the goal of adding a joint owner to an account is to give them access to assets upon death. For example, most financial institutions allow accounts to be structured as “Transfer on Death” or TOD. This adds beneficiaries to the account with several benefits.

Nothing happens with a TOD if the beneficiary dies before the account owner. The potential for state inheritance tax on any portion of the account value is avoided.

When the account owner dies, the beneficiary needs only to supply a death certificate to gain access to the account. Because assets transfer to a named beneficiary, the account is not part of the probate estate, since named beneficiaries always supersede a will.

Setting up an account as a TOD doesn’t give any access to the beneficiary until the death of the owner. This avoids the transfer of assets being considered a gift, eliminating the potential federal gift tax issue.

Planning for incapacity includes more than TOD accounts. All adults should have a Financial Power of Attorney, which allows one or more individuals to perform financial transactions on their behalf in case of incapacity. This is a better alternative than retitling accounts.

Retirement accounts cannot have any joint ownership. This includes IRAs, 401(k)s, annuities, and similar accounts.

Power of attorney documents should be prepared to suit each individual situation. In some cases, parents want adult children to be able to make real estate decisions and access financial accounts. Others only want children to manage money and not get involved in the sale of their home while they are incapacitated. A custom-designed Power of Attorney allows as much or as little control as desired.

Your estate planning attorney can help you plan for incapacity and for passing assets upon your passing. Ideally, it will be a long time before anything unexpected occurs. However, it’s best to plan proactively.’

Contact us to review your estate plan with one of our experienced estate planning attorneys.

Reference: Kiplinger (March 30, 2023) “Joint Account With Rights of Survivorship and Alternatives Explained”

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

What Is a Life Estate?- Annapolis and Towson Estate Planning

The person who holds the life estate, known as the life tenant. He or she is entitled to live in and use the properly as they see fit. However, they don’t have the right to sell or transfer the property to someone else.

Realty Biz News’ recent article entitled, “What is a Life Estate and How to Use It,” explains that a recorded deed will reference that a property is a life estate and name the life tenant. Once the life tenant passes away, the property passes to the remainderman—those who will inherit the property after the life estate ends. Let’s look at some of the reasons why someone might want to have a life estate:

Estate Planning. By transferring property into a life estate, the original owner can ensure that the property will pass to a designated beneficiary without probate. It can be particularly useful for people who want to avoid the time, expense and complexity or the probate process.

Asset Protection. The original owner can protect the property from creditors and other potential liabilities by transferring the property into a life estate. This is useful for those in high-risk professions or with significant debts or legal issues.

Family Dynamics. A life estate can also be used to address family dynamics and ensure that everyone is taken care of. For example, a parent might create a life estate to ensure that their adult child can live in the family home for the remainder of their life without giving them outright ownership of the property.

Tax Planning. By transferring property into a life estate, the original owner can reduce their taxable estate and potentially lower their estate tax liability. This can benefit individuals with large estates who want to minimize their heirs’ tax burden.

When a life estate is created, the property is divided into two parts:

  1. the life estate; and
  2. the remainder interest.

The life tenant has the right to use and enjoy the property during their lifetime. The remainderman has the right to inherit the property after the life estate ends.

Remember, with a life estate; the ownership is broken down into possession and ownership. The life tenant has possession and ownership until they pass away; the remainderman has ownership only. When the life tenant passes away, the property passes to the remainderman, who becomes the new owner. The remainderman has the right to sell, transfer, or otherwise dispose of the property as they see fit.

Reference: Realty Biz News (March 20, 2023) “What is a Life Estate and How to Use It”

Contact us to review your estate plan with one of our experienced estate planning attorneys!

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

You Can Avoid Unintended Consequences- Annapolis and Towson Estate Planning

The mistake can be as simple as signing a document without understanding its potential impact on property distribution, failing to have a last will and testament properly executed, or expecting a result different from what the will directs. Unfortunately, these unintended consequences are relatively common, says the article “Advice for avoiding unintended issues in estate planning” from The News-Enterprise.

