Structuring an estate is something that many people view as important, but believe it can be put off for a little while longer. The thing to keep in mind is that later may never come. Rather than making excuses for not making arrangements in the here and now, it makes sense to schedule an appointment with an Estate Planning Attorney in Bel Air MD today. Here is what the attorney will do for the client.
Review of Current Assets
The best place to begin is with the current status of the financial assets. Expect the Estate Planning Attorney in Bel Air MD to go over everything from real estate to the balance in the savings account. At this juncture, the focus is on establish a basis for all of the future estate planning. Having a complete list of assets will make it easier to begin structuring the estate properly.
Creating Basic Documents
There are a few documents that must be part of the essential estate planning. This includes a last will and testament that is up to date. The attorney may also recommend setting up legal and medical powers of attorney. This is especially important for anyone who is not married. Doing so will ensure that someone is empowered to make decisions if the client should become unable to do so for any reason. Click here for further details.
Looking into Trust Options
Part of the planning will focus on how certain assets can be allocated for specific purposes. For example, parents may want to leave money for the kids but have concerns about them receiving lump sums. Trust funds can be structured so all assets are placed in a family trust and used for investments. The kids receive monthly stipends based on the performance of those assets. In the best case scenario, the assets generate income for many years before the trust is dissolved and the assets sold.
Keep in mind that the goal is to ensure all assets are passed on to individuals or entities in accordance with the wishes of the client. Contact Michael S. Birch Attorney at Law and arrange to begin the process of bringing order to the estate. Doing so will ensure that even if something happens tomorrow, there will be no question about how the assets should be allocated.
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