FAQ Friday: Happy Fourth of July

On Friday, July 5th, attorney Steven Berger wishes everyone a happy Fourth of July.

There was a parade in Severna Park and it makes us think about freedoms. Under civil law in countries such as France, heirs inherit regardless of how your Will is structured based on their law.

Our country uses common law, which we got from the British. This has evolved in the US to being able to name anyone such as charities. If you don’t have a Will, there is law structured around who would inherit such as the civil law referenced earlier.

There are less freedoms in some parts such as the requirement to leave half to your spouse so they are not left impoverished. The elective share is 1/3 if there are children and 1/2 if there are no children.

401k’s are covered by ERISA that requires spouses to be named as beneficiaries.

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