The most common mistake that leads to unintended consequences is leaving everything to a spouse in a blended family. Even if children don’t have a close relationship with their stepparent, they’re willing to get along for the sake of their biological parent. However, when the first spouse dies, the decedent’s beneficiaries are generally disinherited if the surviving spouse receives the entire estate.

If the family truly has blended and maintains close relationships, the surviving spouse may ensure that the decedent’s children receive a fair share of the estate. However, if the relationships are tenuous at best, and the surviving spouse changes their will so their biological children receive everything, the family is likely to fracture.

Using a revocable living trust as the primary planning tool is a safer option. An experienced estate planning attorney can create the trust to allow full flexibility during the lifetime of both spouses.  Upon the first spouse’s death, part of the estate is still protected for the decedent’s intended beneficiaries.

This way, the surviving spouse has full use of marital assets but can only change beneficiaries for his or her portion of the estate, protecting both the surviving spouse and the decedent’s intended beneficiaries.

Another common mistake occurs when married couples execute their last will and testaments with different beneficiaries. For example, if they’ve named each other as the primary beneficiary, only the survivor will have property to leave to loved ones.

An alternative is to decide what the couple wants to happen to the estate as a whole, then include fractional shares to all beneficiaries, not just the one spouse’s beneficiaries. This protects everyone.

Many people assume that if they die without a will, their spouse will inherit everything. Unfortunately, this is not always the case, and a local estate planning attorney will be able to explain how your state’s laws work when there is no will. Children or other family members are often entitled to a share of the estate. This may not be terrible if the family is close. However, if there are estranged relationships, it can lead to the wrong people inheriting more than you’d want.

Failing to plan in case an heir becomes disabled can cause life-altering problems. If an heir develops a disability and receives government benefits, an inheritance could make them ineligible. The problem is that we don’t know what state of health and abilities our heirs will be in when we die, and few will want their estate to be used to reimburse the state for the cost of care. A few extra provisions in a professionally prepared estate plan can result in significant savings for all concerned.

Estate planning is about more than signing off on a handful of documents. It requires thoughtful consideration of goals and potential consequences. Can every single outcome be anticipated? Not every single one, but certainly enough to be worth the effort.

Reference: The News-Enterprise (March 25, 2023) “Advice for avoiding unintended issues in estate planning”

Contact us to review your estate plan with one of our experienced estate planning attorneys!

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

Read more about the article What You Need to Know When Making Your Will- Annapolis and Towson Estate Planning

What You Need to Know When Making Your Will- Annapolis and Towson Estate Planning

Contemplating your own mortality is not on anyone’s list of fun pastimes. However, having an estate plan is a gift to family members and is important whether you are wealthy or not, says a recent article from CNBC, “5 key things to know when you create a will and make other end-of-life plans.” Don’t be intimidated by the word “estate.” It simply means the sum of your possessions.

At its essence, your estate plan details whom you want to make decisions for you if you become incapacitated or when you die and who will inherit what you own.

Estate plans don’t need to be complicated. However, they do need to be done correctly, so working with an experienced estate planning attorney in your state of residence is essential.

Here are five key things to keep in mind as you start preparing your estate plan:

A will is never enough. The will is the foundation, identifying whom you want to receive certain property, naming an executor and naming a guardian for dependent children. However, some assets pass outside of the will, including retirement accounts, IRAs, life insurance policies and annuities. Any beneficiaries listed on these accounts supersede instructions in your will. Therefore, for example, if your ex-spouse is listed on the beneficiary designation and you never updated the document, they’ll inherit the account, regardless of how long you have been divorced.

Some 401(k) accounts require your current spouse to be the beneficiary, unless they legally agree otherwise. And regular bank accounts can have a beneficiary listed on a payable-on-death form. The same is true for brokerage and investment accounts.

If you don’t name a secondary beneficiary and the primary beneficiary has died, the assets will go into probate. Probate is the process by which the court distributes your estate. It can take months or years, depending on the state and the complexity of your estate.

When you create a will, you name an executor to carry out your wishes and administer your estate. This includes liquidating or closing accounts, distributing assets to heirs, paying debts and selling assets like your home. Make sure the person you name is willing to serve in this capacity.

