Planning for the security of your family after you are gone may sound grim, but doing so can yield a number of benefits for you and your loved ones. It’s important to plan for the worst in order to provide a number of contingency plans and defenses in case something bad were to happen to you and your significant other. One quality approach to protecting your assets and last wishes is to create an estate plan. This comprehensive approach follows the principles of estate law to create the best outcome for your family in a number of ways. It can prove be difficult navigating the complexities of wills and estates, which is why our estate lawyers in Maryland are here to help. JDKatz is proud to be your team of estate planning attorneys, tax lawyers, business representatives, criminal litigators, and more. By combining a group of diverse professionals together, our legal team is able to provide comprehensive support for your unique situation.
As many people know, estate planning can involve a number of pieces that all need to fit together to ensure an optimal outcome after your passing. Today, we’ll conclude our look into a few basic aspects of a proper estate plan to help you in planning for the future. If you need help with your estate plan, be sure to reach out to our law firm for assistance!
Expressing End-Of Life Wishes
Being able to dictate the plans of your funeral after your passing is one reason why many begin estate planning in the first place. It’s helpful to create your final arrangements independently of your will, as certain hiccups may result in your will not being read for days or even weeks. In most states, you can add your final wishes onto your health care directive, naming an individual to help enact your arrangements. Your final arrangements will normally include how you want your body to be laid to rest, whether or not to donate organs, and so on.
Enacting Succession Plans
There are a large number of small businesses in this country, and if you are at the helm of your own business, it’s important to create a succession plan in case you pass away. If you are in a business with one or more partners, it’s ideal to have a buyout agreement in case you are killed or incapacitated. It’s important to leave directives for succession, or your company may head in a direction you wouldn’t approve of. Estate planning is done in order to ensure that all aspects of your life are taken care of, and our estate lawyers are here to help you create contingencies for the succession of your business operations.
Securely Storing All Documents
Organization is a key component of estate planning, and failing to keep all of your documents and affairs in order can create serious problems for you or your Executor upon your passing. It’s important to have an organized system that holds all of your estate plan documents to help your family in executing your final wishes. Everything involved with your estate should be kept in one location, including documentation for your:
- Final will
- Living trusts
- Bonds, stocks, and annuities
- Mutual funds, bank accounts, and any safe deposit boxes
- Retirement accounts, plans, and 401k documents
- Funeral payment information
- Debts, including unpaid taxes and loans
- Insurance policies
Estate planning involves a large range of documents and plans, all of which work toward creating a stable and beneficial outcome for your loved ones. If you’re in need of help in creating a comprehensive plan, our estate lawyers in Maryland can help. JDKatz is proud to offer tax law, estate law, criminal law, guidance, and litigation services to create the best outcomes for each of our clients. We’re here to help plan for your future, and our Bethesda estate planning attorneys have the information and experience needed to streamline the process. Contact us today to see how we can help your estate.
