SoMD Estate Planning

Estate Planning Attorneys in Southern Maryland

Estate Planning Tips

Estate Planning for Federal Employees: TSP, FERS, and Beyond

Southern Maryland is home to thousands of federal employees working at military installations, government agencies, and contractors throughout the region. If you are a federal worker, your estate plan needs to account for the unique benefits you have — including TSP accounts, FERS retirement, FEGLI life insurance, and federal health benefits.

TSP and Retirement Account Planning

Your Thrift Savings Plan is likely one of your largest assets. TSP beneficiary designations follow specific federal rules and do not automatically update with marriage or divorce. FERS survivor benefits require specific elections during retirement. FEGLI beneficiary designations must be filed separately. Coordinate all federal benefits with your will and trust to ensure a comprehensive plan.

At SoMD Estate Planning, we provide personalized guidance tailored to your specific situation. Contact us about our $1,500 flat-fee estate plan.

Estate Planning Checklist: Everything You Need to Get Started

Estate planning can feel overwhelming when you do not know where to start. This comprehensive checklist breaks the process into manageable steps so you can approach your estate plan with confidence. Whether you are starting from scratch or reviewing an existing plan, use this guide to make sure nothing falls through the cracks.

Step 1: Take Inventory of Your Assets

List all bank accounts, investment accounts, retirement accounts, real estate, vehicles, valuable personal property, digital assets, and business interests. Then gather existing legal documents including any prior wills, trusts, powers of attorney, and insurance policies. Next, create or update your will, advance directive, and power of attorney. Consider whether a trust is appropriate. Review and update all beneficiary designations. Finally, store your documents securely and make sure your executor and family know where to find them.

At SoMD Estate Planning, we provide personalized guidance tailored to your specific situation. Contact us about our $1,500 flat-fee estate plan.

How to Avoid Probate in Maryland: 5 Proven Strategies

Probate in Maryland means court oversight, public records, potential delays, and additional costs for your family. The good news is that with proper planning, most — or even all — of your assets can pass to your loved ones without going through probate. Here are five proven strategies Maryland families use to avoid the probate process.

Strategy 1: Revocable Living Trusts

The most comprehensive approach is transferring assets into a revocable living trust. Assets held in a trust pass directly to beneficiaries without court involvement. Other strategies include joint tenancy with right of survivorship for real estate, payable-on-death designations on bank accounts, transfer-on-death registrations for securities, and proper beneficiary designations on retirement accounts and life insurance policies. Each strategy has advantages and limitations — the best approach uses multiple strategies together.

At SoMD Estate Planning, we provide personalized guidance tailored to your specific situation. Contact us about our $1,500 flat-fee estate plan.

The Importance of Naming Beneficiaries — And the Mistakes to Avoid

Beneficiary designations on life insurance, retirement accounts, and payable-on-death accounts override your will. A single outdated form can undo even the most carefully crafted estate plan.

Common Beneficiary Mistakes

Naming an ex-spouse and never updating. Naming a minor child directly. Naming no beneficiary, causing probate. Failing to name contingent beneficiaries. Not coordinating with your overall plan. Review all designations annually and after every major life event. Consider naming your trust as beneficiary for greater control.

A comprehensive beneficiary review is part of every estate plan at SoMD Estate Planning. Start your estate plan today.

Choosing the Right Executor for Your Will: A Practical Guide

Your executor — called a personal representative in Maryland — is the person responsible for carrying out the instructions in your will. Choosing the right person for this role is one of the most important decisions in your estate plan, yet many people make this choice without fully understanding what the job entails.

What Does an Executor Actually Do?

Your executor files the will with the court, inventories your assets, notifies creditors, pays outstanding debts and taxes, manages estate assets during probate, distributes assets to beneficiaries, files final tax returns, and provides accountings to the court. It is a significant responsibility that can take months to complete.

Qualities to Look For

The best executor is someone who is trustworthy and honest, organized and detail-oriented, financially responsible, willing to serve, available to dedicate the time required, and able to remain impartial if family dynamics are complex. While it does not need to be a family member, it should be someone you trust completely.

Can You Name a Professional Executor?

Yes. Some people choose to name an attorney, accountant, or professional fiduciary as their executor. This can be a good option if family dynamics are complicated, your estate is large or complex, or no suitable family member is available or willing.

Always Name a Backup

Always designate an alternate executor in case your first choice is unable or unwilling to serve when the time comes. Without a named backup, the court will appoint someone.

Need help choosing the right executor and structuring your will? Contact SoMD Estate Planning for personalized guidance.