You probably know why it is important to have an estate plan in place; however, do you know what legacy planning is? The idea behind the concept of legacy planning is to take estate planning to the next level. Legacy planning allows you to incorporate your ideals, beliefs, values, and faith into your estate planning endeavors. Instead of simply leaving behind assets, legacy planning lets you … [Read more...] about Why Legacy Planning Is Important
In the absence of even a simple Last Will and Testament, your estate will be distributed according to the intestate succession laws of your state of residency at the time of your death. In most cases, that means that a spouse and/or children will inherit your estate. What happens if you have a child born out of wedlock? Will that child inherit from your estate? The Annapolis estate planning … [Read more...] about Does a Child Born Out of Wedlock Inherit from My Estate?
If you have yet to create even a basic estate plan, you have likely had to listen to well-meaning friends and family encouraging you to get started. It helps to understand why it is so important to have that plan in place. Toward that end, a Bowie estate planning attorney at Sinclair Prosser Gasior explains why you don’t want to die intestate. Intestate vs. Intestate Estates When a … [Read more...] about Why Do I Need a Will?
When you think about creating an initial estate plan, you likely focus entirely on the need to create a roadmap for the distribution of your estate assets in the event of your death. While that certainly will always remain an important estate planning goal. You will undoubtedly include additional goals into your estate plan over time. The best way to decide which estate planning goals should be … [Read more...] about What Your Estate Plan Can Do for You
Creating an estate plan is one of the most important endeavors you will undertake during your lifetime. A well-thought-out estate plan can protect and provide for you and your loved ones. Given the importance of your estate plan, it only makes sense to do everything possible to avoid making mistakes during the creation of your plan. Toward that end, an Annapolis estate planning attorney at … [Read more...] about Estate Planning Mistakes to Avoid Making
For most people, a Last Will and Testament serves as the foundation of their estate plan. If you do not yet have at least a basic Will in place, there is no time like the present to execute one. When you do decide to create your Will, you may wonder if you need an estate planning attorney to assist you, or if you can create one on your own. A Bowie estate planning attorney at Sinclair Prosser … [Read more...] about Can I Use a DIY Will?
Between 1980 and 2010, the number of women over the age of 40 who opted to forego motherhood doubled from 10 percent to 20 percent. That trend is expected to continue. The reasons for remaining childless are as varied as the men and women who have chosen to skip parenthood. Many are involved in their careers, others may have married and divorced early on and have no desire for domestic life and … [Read more...] about Estate Planning When You’re Child Free
I have been considering getting an estate plan prepared but I do not know where to start. I do not know who to name as my trustee or executor. I am unsure of who I want to make health care decisions on my behalf. I do not know how I want my assets distributed upon my death. There is no way I can get started without this information, so I will continue to put it off. If this sounds familiar, … [Read more...] about Roadblocks in Estate Planning
Oftentimes in my consultations, I hear the refrain, “I am uncertain as to what is going to happen, so I do not know what I should do.” This comment is usually in reference to either the client’s own personal situation, such as a move or a family conflict, but it may be in response to legal or geopolitical uncertainty. The question is then, how do we prepare an estate plan in times of … [Read more...] about Estate Planning During Uncertain Times
Leaving money to a grandchild can be more complicated than it appears at first glance. Here are some of the frequent questions that come up during my consultations, along with factors to consider. Q: Can I just name my grandchild as a beneficiary on my life insurance policy? A: You could, however this could make things more complicated when you pass away. For example, if the grandchild is … [Read more...] about Leaving an Inheritance to Grandchildren