Your estate plan should also include a Living Will, a document expressing your wishes for medical treatments you do and do not wish to have if you cannot communicate. In addition, a Power of Attorney is needed so someone you trust can handle your legal and financial affairs if you become incapacitated. A Health Care Power of Attorney lets someone of your choice make healthcare decisions.

Some assets get a “step-up in basis.” For example, it may be better to gift assets like stocks, bonds, or real estate to heirs after death. When these assets are sold, any increase from the so-called “cost basis” or value when the asset was acquired, and the sale price is subject to capital gains taxes. However, the heirs get a step-up in basis. The asset’s market value at your death becomes the cost basis for the heir. Any appreciation before that is untaxed. When the asset is sold, any gains (or losses) are based on the new cost basis. If you gifted these assets while living, they’d assume your original cost basis, which could lead to a big tax bill.

You may want to have a trust. For example, if you want your children to receive money eventually but not while they are too young to be responsible for a large sum, a trust can hold the asset. The trustee will make distributions according to the language of the trust. This lets you determine when your heirs will gain access to assets.

Don’t neglect to update your estate plan. Any time you have a significant life change, such as a birth, death, marriage, or divorce, you must review your estate plan. You’ll want to be sure your named executor is still the right choice and the guardian for your minor children is still the person you want to raise your children. If you move to a new state, you’ll want to consult with an estate planning attorney to be sure your estate plan is still valid, since estate laws are state-specific.

Reference: CNBC (March 19, 2023) “5 key things to know when you create a will and make other end-of-life plans”

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

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

Read more about the article What Elements are Overlooked in Estate Plans?- Annapolis and Towson Estate Planning

What Elements are Overlooked in Estate Plans?- Annapolis and Towson Estate Planning

When creating an estate plan, there are details which seem minor but are actually very important, says a recent article from mondaq, “Four Provisions People Often Forget To Include In Their Estate Plan.”

Don’t forget to name alternative beneficiaries and executors. If the will names a beneficiary but they are unable to take possession of the property, or they are deceased, the asset will pass as though you didn’t have a will at all. In other words, the state will determine who receives the property, which may not be in accordance with your wishes. If there’s an alternate beneficiary, the property will go to someone of your choosing. A backup executor is also critical. If your primary executor cannot or does not want to serve, the court may appoint an administrator.

Personal possessions, including family heirlooms. Most families have items with great sentimental value, whether or not they have any financial value. Putting a list in your will makes it very difficult if you want to change your mind over time. It’s best to have a personal property memorandum. This is a separate document providing details about what items you want to give to family and friends. In some states, it is legally binding if the personal property memorandum is referenced in the will and signed and dated by the person making the will. A local estate planning attorney will know the law for your state.

Even if this document is not legally binding, it gives your heirs clear instructions for what you want and may avoid family arguments. Please don’t use it to make any financial bequests or real estate gifts. Those belong in the will.

Digital assets. Much of our lives is now online. However, many people have slowly incorporated digital assets into their estate plans. You’ll want to list all online accounts, including email, financial, social media, gaming, shopping, etc. In addition, your executor may need access to your cell phone, tablet and desktop computer. The agent named by your Power of Attorney needs to be given authority to handle online accounts with a specific provision in these documents. Ensure the list, including the accounts, account number, username, password and other access information, is kept safe, and tell your executor where it can be found.

Companion animals. Today’s pet is a family member but is often left unprotected when its owners die or become incapacitated. Pets cannot inherit property, but you can name a caretaker and set aside funds for maintenance. Many states now permit pet owners to have a pet trust, a legally enforceable trust so the trustee may pay the pet’s caregiver for your pet’s needs, including veterinarian care, training, boarding, food and whatever the pet needs. Creating a document providing details to the caretaker concerning the pet’s needs, health conditions, habits and quirks is advised. Make sure the person you are naming as a caretaker is able and willing to serve in this capacity, and as always, when naming a person for any role, have at least one backup person named.

Reference: mondaq (March 16, 2023) “Four Provisions People Often Forget To Include In Their Estate Plan”

Contact us to review your estate plan with one of our experienced estate planning attorneys!

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