Estate Planning in Maryland
Estate planning means planning for the disposition of your assets upon your death. It also typically involves planning for others to assist you in the event you become incapacitated. Initially, you should be aware that your estate includes virtually everything you own, from real estate to vehicles to jewelry. The objective of comprehensive estate planning is more efficient administration of your estate, resulting in lower costs and minimizing the estate’s exposure to taxes. Don’t hesitate to call and schedule a consultation today with the Law Office of Andrew D. Toms, LLC.
What is Involved In Estate Planning?
The role of a Maryland estate planning attorney has two separate parts:
- Planning – The attorney must work closely with clients to help plan for their future.
- Administration – After the client’s death, an attorney administers the plan that was created.
It’s important to be well prepared for the initial meeting with your estate planning attorney and to bring summaries of bank and investment accounts, real estate holdings, insurance, business agreements, family information, etc. In the first meeting, you will typically review options for the types of wills, trusts, and documents for incapacity that would meet your goals. Your estate attorney will ask you such questions as:
- Who would you like to inherit your property?
- Do you want to leave anything to charity?
- Who should be the executor of your will?
- Do you have instructions for funeral arrangements?
After you have answered these and other questions, your lawyer will draft documents necessary to effectuate your objectives. After the documents are complete and signed, it’s important to identify your beneficiaries.
Reviewing and Updating Your Estate Plan
Once the planning process is complete, you are responsible for reviewing the documents. You should review your documents every three to five years to make sure that they take into account major life events such as marriage, divorce, the birth of a child or grandchild, death in the family, death of a spouse, or death or incapacity of the trustees or executors named in the documents. In addition, if you have moved outside the state or experienced significant changes in your net worth, your documents may need updating.
Your estate planning documents are living documents and can and should be updated to reflect your changing life situation and needs. In addition, they will need to reflect changes in the law that occur in the estate planning area at both the federal and state levels. For example, Congress often increases or decreases gift and tax exemptions that require changes or fine-tuning of your estate plan.
Contact the Law Office of Andrew D. Toms, LLC
While people often shy away from estate planning as it brings them face-to-face with their mortality, it’s an important part of caring for your family. Let the Law Office of Andrew D. Toms, LLC, guide you through the estate planning process thoughtfully and sensitively; contact us today.