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Family Matters Newsletter
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5 Tips For Getting Started With Your Estate Plan
Do
you have your estate plan? If not, what are you waiting for? Every
adult needs an estate plan, even if it is a simple Will. Here are 5
easy steps to help you get started on your estate plan and protect your
family and assets. To create a comprehensive estate plan, you will need
to gather information and make some important decisions. Make a list of your current assets and
liabilities. To
start the estate planning process, you should have an understanding of
your current financial situation. You can do this by listing all of
your assets and liabilities to help your estate planning attorney (or
tax attorney) determine your net worth and any potential tax liability.
It is also necessary to gather all of your important financial papers
such as recent tax returns, bank statements, investment and retirement
account statements, loan documentation, and copies of your insurance
policies. Determine your estate planning objectives. The
next step in the estate planning process is to determine your
objectives (what you want to accomplish). Some objectives include
providing security for the surviving spouse; providing for an
incapacitated family member; providing educational opportunities for a
beneficiary; minimizing federal and state estate or inheritance taxes;
naming guardians or trustees for minor children; or transferring
specific property to specific people. Your objectives will guide you
through each step of the estate planning process. Determine who will receive your assets. In
Maryland and the District of Columbia you can disinherit anyone except
your spouse (unless your spouse waived his or her rights in a
premarital or post-marital agreement). First determine your
beneficiaries (those who will inherit your estate) and what you want to
distribute to your beneficiaries. Then determine what happens to your
estate if a beneficiary predeceases you (dies before you) or if a
charity you choose no longer exists at the time of your death. In this
case, you will need to name what are called contingent beneficiaries
who will inherit your estate if a beneficiary predeceases you. Depending
on the beneficiary's age, health, and family and financial situation,
you may need to delay distributing your estate to that beneficiary or
create a trust to manage the assets for that beneficiary. Your estate
planning attorney will walk you through the needs of each beneficiary
and then help you decide what to do for each one. Choose someone to act on your behalf. This
is probably the most important step in the estate planning process. You
need to carefully consider who will act in your best interests if you
become disabled or who will act in your beneficiaries' best interests
after you die. Your estate plan will also include forms for you to name
specific fiduciaries to act on your behalf either during your lifetime
or after your death. Your estate planning attorney will help you decide
who to choose and explain the function and role of each fiduciary. Find an Estate Planning Attorney. The
final step is to choose a competent and experienced estate planning
attorney who will walk you through each step of the estate planning
process so you fully understand why and how you should take action to
protect your family and assets. |
You’re invited to call or
e-mail. "If you have questions about estate planning, asset protection, assisted reproduction or surrogacy, please send your e-mail today to nicole @ kinseylawgroup.com or call (301) 968-1630." — Nicole
Phone: (301) 968-1630 * Phone: (202) 643-1837 * Fax: (888) 559-8856
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2006 Kinsey Law Group. All Rights Reserved. Kinsey Law
Group, P.C. Serving your interests internationally, nationally and in Maryland and Washington, DC, including Rockville, Gaithersburg, Potomac, Bethesda, Chevy Chase, Columbia, Camp Springs, Fort Washington, Upper Marlboro, Bowie, Forestville, Prince Frederick, Waldorf, Largo, Temple Hills, Greenbelt, College Park; and in Montgomery County, Baltimore County, Baltimore City, Howard County, Prince Georges County and Anne Arundel County. Legal Disclaimer: This website was designed solely for informational purposes and is not intended to, and nor does it, constitute legal advice. Any results set forth herein are based upon the facts of that particular case and do not represent a promise or guarantee. The use of this site does not create an attorney-client relationship. The Kinsey Law Group cannot guarantee that the information on or linked to the website is correct, complete, or current. Contacting the Kinsey Law Group does not create an attorney-client relationship. Do not transmit time-sensitive or urgent information through e-mail or the law firm's website. |