Estate planning allows you to arrange for the orderly distribution of your assets, based on your wishes, at your death.
More than just having a will, estate planning also involves titling and designating beneficiaries. It can also involve creating various types of trusts, planning for special needs, and tax planning. Wills are used to direct the transfer of those assets that are not titled jointly and do not designate a beneficiary. These assets, which you hold at death in your name alone, are called your “probate assets” or “probate estate.” Wills also designate a “personal representative” who acts at your death to determine your assets, wind up your affairs, and distribute your probate assets to those you name in your will. This process is called probate administration. Legal fees in connection with a probate estate are overseen by the Orphans’ Court, the Maryland court in which the process of probate is conducted.
For those with children under 18, wills can also be used to designate guardians and fiduciaries for your children. A guardian is a person who has the authority and responsibility to care for a minor child. A fiduciary takes care of the assets that pass to a minor child. A guardian and fiduciary of a minor child can be the same person, but they don’t need to be. Careful consideration should be given to your choice of these individuals and your decision should be revisited on a periodic basis as circumstances change.
Other important aspects of your estate planning include the creation of Trusts, a General Power of Attorney, an Advance Directive, and planning for long-term care.
A PK Law Estate Planning Attorney can assess your assets and evaluate your unique circumstances and wishes with regard to your estate plan and ensure the necessary steps are taken and the necessary documents are in place for your estate plan. If you have an estate plan, but it has been over ten years since your plan has been reviewed, or if significant life changes have occurred such as a divorce, marriage, marriage of children or birth of grandchildren, a PK Law Estate Planning Attorney can assist you with reviewing and updating your estate plan.
