Things to Consider Before You Begin Your Estate Plan

Estate planning is a significant undertaking that lays the foundation for the protection and distribution of your wealth and assets after your passing. However, initiating an estate plan is not as simple as it may seem. It requires careful consideration and understanding of various factors to ensure that your wishes are fulfilled and your loved ones are taken care of. This article delves into those essential aspects that need to be reviewed and understood before embarking on your estate planning journey. 

As a law firm with extensive experience in estate planning, the Law Offices of Julie A. Schejbal, CHTD is here to guide you through this intricate process. We understand that every individual has unique needs and circumstances, and our team is committed to providing personalized solutions that align with your specific wishes and goals. We will assist you in understanding the complexities around the distribution of your assets, tax implications, and potential legal hurdles. Furthermore, we ensure prompt and regular communication to keep you informed about the progress of your estate plan. At our firm, your peace of mind is our priority, and we strive to ensure that your estate planning journey is smooth and thorough as you protect the security of your legacy. 

Embarking on the journey of estate planning is like setting sail into the future. It's a critical step to ensure that your hard-earned assets, wealth, and legacy are well taken care of, but it's not a voyage you should embark on without some careful consideration. Let's delve into the important aspects you should consider before you set sail. 

Tailoring Your Estate Plan to Your Unique Situation

Just as every person is unique, so too should their estate plan. Whether you're the proud owner of vast assets or you have specific wishes for how your wealth should be distributed, your estate plan should reflect your individual circumstances. It's crucial to take time to assess your needs and goals when it comes to estate planning. 

Perhaps you have a blended family to consider, or you have specific charities you'd like to leave a legacy to. Maybe you have a family business that you want to pass down to the next generation. Regardless of your situation, you need an estate plan that's as unique as you are. A one-size-fits-all approach just won't cut it. What works for your neighbor might not work for you. So, it's essential to personalize your plan with the help of legal counsel. 

Selecting the Right Attorney for Your Estate Planning Needs

Now, let's talk about your estate planning team. Think of them as your navigators guiding you through the often complex waters of estate planning. Central to this team is an experienced attorney who specializes in estate planning, probate, and elder law. 

Julie A. Schejbal, with over 25 years of experience as an estate lawyer, brings her knowledge of estate law to the table. Her reputation of excellence follows years of working with the IRS and handling the financial aspects of estates, particularly tax laws concerning liquid and non-liquid assets. You're not just hiring an attorney; you're gaining a guide who will help you understand the legal jargon and complex processes involved in estate planning. 

Planning for the Future: Health and Financial Well-Being

Planning your estate isn't just about your assets; it's also about ensuring the future health and financial well-being of you and your loved ones. It involves appointing a trusted individual as a power of attorney who can make critical decisions on your behalf if you're unable to do so. 

This person should be someone you trust implicitly, someone who understands your wishes and values. They'll need to make decisions that you would make if you were able to, so choose wisely. Also, consider long-term healthcare planning, including potential medical expenses, nursing home care, and Medicaid planning. 

Review and Update Your Estate Plan Regularly

Finally, it's important to remember that estate planning isn't a set-it-and-forget-it kind of thing. Life is full of changes—marriages, divorces, births, deaths—and your estate plan should reflect these changes. Make it a habit to review your plan regularly and make necessary updates. 

Remember, your estate plan is a living document that grows and changes as your life does. So, don't just stash it in a drawer and forget about it. Consult with your attorney and keep your documents up-to-date. 

Seek Trusted Legal Guidance

Starting your own estate planning journey may seem daunting, but with careful consideration and the right team by your side, you'll be well-equipped to establish your wishes and hopes for the future. The Law Offices of Julie A. Schejbal, CHTD, located in Dunkirk, Maryland, is ready to assist you. We also proudly serve clients throughout Calvert County, Prince George’s County, Charles County, and St. Mary's County. Reach out to us today to get started on your estate plan.