You have worked hard to provide for your family, to establish your business, and to build financial security. It is important to protect your assets through effective business planning and estate planning, and to ensure that your estate is disbursed according to your wishes. To find out how to preserve and protect your assets by creating a last will and testament, find a Maryland trusts and estates lawyer who can explain your options and secure your legacy.
Do I Need a Trusts and Estates Attorney in Maryland?
Everyone in any stage of their life benefits from consulting a trusts and estates attorney. Even when you are gone, you want your legacy to continue in the manner you intended, whether that is securing the financial stability of your heirs or through funding philanthropic efforts close to your heart. A comprehensive estate plan can assist you with avoiding unintended heirs, minimizing exposure to estate taxes, and providing for the efficient administration of your estate.
If you become incapacitated prior to your death, it is important to have a clearly defined plan for your estate, which may include appointing a power of attorney or health care agent to make financial, legal and healthcare decisions for you. Selecting people you trust to make your decisions in the event of incapacity is just one part of a comprehensive estate plan that your Maryland trusts and estates attorney can help you create.
Careful planning now can protect your assets now and for generations to come. Call to learn more.
What Does a Maryland Trusts and Estates Attorney Do?
When planning your estate, there are myriad factors to consider. A trusts and estates lawyer can explain your options and help you weigh the costs and benefits of each to determine the best course of action for preserving and protecting your estate. Your estate plan may include:
- Establishing a trust to avoid probate, maintain the privacy of your estate, protect assets from creditors, and insure that your designated beneficiaries get the inheritance you intend for them.
- Designating a trustee or trustees to manage the trust for the benefit of your beneficiaries.
- Appointing a power of attorney, including financial power of attorney or a healthcare agent. Your agent or attorney-in-fact may be authorized to make decisions about your estate, your finances, your business, or any other responsibilities designated by the specific power of attorney granted.
- Developing solutions to help minimize exposure to estate and inheritance taxes.
Estate planning is important early in the development of your business or estate, and as you begin to accumulate wealth, as an unforeseen situation can cause incapacitation or an early death. However, many people put off estate planning until their golden years. If a major life change, such as marriage, birth of a child or purchase of a new home, has you thinking about your future, finding a trusts and estates attorney can allow you to establish a plan to prepare for your incapacity and providing for your loved ones. Should you want to become a loved one or friend’s guardian in a time of need, a Maryland trusts and estates lawyer can help you as well.
Planning for Your Future and Beyond: Maryland Trusts and Estates Lawyers
Protect your wealth, your assets, and your legacies by developing a plan for your estate. Call today to 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.