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Question 1 – Power of Attorney
Should I give copies of my POA to the Bank, my mortgage specialist, my stock broker or should I just provide my agent with a copy?
Answer 1
You should provide a copy to your designated agent, but I would not recommend providing a copy to the Bank, your mortgage specialist or your stock broker because of the broad sweeping authority the POA gives to your agent. It becomes effective upon signature, so even if you are not incapable of making financial decisions on your own, your agent has the authority and access to do any such acts as stated in the Statutory POA.
Question 2 – Wills
What is probate? When a will is admitted to probate, what exactly does that mean?
Answer 2
The Office of the Register of Wills for the State of Maryland provides the following:
The literal interpretation means to prove, as in proving one's will. It can be done administratively in the Register of Wills Office or judicially by the Orphans' Court when necessary. It is the marshalling of assets, the payment of all creditors and the transference of all property in the decedent's name to the beneficiaries either named in the will or who would inherit under the laws of intestacy (dying without a will).
Question 3 – Advance Directive
Should I provide copies of my Advance Directive to my PCP, the hospital near my home, and my therapist or should I just provide my agent with a copy?
Answer 3
You should provide copies of your Advance Directive to the following interested persons:
1.Designated health care agent;
2.Primary care physician;
3.Hospital or treatment center;
4.Therapist;
5.Any other doctors that you frequent (i.e., gastrologist; oncologist; cardiologist; gynecologist)
6.You may wish to keep a copy of the Advance Directive in your vehicle;
7.You may wish to keep a copy of the Advance Directive in your wallet/purse.
Question 4 – Wills
What are probate assets?
Answer 4
Individual assets include all property titled in the decedent's sole name, without any other owners or a payable on death or similar type of beneficiary designation. Types of assets that can be titled this way include bank accounts; investment accounts; stocks and bonds; cars, boats, scooters and airplanes; business interests; real estate and tenant in common assets.
Question 5 – Wills
When should a Lawyer’s services be used?
Answer 5
There are many self-help kits on the internet that allow individuals to prepare and plan their own wills;however, we recommend that you obtain the expertise of a licensed professional who has experience in the estate planning process. It is important that your will is drafted with your goals in mind, whether those goals include protecting your legacy, reducing taxes, etc. It is always better to have the assistance of an experienced attorney to guide you through the challenging process. There are also signature requirements and a signing ceremony which is extremely important and could pose issues in the future if not done properly.
Question 6 – Wills
My father recently passed and designated me as his executor in his will. What do I need to do to get started?
Answer 6
The following is a partial list of items you will be required to furnish to open an estate in Maryland:
•Decedent's Last Will and Testament
•Death Certificate
•Funeral Contract/Bill
•Approximate value of assets in the decedent's name alone
•Title to decedent's automobiles and/or other motor vehicle
•Names and addresses of persons interested in the estate
•Regular Estate Forms - forms available on the MD Office of the Register of Wills website
•Small Estate Forms - forms available on the MD Office of the Register of Wills website
•Any applicable filing fee
Question 7 – Power of Attorney
I am aware that the new Statutory Power of Attorney is very broad and covers everything, is there an alternative, is there an option to only allow an agent to act in your behalf on certain issues like real estate and not everything? Please advise.
Answer
Yes, there is a Statutory Limited Power of Attorney available in the State of Maryland. This statutory form allows the principal to designate particular categories and actions, it is specific and would allow the agent to only act as designated in the form. The form covers the same subjects as the Durable Statutory Power of Attorney: Real Property; Tangible Personal Property; Stocks and Bonds; Commodities; Banks and other Financial Institutions; Operation of an Entity or Business; Insurance and Annuities; Estates, Trusts and other Beneficial Interests; Claims and Litigation; Personal and Family Maintenance; Benefits from Governmental Programs or Civil or Military Service; Retirement Plans, Taxes; and Gifts.
Question 8 – Wills
My father has a number of vehicles that he has collected over the years. He is still presently alive but he is not doing well, we are trying to understand the whole ‘probate’ process before we must go down that road as a family. My question is how difficult is it to transfer ownership of a vehicle? All of his cars have been registered and inspected in the State of Maryland, he’s got three antiques and two trucks, all running.
Answer
As stated on the Maryland Motor Vehicle Administration (MVA) website - If the vehicle is owned by the deceased person and its ownership is to be transferred to a legal heir, legatee, distributee or sold, you will need to contact the Register of Wills in the jurisdiction in which the deceased was a resident to confirm that you have all of the necessary documents and obtain the legal heir certification or letters of administration.
When presenting the MVA with letters of testamentary or administration to complete the transfer of ownership for a vehicle, the MVA can accept only the original. The original letters, which are issued by the Register of Wills, have a raised seal.
If you are a legal heir, legatee or distributee this is what you need to do:
•A legal heir is a person, usually a descendant of the deceased individual, who inherits property and/or wealth owned by the deceased.
•A legatee refers to a person named within the will of a deceased, not necessarily a relative.
•A distributee describes a person entitled to share in the distribution of the estate of the deceased.
•If the ownership is being transferred to a legal heir, legatee or distributee, the "assignment of ownership" section on the back of the "Maryland Certificate of Title" must be completed.
•The original letters of administration, naming the administrator, must be included with the title to transfer the ownership. Please be sure to give the administrator's full name and address.
Question 9 – Advance Directive
Should I indicate/have a provision in my Will that provides my plans for my burial or in my Advance Directive or in both?
Answer
Considering that your Will - will not be seen until after your death, it would make sense to include any information concerning your funeral arrangements in your Advance Directive. If you do include information concerning your burial in your Advance Directive, you should also discuss these plans in detail with your immediate family members so that your wishes are known and carried out.
Question 10 – Wills
Funeral expenses allowance for person who dies in year 2011?
Answer
The current funeral allowance for a regular estate is $10,000.00. Additionally, if the estate is solvent and the decedent's Will expressly empowers the personal representative to pay the funeral expenses without Court approval, a Petition and Court Order is not required.
MVP Law Group would like to thank everyone who contributed a question or comment.
Our next “Estate Planning Q & A Forum” is scheduled for Friday, November 4th, 2011!
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