For many Americans, planning for your own mortality is a strange concept. While we agree that it is not healthy to fixate on death, the truth is that planning ahead for the end of your life can help to create a wide range of benefits for your estate and your loved ones. Our estate planning attorneys have helped clients across Maryland and D.C. plan for the best while preparing for the worst. With years of experience and a dedication to creating a personalized approach for your unique goals and plans, JDKatz is is here and ready to help. Our Maryland law firm relies on a diverse team of experts to deliver comprehensive guidance for a number of specialties, including tax advice, elder services, and criminal litigation in addition to estate planning.
One area that we often assist with throughout estate law is family mediation. Our Maryland estate lawyers strive to provide a quality approach to all of our services. When this process involves family members and inheritances, things can quickly become very tense! Today, we’ll look at a few hints to help you if you are currently planning your will and estate plans. If you are looking for professional assistance that provides security and comfort for your lifetime and beyond, be sure to reach out to our team today.
State Your Wishes Clearly
One key component in communicating your last will and testament with family members is clarity and precision when speaking and writing. It can be hard to make tough decisions, but clearly stating them will help to avoid conflict within your family and ensure the status of your estate. If you have a child that for personal reasons you now want out of the will, you should state as such in clear terms. Your estate planning attorney may help in creating additional statements and affidavits to reinforce your wishes. If a family member does not like their share of your estate, and there is any ambiguity in the will, problems can develop.
This process often leads to emotional times amongst family members, but taking extra steps can help to protect from uncertain problems down the road.
Distribute Your Assets Fairly
One key way to avoid much of the conflict created before and during the probate process is to give fairly to your beneficiaries. We understand that every family dynamic is unique, and fair in this instance does not mean the same as equal. A child who helps around the house and provides full-time assistance for a physical disability you possess will likely be entitled to larger share than a sibling who has not lent a hand with the family or started on any productive paths. Conversely, your second child may be on their way to college while the first is able to sustain themselves off of other lucrative endeavors. In this case, it may feel fair to shift inheritances.
No matter what you decide is the fairest way to distribute your assets, it is important to be clear and communicative with your loved ones.
Talking about your own death with your children may seem morbid, especially when you figure in the intricate value of wealth changing hands. However, part of proper estate planning is keeping everyone up to speed with your plans to avoid any miscommunication. If one child is under the impression that he or she will receive a large sum, such as the family home, be sure to verbalize clearly if this declaration changes in your will. Otherwise, you’ll be left with loved ones who are unhappy and unsure how to proceed.
Estate law is very complex, making it vital to talk openly with your family. If anyone has an opinion or belief, it’s better to discuss it now rather than leave that discussion for a time when you can’t participate because you are incapacitated or deceased. Our estate lawyers highlight transparency when possible to minimize hurt feelings and resentment.
Work with Professionals
While this sounds biased, the JDKatz team is passionate about the value that you can receive from working with experienced professionals. Working with family members can add a lot of layers to the complex process of estate planning. From living trusts to tax credit shelters, you have a lot of options at your disposal for creating the best outcome for your estate. Our estate planning attorneys can help you to maximize your wealth, minimizing tax liabilities to deliver more assets to your beneficiaries. Ultimately, our comprehensive guidance and cost efficiency will help to minimize any disruptions or surprises after you pass on, delivering peace of mind and security to your loved ones.
JDKatz is proud to provide a quality approach to estate planning for clients of all ages and incomes. Even if you don’t think you can benefit from the services that our estate lawyers in Maryland can provide, it never hurts to learn more. Contact us today to see if we can help you to find the best solutions for you and your family.