It can seem like there are too many things that you need to know about, such as trusts to reduce taxes, issues about guardianship, and how to distribute your assets. Then you need to think about finding the time and money to hire a lawyer to help you draft a will.
The best way to begin is simply by thinking about what you want to happen when you’re gone.
Nobody likes to think about their own death, but it is an eventuality and needs to be planned for. The sooner you think about planning your estate the sooner you can act. Once you have your estate in order, you’ll be able to enjoy knowing that your family is taken care of in the way you want.
Take into account all of your assets as well as your debt. You need to have accurate information about how much your estate is worth so remember to include your intangible assets such as any investments you’ve made, your insurance policies, any art collections you have, and your personal property such jewelry and furniture.
They will be able to help you figure out if your estate is subject to any taxes, whether it will have to go through a probate court, and potentially how to avoid both processes. An experienced attorney will also educate you about and address the risks to your estate in the event that you’re incapacitated and unable to make decisions for yourself.
Talk about their wishes and how they want to see your assets distributed.
At the same time, make certain that you talk about your own wishes since what you want is just as important.
The more you talk before your death the less likely there are to be problems after your death.
Mr. Abraham is an experienced attorney and founding member of the Law Firm of Abraham & Bauer. The Towson, MD office of the firm concentrates its practice in Estate Planning, Elder Law, Probate, Medical Assistance (Medicaid), Guardianship, Asset Preservation and Fiduciary Representation.
He is an active member in a number of professional organizations that focus on law, the senior community, and estate planning. He works with clients in Central Maryland, especially in Towson, Hunt Valley, Lutherville/Timonium, Parkville, White Marsh, Bel Air & Northern Baltimore City.
Schedule a consultation to help you and your loved ones.