A will protects your family and your assets and yet plenty of Americans don’t have a power of attorney or a will.
During the accumulation years, or the time period you spend working and earning money, there are many different phases of your life that you may encounter, including donating to charities, owning a small business, purchasing a home, volunteering, and buying life insurance.
Regardless of your interest in assets, it’s important to protect them and ensure that you have a plan to pass them on to the future. There are five key considerations that should be included in any estate plan and a consultation directly with an experienced estate planning attorney can clear up questions.
These include:
- Who will you ask to care for your belongings and for your children? Your executor is responsible for the passing on of all of your assets after you die and a will is also your opportunity to appoint a guardian for your minor children.
- Do you have specific circumstances in your life that should be addressed? Business owners, blended families, and unique charitable contributions all need to be considered in the prospect of your estate planning.
- How are your assets held? You might have transferred a portion of your business years before and forgotten about it or has recently sold a property. Make sure that you understand how your assets are held, either jointly or singly.
- How do you want your assets distributed? Passing on inheritances or assets to future generations in a fair manner doesn’t always mean distributing money equally. Equal distribution is becoming less popular as people look to the specific unique needs of their individual families.
- When should you change your will? Your will, along with any other estate planning documents, must remain current. If there is a change in your life, your will needs to be updated as well.
Consult with an experienced and knowledgeable estate planning lawyer to help you with this process. Schedule a meeting today with a Maryland estate planning attorney.