Rockville Estate Planning Lawyer
No two people in Rockville are alike, so a one-size-fits-all approach does not make sense when it comes to estate planning. A Rockville estate planning lawyer could take the time to consider how to meet your goals in a cost-effective manner and develop a custom plan to prepare you for whatever obstacles lie ahead.
While at one time estate planning was virtually synonymous with writing a will, today, trust and estates lawyers have a myriad of legal tools to protect and best handle your assets. Furthermore, taking the time to meet with a trust and estates attorney now can reduce concern in the future.
Elements of Estate Planning
A knowledgeable Rockville estate planning lawyer could help representatives review assets to determine the components and value of their estate. Estate planning services could include:
- Preparing a plan for business succession
- Minimizing tax liability
- Retirement planning
- Drafting powers of attorney for decision making
- Creating and revising wills
- Devising trust to care for loved ones
- Preparing healthcare directives
An estate planning attorney could also assist with the administration of estates and trusts or help resolve conflicts concerning wills, estates, and other issues.
Trusts in Rockville
Trusts could either be designated as revocable so that they can be canceled, or irrevocable, in which case assets transferred to the trust may not be returned to the creator of the trust after it is established. An estate planning lawyer in Rockville could create a revocable living trust to avoid the need for probate. Assets are transferred into the trust, and when the grantor passes away, they go directly to the beneficiaries without becoming part of an estate for probate purposes. During the grantor’s lifetime, the assets can be managed and enjoyed just as they were before the trust was created.
A wide variety of irrevocable trusts could be used to assign assets while also reducing tax liability. Individuals in Rockville use trusts to provide for loved ones with special needs, protect assets from creditors, support charitable causes, or provide care for a beloved pet.
Drawing a Will to Plan the Future of an Estate
Even individuals with a living trust should have an updated will in place. If there are remaining assets that do not make it into the trust, the will provides directives for those assets. Moreover, the will could provide guidance regarding the administration of the estate.
A Rockville estate planning lawyer could help draft a will that names a guardian for minor children, establishes trusts to provide for loved ones, and directs how assets will be divided. Those who have not revised their will in some time are advised to consult with an estate planning lawyer to ensure their will supports the goals of the estate in the future.
Estate Planning Tools
No one likes to consider what could happen if they become incapacitated and unable to make decisions for themselves. A Rockville estate planning lawyer could help prepare for an unknown future. Power of attorney can be established to enable a trusted family member or friend to make financial or healthcare decisions after the passing of a loved one.
An attorney could also create a living will to specify wishes regarding future medical treatment. Buy-sell agreements and other documents could be prepared to pave the way for a smooth transition in the family business. There are many options available to meet the specific needs of an estate holder.
Talk to a Rockville Estate Planning Attorney to Eliminate Future Worries
An estate planning attorney could serve as your advocate and advisor not only during the planning process but during the administration of the estate as well. The best way to learn about the advantages of an experienced Rockville estate planning lawyer could provide in your situation is to schedule a consultation to discuss your needs.
Preparing an estate plan could reduce or even eliminate your concerns about the future and allow you to enjoy the present to its fullest. Call now for a consultation with an estate planning attorney.