Why Every Adult Needs an Estate Plan

Estate planning allows you to get your affairs in order in the event you become incapacitated or die. A
Will, which is the most basic estate planning tool, contains a written set of instructions to your loved
ones as to how you want your estate to be distributed after your death.

So, what happens to your property if you don’t have a Will or estate plan?

If you die without a Will or any type of estate plan, your state’s intestacy laws will determine who will
inherit your property. Intestacy laws may also determine who will act as guardian of your minor
children. These laws do not consider personal circumstances or personalities, so your property and/or
minor children can end up with a relative who you never would have chosen if you had the opportunity
to establish an estate plan. In certain circumstances and in certain states, the state may benefit from
the intestacy laws to a greater degree than your heirs.

To prevent this from happening, you should have an estate plan to distribute your property the way you
want, when you want and to name a guardian for your minor children. However, keep in mind that a
guardian named in your Will only takes effect after you die. If you are injured in an accident or you
become incapacitated, your minor children may be taken into the custody of Child Protective Services
until a guardian is appointed. Selecting temporary and/or permanent guardians can prevent this.

In addition, a properly drafted estate plan can help you avoid estate and inheritance taxes, avoid
probate, avoid messy and costly court battles, protect beneficiaries and protect your assets from
unforeseen creditors. In short, nearly every parent with minor children should have at least a Will.
Further, any individual or couple having substantial assets, in addition to having a Will, should also
consider tax planning to avoid estate and inheritance taxes.

If you want to protect your assets and family with an estate plan but don't know where to begin, then request a FREE copy of our Estate Planning E-Book and Newsletter and discover:

• How to create an estate plan to protect you and your family
• If you should be concerned about estate taxes
• The 4 basic requirements for a valid will
• 7 important questions you should consider when making a will
• How to protect yourself and family if you become incapacitated or disabled
• The advantages and disadvantages of a trust
• Other estate planning tools everyone should know about

Phone: 888-495-7289 * Fax: 888-559-8856

Serving your interests 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.

If you have questions or comments, you are welcome to contact us at info@kinseylawgroup.com or
888-495-7289.

This article is provided as an educational service by Kinsey Law Group, P.C. and is not intended to, and nor does it, constitute legal advice. 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.

Copyright © 2009. All rights reserved.