Cheri Dorsey
Co-Founder | Sessa & Dorsey, LLC
cheri@sessadorsey.com
(443) 589-5600 ext. 105
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Tom Sessa
Co-Founder | Sessa & Dorsey, LLC
tom@sessadorsey.com
(443) 589-5600 ext. 104
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Estate planning brings up many difficult questions and most people are not sure where to begin. At Sessa & Dorsey, we regularly answer questions about estate planning in the state of Maryland. We put together this list of frequently asked questions in hopes of demystifying the estate planning process.
Here are our 6 FAQs about estate planning:
- What exactly is a Will and why do I need one?
A Will is a legal document that specifies how you would like your assets distributed after you pass. In your Will, you can dictate who you want to receive your property, who will handle the distribution of your assets (i.e. your Personal Representative/Executor), if you want to make charitable donations, and who you would like to be the guardian of... Read more.
- What happens if I die without a Will?
If you die without a Last Will and Testament, you are giving up the power to control who receives your probate assets, which are the assets you own in your sole name where you have not designated a payable on death beneficiary. The Maryland laws of intestacy determine both who receives these assets and who settles your affairs after your death. What happens depends specifically on...Read more.
- Can’t I write my own Will or use a template I find online?
One of the biggest estate planning mistakes a person can make is to try and write their Will on their own. We have encountered many faulty do-it-yourself Wills over the years. In most cases, do-it-yourself Wills cause problems and leave lasting consequences...Read more.
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If you own real estate in multiple states, we encourage you to consider the legal implications this may have on your estate plan. Multi-state estate planning can alleviate many legal complications, costs, and headaches when it comes to the probate process.
In Maryland, probate is the legal process of administering and settling a person’s estate after they pass, under the supervision of the Register of Wills and Orphans’ Court of the county where they lived. The probate process can be complex when it involves out-of-state assets, as each state carries its own unique set of probate laws and procedures.
While in certain states, such as Maryland, the probate process is relatively simple, working with multiple local administrations across the country can often be costly and time-consuming. In fact, the Personal Representative of the estate will often need to hire a lawyer in each state where the decedent owned real estate.
At Sessa & Dorsey, we recommend you consider creating a revocable trust for multi-state real estate. The assets owned by the revocable trust are controlled by the Trustee and are not subject to probate administration. Creating a revocable trust is a valuable way for property owners to aggregate all of their assets and grant management privileges to a successor Trustee following the grantor’s...Read more.
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Ph: 443-589-5600 | Fax: 443-589-5601
www.sessadorsey.com
11350 McCormick Rd,
Executive Plaza III, Suite 601
Hunt Valley, MD 21031
 
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