Baltimore Estate Planning Services To Protect Your Legacy

No one likes to think about death. But many of us want to ensure that our loved ones are cared for after we’re gone. Legacy planning can help you prepare to pass your assets to your family and loved ones after death and ensure that it happens as smoothly as possible.

When it comes to your legacy, within your family or your community, you need professional guidance to ensure that your loved ones will be cared for and that your family will know and honor your wishes. Whether you are planning your living legacy or making plans for after death, the attorneys at the Law Offices of Beverly Winstead can help. They have extensive experience helping people in both Baltimore and Laurel, Maryland, create lasting legacies.

Why Estate Planning?

Transferring wealth and assets can often be a complex process. For estates or assets over a certain value, your estate may need to pass through probate, which is a court-directed process that can take months or even years. Through estate planning, you can ensure that your assets pass to the people you intend and ensure that the process happens as quickly and inexpensively as possible.

Estate plans consist of multiple elements, including:

• • Will: Your last will and testament is only the beginning of legacy planning. You can set forth the various parts of your estate plan and create a binding document dictating the distribution of your property and assets.

• • Power of Attorney: A power of attorney allows you to appoint someone to act on your behalf financially if you become physically or mentally incapacitated. You can select someone you trust and allow someone to step in without court action on your behalf.

• • Trusts: A trust can allow you to manage your estate before and after death, allowing you to avoid probate. A trustee you name will manage the trust after your death, but you can be the trustee while you are alive, allowing more flexibility. You can also use a trust for minor children who can’t legally inherit large sums without a trustee appointed by you or the court.

• • Medical Directives: A medical directive allows you to make your wishes known for end-of-life care in the event you can’t speak for yourself. You can appoint a health care proxy you trust to make these decisions.

• • Directed Beneficiary Designations: You can also avoid probate with directed beneficiaries for a life insurance policy, retirement account or IRA. These funds can pass directly to your named beneficiaries without going through probate. You can also name a trust as your beneficiary to benefit minor children.

• • Charitable Gifts: Legacy planning is the perfect time to consider how you’d like to impact your community. Consider gifts to educational institutions, nonprofits or foundations you’ve supported in the past. Or consult an experienced estate planner about creating and funding your own organization.

If you are a business owner, legacy planning can also help set up a succession plan if you die or become incapacitated. At the same time, you can also consider any lasting impact you’d like to make on your community.

Frequently Asked Questions About Estate Planning

Our attorneys at the Law Offices of Beverly Winstead are prepared to answer any questions you may have, such as:

Can I update my estate plan after it’s been created, and how often should I review it?

Yes. An estate plan can be updated as often as you need. You can make any kind of changes you desire or need to your estate plan, such as naming new beneficiaries, adding assets, exploring your future health care options and drafting trusts.

An estate plan should generally be updated every three to five years. However, you may need to update your estate plan sooner. It’s prudent to update estate plans after marriage, divorce, having children or developing health issues. If you are unsure if now is the right time to alter your estate plan, you can reach out to our firm and speak to an attorney to learn about your options.

How do I choose the right beneficiaries for my assets, and what are the implications of naming a minor child as a beneficiary?

When choosing the right beneficiary, many people often consider how their estate can help their loved ones. For example, your estate may benefit your child’s or grandchild’s future by helping them through school or to buy a home.

However, when naming a minor child as a beneficiary, there are special considerations you may need to make. A minor child may not have the experience or knowledge to manage an estate. So, an adult may be delegated to manage the estate on behalf of a minor child or their inheritance may be put into a trust for disbursement once they are grown.

What are the key documents in an estate plan?

A lot of the decisions in an estate plan center around a legal document called a will, including asset division, estate management and future health care. You can also include a trust to protect your legacy. If you have minor children, you may also use an estate plan to name a guardian for them in the event of your death. Your estate plan may also include powers of attorney and health care directives.

What is probate, and how can estate planning help me avoid it?

Probate is the formal process of settling an estate and transferring assets to their new owners. Probate can last for several months to a year. Probate can often be avoided, however, through the careful use of trusts, gifts and beneficiary designations.

Work With An Experienced Estate Planning Attorney

You do not have to face the estate planning process alone. Working with an experienced estate planning lawyer can help streamline the process and ensure that your legacy and loved ones are protected. To schedule a consultation, call the Baltimore Law Offices of Beverly Winstead at 301-760-2003 or contact them online.