Estate Planning
& Business Law based in Maryland

A will and a trust are both essential estate planning tools, but they serve different purposes. A will is a legal document that outlines your wishes regarding the distribution of your assets after your death. It becomes effective only upon your passing and must go through probate, a court-supervised process that can be time-consuming and public.

On the other hand, a trust is a legal arrangement that allows a third party, known as a trustee, to hold and manage assets on behalf of your beneficiaries. Trusts can be structured to take effect during your lifetime (living trusts) or upon your death. One of the main advantages of a trust is that it can help your estate avoid probate, allowing for a more private and potentially quicker distribution of assets.

Determining whether a will, a trust, or a combination of both is appropriate depends on various factors, including the size and complexity of your estate, privacy concerns, and your specific goals for asset distribution. Consulting with an experienced estate planning attorney like Susan Eleff can help you make informed decisions tailored to your unique situation. 

Probate is the legal process through which a deceased person's estate is administered and distributed under court supervision. This process involves validating the will (if one exists), inventorying assets, paying debts and taxes, and distributing the remaining assets to beneficiaries. Probate can be lengthy, costly, and public, which may not align with your wishes for privacy and efficiency.

To ease the probate process for your family, consider strategies such as establishing a revocable living trust, designating beneficiaries on accounts, and holding assets jointly with rights of survivorship. These measures can help assets pass directly to beneficiaries without going through probate. Additionally, keeping your estate planning documents up to date and organized can significantly reduce the burden on your loved ones during an already difficult time.

Protecting your business interests requires careful planning to ensure continuity and minimize disruptions. Business succession planning involves identifying successors, outlining transition processes, and establishing legal documents such as buy-sell agreements. These steps help ensure that your business can continue operating smoothly in your absence.

Incorporating your business into your estate plan may also involve setting up trusts or other entities to manage ownership interests, reduce tax liabilities, and provide for your heirs. Attorney Susan Eleff has extensive experience in assisting business owners with these complex matters, ensuring that your business legacy is preserved according to your wishes. 

Yes, estate planning is important regardless of the size of your estate. An estate plan encompasses more than just the distribution of assets; it includes appointing guardians for minor children, designating healthcare proxies, and outlining your wishes for medical treatment in case of incapacity. These elements are crucial for ensuring that your personal and healthcare decisions are respected.

Moreover, having an estate plan can prevent potential conflicts among family members and provide clear guidance during challenging times. By working with an experienced attorney like Susan Eleff, you can create a comprehensive plan that reflects your values and provides peace of mind for you and your loved ones.