If asked, many people would probably say they’d rather not spend much time thinking about what will happen when they pass away. However, death is something that happens to everyone, and having a plan in place for how loved ones will be cared for and assets will be distributed when they are no longer here is important. It is even more important that a family get in touch with an experienced estate planning attorney before moving forward with a plan. Here’s why.
1. Wills and trusts serve different purposes. While a will allows people to name beneficiaries for property or guardians for minor children, a trust is necessary for those who care to avoid probate as they transfer their property. In some cases, a family may need to have both. An Estate Planning Lawyer in Bel Air MD will take on the task of explaining the benefits of each solution to families, helping them make the decision that’s right for them.
2. Estate planning requires families to make a lot of considerations, including end-of-life care, what to do with businesses and commercial property, and how to handle debts. There are many issues that people don’t even know they need to discuss, but not having a proper plan in place could prove disastrous later on. An estate planning attorney will walk families through all of the discussions they need to have and help ensure that all decisions are legally sound before they are solidified.
3. Estate plans often need to be modified throughout a person’s life. This is because circumstances will change as people grow older, pass away, get married, and undergo other major life shifts. An experienced Estate Planning Lawyer in Bel Air MD can help families complete and submit the paperwork necessary to amend or revoke a will or trust and help them clear up any conflicts or issues that arise.
While do-it-yourself estate planning kits can often oversimplify the process and make it seem easy, the simple truth is that it isn’t. Without professional legal assistance, a family could end up making costly mistakes that will hurt them in the end. For those who are ready to solidify their estate plans, it’s a good idea to get in touch with Michael S. Birch Attorney at Law.