Many people don’t fully understand the need for estate planning, or they have questions about the process. If you’re new to planning, it’s important to make sure that you fully understand your options, and that you plan correctly. Take a look at the following information, to learn more. If you have any questions, or if you’d like to discuss your estate planning needs, meet with an estate planning attorney.
Question 1: Shouldn’t I wait to plan until later in life? NO!
Your estate planning affairs should be handled as soon as possible. You never know when an emergency may occur. With a plan in place, you will always be protected for the future. Take the time to meet with an attorney, so that you can make sure you’re protected throughout your entire lifetime.
Question 2: Do I really need an attorney? YES!
An attorney studies law for many years. You will not have the knowledge needed to create a legal and error-free plan. With the help of an attorney, you will be able to have a customized plan that meets all of your needs.
Questions 3: Will I be protected with only a will? NO!
A will is an important planning device, but it isn’t the only document that you need. You should also consider other needs. You likely want to prepare for medical emergencies, plan for future costs, and protect beneficiaries’ assets from creditors. All of these needs will require other estate planning documents and techniques.
Questions 4: Will I need to make updates to my planning? YES!
As you go throughout life, your needs and the law will change. An estate planning review can help to point out the updates that need to be made. Your attorney will be able to make changes to your plan so that your needs are always met. If you fail to update, your current wishes may not be respected and your estate plan will fail.
If you have yet to start your planning, now is the time to do so. If you have any questions about the need for estate planning, consult with a qualified estate planning attorney.
- How Often Should I Meet with an Estate Planning Attorney? - January 18, 2018
- Tax Law Changes for 2018 - December 29, 2017
- Dedicated Gardeners & Creative Spaces in Annapolis, MD - May 30, 2017