Equip for Life Sessions Estate Planning Workshop

1. Estate Planning Workshop
Heritage Community Church
Equip for Life Sessions

2. Topics for Today
 Distribution of Assets
– Wills
– Trusts
– Deeds
 General Durable Power of Attorney
 Health Care Agent/Advance Directive

3. Estate Planning
 Why Do I Need An Estate Plan?
 What Happens If I Have A Will?
 What Happens If I Don’t Have A Will?

4. Intestacy Laws in Maryland
If the Decedent is Survived by:
 a spouse and minor children - spouse receives one-half, minor children
share remaining one-half
 a spouse and all adult children - spouse receives $15,000 plus one-half of
remaining estate, adult children divide the remaining share of the estate;
 children only — children divide estate equally;
 a spouse and parents — spouse receives $15,000 plus one-half of
remaining estate, both parents divide the balance or surviving parent
receives the balance
 a spouse without other heirs listed above — entire estate passes to
spouse

5. …Continued
 parents without heirs listed above - both parents divide entire estate or
surviving parent takes all
 brothers and/or sisters without other heirs listed above - brothers
and/or sisters divide estate equally
 grandparents without other heirs listed above - grandparent(s) divide
entire estate or, if grandparents are deceased, to issue of the
grandparents
 great-grandparents without other heirs listed above - great-
grandparent(s) divide entire estate
 stepchildren will share the estate if there are no other heirs as listed
above
 no living heirs or stepchildren - to the State.

6. What Issues Should You Consider When
Preparing A Will?
 Probate Assets
– pass through estate
 Non-Probate Assets
– Deeds with Survivorship Tenancies
– Joint Bank/Brokerage Accounts
– Beneficiary Designations

7. …continued
 People to name in will:
– Personal Representative
– Trustee
– Guardian/Custodian (for minor children)
 Distribute Assets
– Specific or General
– Percentages or Dollars
 Establish Trusts

8. General Durable Power of Attorney
 Purpose:
– Identify person to:
 Transact business
 Sign legal/financial documents
– Prevent court proceeding for guardianship
 If disabled, durable POA remains in effect
 Consideration:
– Should update every 3 – 5 years

9. Health Care Agent / Advance Directive
 Health Care Agent
– Appoint person to make medical decisions
 Advance Directive:
– Make advance decisions regarding your care
– Comes into effect if determined to be in:
 Terminal condition
 Persistent vegetative state
 End-stage condition

10. Living Trusts
 Reasons for setting up:
– Avoid probate
– Tax planning
– Medical assistance planning
 Things to consider:
– Can be cumbersome
– Costs/Expense
– Probate still possible

11. Alternatives
 Deeds
– Joint Tenancies
– Tenancy by the Entireties (married only)
– Life Estates
* With Powers
* Without Powers

12. Heritage Community Church
Estate Planning Workshop