A Will is Not Enough
I have lost count of the amount of people that inform me their estate plan is complete because they have a will. Imagine saying that you are ready to walk across a tightrope (with no preparation or skill) because the safety net is stretched underneath? Would you be ready? I wouldn’t!
Now, let me be clear. It’s OKAY if you die with “just” a will! It’s even okay, a lot of times, if you die without one! gasps I know- I know. The government won’t take all your money because you don’t have a will. They might take all your money if you DO have a will! (If you owed them money, that is!)
A will does NOT avoid debts that you have incurred during your lifetime. If you leave your house to your kids, but it is underwater in a mortgage, you don’t just get to skip that mortgage and give it to the kids debt free! The mortgage will have to be paid in full (or other arrangements made to assume it) before they can have it. Same with a car. The loan has to be satisfied. And if you died with $50,000 in credit card debt and $2000 in your bank account? The equity from your house and car must be sold or the debt otherwise paid to clear that debt before anyone can be given anything!
Speaking of bank accounts, what happens to those? What if you said in your Will, for instance “I want to leave this account to my sister Sally”. Then, when your child gets old enough, you add them as a joint member on your account to assist you with bills, etc.” Did you know that adding a second person to your account actually changes the law as to who gets the money when you die? Under the contract with that bank, that money goes directly- no strings attached- to the remaining person on the account! It doesn’t matter what you put in the Will- the ONLY things that are dealt with in your Will are the things in your name and yours alone- WITHOUT the contractual naming of another beneficiary at your death.
Whatever you accomplished in life contractually supercedes what is in your will! But these decisions we make to name people on our accounts have legal and tax consequences that many often don’t think about. There are certain taxes that apply or are exempt from inheritance (after death) that are different when given in life. So if that child on that account gives money to Aunt Sally after it becomes legally theirs? Does it qualify for inheritance tax? These are all questions we don’t often think about.
What if your child has debts? What if they end up going through a divorce with a crazy ex who wants to take all their money? What if they end up with a substance abuse problem? If their name is on your account and that money is legally part theirs, it could be at risk of being lost.
Life is full of uncertainty, yet we go through it pretending like none of this matters or will happen to us. It takes a small amount of preparation to avoid a lot of these pitfalls, and once those are in place, you rarely have to think about it again!
Give us a call today and we can make sure that you not only have a clear understanding of what will happen to your stuff, but that you also have the peace of mind knowing your legacy will be protected as it deserves to be- as a meaningful part of your life story that you leave to those you love.
Quote of the Week
“The way to get started is to quit talking and begin doing.” —Walt Disney
Encouraging Scripture
“Be dilligent in those matters; give yourself wholly to them, so that everyone may see your progress. Watch your life and doctrine closely. Persevere in them, because if you do, you will save both yourself and your hearers”- 1 Timothy 4:15-16
Spotlight on the Mar-Va
The Mar-Va Theater, located in the heart of downtown Pocomoke City, is a charming relic of classic America. Opened in 1949, this historic venue has been a cornerstone of our community for decades. The Mar-Va boasts a beautifully restored Art Deco facade which captivates visitors with its nostalgic appeal.
Inside, the theater exudes a cozy, intimate atmosphere, where patrons can enjoy a diverse range of films, live performances, and special events. The Mar-Va’s dedication to preserving its rich heritage while offering contemporary programming makes it a beloved cultural hub in our community, and on the eastern shore as a whole
Mar-Va Theater
Performing Arts Center
103 Market Street
Pocomoke City, MD 21851
Small Business Showcase
Here at the Law Office of Rachel B. Harris, we recognize the importance that small businesses play in our local economy. Please show them love as you support local!
Britman Professional Pest Services
Professional Pest Services for your business and home!
Britman is a locally owned and operated business. Our pest professionals are licensed and have over 20 years of experience in the industry. We have the experience you can rely on to handle any pest issue. We offer both commercial and residential pest control programs for a wide range of pets. Our pest control management programs can be fully customized for your home and business. We currently offer our services in Kent and Sussex counties in Delaware, Accomack County in Virginia, and Worcester, Wicomico, Somerset, Talbot, and Dorchester Counties in Maryland.
Contact them for more information on their services, products & company.
Britman Professional Pest Services
P.O. Box 476, Pocomoke City, MD 21851
443-437-7457
Britmanpestpro@gmail.com
Do you have a small business you would like us to showcase? Email Danny@theshorelawyer.com to highlight your business in a future edition!
RECIPES WITH RACHEL
Peanut Butter Spider Cookies
Easy Halloween Treats to make with the kids! Make things a little spookier this Halloween with these 3 ingredient Halloween treats.
Ingredients:
12 peanut butter cookies (store bought or homemade)
12 mini Reese’s peanut butter cups
1/4 cup semi-sweet chocolate, melted
optional: 24 mini candy eyeballs
Instructions:
Melt the chocolate in a double boiler or in the microwave, stirring every 30 seconds until smooth and melty. Transfer the chocolate to a piping bag or Ziploc bag with a tiny bit of the end snipped off.
Place a tiny bit of melted chocolate in the middle of a peanut butter cookie the press a mini peanut butter cup on top. Using the piping bag, create 8 “legs” with the chocolate, 4 on each side. Repeat with remaining cookies.
Use a bit of the melted chocolate on the front of the Reese’s peanut butter cup and place 2 mini candy eye balls on top, pressing them on.
Cookies will keep at room temperature, for 5-6 days or in the freezer for up to 2 months.
DESTINATION OF THE WEEK
Celebrity Summitt Cruise
March 6- March 14, 2025
2 ADULTS
Interior Room
$1963 (plus gratuities)
Prices subject to change, deposit required
KONA FLASH SALE
ANY Exoticca Brand trip you book with us, this month, will earn you $3,000 in Non-Stop travel credit—to spend directly through us—on future adventures over the next 3 years. This means more vacations, bigger adventure and an ever-more-beautiful tomorrow!!
*Prices subject to change until deposit is made*
READY TO PLAN YOUR DREAM VACATION?
Book with Beautiful Tomorrow Adventures, your one-stop-shop for all your travel needs! With over 25 dedicated and experienced travel agents, Beautiful Tomorrow Adventures is ready to help you plan today for a Beautiful Tomorrow.
OFFICE PET SPOTLIGHT
Is this cold weather making anyone else sleepy?
I know many of us would like to stay cuddled in our warm beds like Quacky!
Do you have an ADORABLE PET that we can spotlight? Email it to: Siarra@theshorelawyer.com and tell us what you love about them! We love sharing cute pictures!
Tell Your Friends About Us!
Do you know anyone who needs the services of a lawyer?
If so, please consider sharing our information with them! We serve a variety of legal needs, and have connections with other attorneys who can service areas in which we are not currently practicing. We are here to help you!
You’re awesome for reading to the end! As a thank you, we are offering 10% off our peace of mind planning consultation fee! Just tell us the codeword “Newsletter” when you schedule it!
