No matter the size of your estate or what your estate planning goals may be, an experienced trust and estates attorney can help you with your estate-planning needs and give you peace of mind that your loved ones will be taken care of even after you have passed.
Choosing the right estate planning instruments is crucial to the success of your estate-planning process, and that is why it is so important to have a skilled Maryland estates and trust attorney by your side.
Estate Planning Goals
Among the many reasons why it is important to creating a comprehensive trust and estate plan, is to minimize someone’s estate exposure to taxes, avoiding questions surrounding inadvertent heirs, and to provide capable management of the trust and estate.
Other common goals for clients seeking help with estate planning include:
- Providing for their loved one’s futures
- Preparing for incapacity
- Designate a power of attorney
- Creating a practical estate plan that is cost efficient
Wills in Bethesda
A will is a document setting forth a person’s wishes for how their trust and estate should be handled and distributed following their death. Wills can be structured in a number of ways and can include many different provisions, such as charitable contributions, child guardianship or business ownership succession. Whatever the trust and estate terms of a will though, they only take effect after the “testator’s” death.
A revocable trust is sometimes called a living trust because the terms can be charged during the grantor’s life and the trust is considered active, even when the grantor has not yet died.
Maryland Estate Planning Tools
The most frequently used trust and estate planning tools used in Maryland are wills, trusts, and revocable or living trusts. Regardless of which trust and estate tool is chosen, an experienced Maryland trusts and estates lawyer can look out for how the tax implications, creditor claims, and disgruntled family challenges may affect the trust and estate.
Individuals interesting in planning for their trust and estate have worked hard to provide for their family, to establish their business, and to build financial security. It is important to protect those assets through effective business and estate planning to ensure that an individual’s trust and the estate are disbursed according to the client’s wishes.
Power of Attorney
One of the typical ways in which a trust and estates attorney assists a client is by helping them decide who to designate as power of attorney. Power of attorney means that an individual selects a relative or friend who will act as a decision-maker regarding the client’s trust and estate if they are unable to do so themselves.
This means that the designated person will have authority to make decisions concerning finances, business affairs, medical status, and several other important areas of life in the event the client cannot do so. A trust and estates lawyer can create the language used in the power of attorney and explain the scope of its use for their client and often even help their client figure out who would be a good match to be a power of attorney.
Contacting a Maryland Trusts and Estates Lawyer
To find out how to preserve and protect your assets by creating a last will and testament or planning for your trust and estate, you need a Maryland trusts and estates lawyer who can explain your options and secure your legacy. A Maryland estate attorney can establish a trust to avoid probate, maintain the privacy of your estate, protect assets from creditors, and ensure that your designated beneficiaries get the inheritance you intend for them.
Protect your wealth, your assets, and your legacies by developing a plan for your trust and estate. Speak with a trusts and estates lawyer in Bethesda, Maryland who can help you make wise and secure decisions about your assets. If you have any questions regarding the legal definition of phrases you might encounter in the process, review our glossary for assistance.