Estate Planning & Probate

Wallace Law understands that many people find the estate planning process to be time consuming and emotionally difficult. Wallace Law can work with you to make it as understandable and comfortable as possible. You will likely find it to be a rewarding and educational experience resulting in peace of mind for you and your loved ones.

We will explain each document, and their provisions, that you may need for a comprehensive plan, which may include:

• Last Will and Testament
• Testamentary Trusts for Minors (Family Pot Trust or Separate Share Trust)
• Testamentary Marital Trust, Bypass Trust, Credit Shelter Trust, or Disclaimer Trust
• Advance Medical Directive, Durable Health Care Power of Attorney or Living Will
• HIPAA Authorization
• General Financial Power of Attorney
• Revocable Trusts
• Irrevocable Life Insurance Trusts (ILIT)
• Charitable Remainder Trusts (CRT, CRUT, CRAT)
• Lifetime Gifting Strategies
• Business Succession Planning
• Premarital Agreements, Domestic Partnership Agreements and Property Agreements
• Domestic Worker Employment Agreements and Nanny Agreements

Even if you don’t think you have an “estate” to plan, you still need a will to provide for the orderly distribution of your assets and real estate to those you love. In your will, you can name your personal representative or executor who will manage your affairs after your death. You will also be able to name guardians for your children and trustees for their assets. Without a will, the courts and the state legislature determine who will act for you, where your assets will be distributed and the most likely guardian for your minor children. In fact, without a trust for assets being passed to your minor children, they will likely have significant assets in their own name perhaps as early as age eighteen. A will allows you to decide at what age your children will receive asset distributions and for what purpose.

In the event of incapacity, it is critical that you are organized and prepared in advance. In an Advance Medical Directive, or Durable Health Care Power of Attorney, you decide whom to name as your health care agent and provide guidance to them for your medical care.

Similarly, a General Financial Power of Attorney gives another person the ability to make financial decisions on your behalf. A power of attorney may be used to address broad financial issues or a single transaction like purchasing real estate.

Wallace Law also assists clients with estate administration or probate matters following the death of a loved one. At death, probate may be required to legally transfer title of assets to the appropriate beneficiaries, to appoint the executor or personal representative of the estate, and to determine distribution of estate assets. We can assist you with all aspects of probate, including admitting the will to probate court; obtaining certified letters of administration; and final distribution of the decedent’s assets. Our estate administration services ensure that loved ones will be securely provided for in the manner you choose.

As of January 18, 2009, all qualifying domestic employees in Montgomery County, Maryland, must have or have been offered a contract. Regardless of where you live in the metropolitan DC area, it is important to have a contract in place with domestic employees, particularly nannies. Wallace Law can draft a Domestic Worker Employment Contract, or Nanny Agreement, to protect you and your family.

Wallace Law will also work with you to memorialize and negotiate premarital or prenuptial agreements. Wallace Law is well versed in assisting its gay and lesbian clients with domestic partnership agreements and property agreements.

Wallace Law’s clients include single people, married couples, families, and unmarried domestic partners and their children.

Contact us today to begin getting your affairs in order to take care of those you love.