Q&A
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Will court backlogs due to the pandemic cause significant delays to separation, divorce, and custody cases?
Should I put my adult children’s names on my bank accounts and deed to my house?
The good news is that the courts have now resumed a normal operation schedule. While there is a slight delay in scheduling lengthy trials due to pandemic postponements, the courts are conducting many hearings such as scheduling conferences, pretrial conferences, and mutual consent divorce hearings remotely. Through this process the court has minimized delays and disruptions to the parties involved. If one is considering moving forward with a family law case, it is still important to be prepared with an attorney to begin the process and to best protect your interests and assets.
Putting adult children’s names on bank accounts and other assets is one of the biggest estate planning mistakes people make. When adding your children to accounts or other assets, you are giving your children an ownership interest in your assets, which could subject your assets to your children’s creditors. There could also be unintended negative tax consequences when the kids sell certain assets after your death. Finally, you could be creating animosity in the family if you have multiple children but only add one child to your accounts. This can be avoided with proper estate planning.
Thomas J. Fleckenstein The Law Office of Thomas J. Fleckenstein
Greg Jimeno Jimeno & Gray, P.A.
What are the responsibilities of the Executor of an estate?
How will my Prenuptial Agreement affect my divorce? Any agreement signed by future spouses that deals with property, finances, and other assets during marriage, or in the event of a divorce, falls under the prenuptial agreement umbrella. How, or even whether, your Agreement will be applied depends not just on the terms of the agreement, but on the circumstances surrounding its negotiation and signing. When you signed it, who wrote it, whether you had an attorney, and what each of you knew about the other’s financial situation can be just as important as the language of the Agreement itself. It’s imperative to speak to a knowledgeable attorney who can help you avoid common pitfalls.
Marietta B. Warren Hillman, Brown & Darrow, P.A.
In Maryland, the Executor of an estate is known as the Personal Representative, and the Personal Representative is appointed by the decedent in the decedent’s Will. The Personal Representative is required to “administer” the decedent’s estate, which includes (i) identifying and valuing the assets; (ii) preparing and filing required documents with the Register of Wills; and (iii) distributing the assets to the beneficiaries in accordance with the terms of the decedent’s Will. The Personal Representative does not determine how the assets are distributed to the beneficiaries, and the Personal Representative may not make revisions to the decedent’s Will.
Sarah Dwyer-Heidkamp MDSW
