Estate Planning Attorney in Dunkirk, Maryland

No matter how old or young we are, we all want to live life to the fullest. Unfortunately, we cannot predict what can happen tomorrow. This is why it is critical to plan and prepare for the future, starting with creating an estate plan. 

Estate planning may seem like a daunting task, but it is an important part of securing your family’s future and protecting what you have after your death. Creating a comprehensive estate plan can certainly be a complex and confusing process. To ensure that your assets and beneficiaries are adequately protected, it is wise to seek the help of an estate planning attorney.  

Our estate planning attorney at Law Offices of Julie A. Schejbal, CHTD knows how to build strong estate plans to enable you to have the peace of mind that your savings and wealth will pass on to the next generation. From our office in Dunkirk, we serve St. Mary’s County, Calvert County, Charles County, and Prince George’s County, and the rest of Maryland. 

What Is Estate Planning?

Estate planning is the process of making important decisions about your assets while still alive, including who will receive them and how. It is a comprehensive approach to planning for the future that includes protecting your family, safeguarding your assets, and minimizing taxes.  

A well-crafted estate plan can ensure that after your passing, your assets are distributed to the specific people you wish. Estate planning may also involve preparing for the possibility of incapacity and end-of-life care.  

There are several parties involved in estate planning, including the settlor/grantor, trustee, personal representative, and beneficiaries/heirs:  

• The settlor/grantor is the person who creates the trust or will;  

• The trustee is responsible for managing the assets in the trust;  

• The personal representative is responsible for managing the estate in the event of the settlor/grantor’s death; and  

• The beneficiaries/heirs receive the assets. 

In simple terms, estate planning refers to the process of determining who will receive your assets and how they should be managed after you pass away. But a comprehensive plan is much more than just a will.  

Documents That Can Be Part of an Estate Plan 

Contrary to popular belief, an estate plan is not just about writing a will. Although a will is a crucial document to draft, there are many other documents that can (and should) be part of an estate plan. Common estate planning documents include:  

1. Last Will and Testament 

A last will and testament, commonly known as a will, is a legal document that outlines how you wish to distribute your assets after your death. It also names a guardian for your minor children and an executor to handle your estate. A will is a fundamental component of any estate plan, and it is important to have one regardless of the size of your estate. 

2. Living Trust 

A living trust is another estate planning document that allows you to transfer your assets to a trust during your lifetime. The assets are then managed by a trustee, who can distribute them according to your wishes after your death. A living trust is often used to avoid probate, reduce estate taxes, and ensure that your assets are distributed quickly and efficiently. A trust, unlike a will, does not go through the probate process.  

3. Durable Power of Attorney 

A durable power of attorney is a legal document used to designate someone you trust to manage your financial affairs if you become incapacitated. This can be especially important for older individuals who may need assistance in managing their finances. An attorney-in-fact is appointed to manage your finances, pay your bills, and make financial decisions on your behalf. 

4. Advance Healthcare Directive 

An advance healthcare directive is a document that outlines your wishes regarding medical treatment if you become incapacitated. It includes your preferences for medical treatment and designates a healthcare proxy to make medical decisions on your behalf if you are unable to do so. 

With careful planning and the right legal advice, you can create a comprehensive estate plan that provides peace of mind and financial security for you and your loved ones. 

Why Estate Planning Is Important 

Estate planning is not just for the wealthy. It is for anyone who wants to protect their assets, their family, and their legacy. There are several reasons why estate planning is important, for both you and your loved ones: 

1. Specify your wishes for the distribution of your assets 

A key reason why estate planning is important is to ensure that your assets are distributed according to your wishes. When you pass away, your assets will need to be transferred to your loved ones or beneficiaries. Without an estate plan, your assets will be distributed according to the state’s intestacy laws, which may or may not align with your wishes. By creating an estate plan, you can specify who will receive your assets and how they will be distributed. This can help prevent any disputes or confusion amongst your loved ones. 

2. Ensure a more efficient and faster transfer of assets 

Creating an estate plan can also help ensure that your assets are transferred more efficiently and quickly. When you pass away, your assets will typically go through a legal process called probate. Probate involves verifying your assets, paying any debts or taxes owed, and distributing your assets to your beneficiaries. Without an estate plan, this process can take months or even years. By creating an estate plan, you can help streamline the process and ensure that your assets are transferred to your loved ones as quickly as possible. 

3. Plan how your assets should be managed during your lifetime 

Estate planning is not just about what happens when you pass away—it is also about planning for your own future during this lifetime. By creating an estate plan, you can plan for how your assets should be managed during your lifetime. For example, you can specify who will manage your assets if you become incapacitated or unable to make decisions. This can help prevent any potential issues and ensure that your assets are managed according to your wishes. 

4. Protect your minor children, pets, and family members with special needs 

Another important reason to create an estate plan is to protect your loved ones, especially those who are unable to protect themselves. For example, if you have minor children, you can specify who will be their guardian if something were to happen to you. You can also create trusts to provide for pets and/or family members with special needs. By creating an estate plan, you can help ensure that your loved ones are protected and taken care of. 

5. Reduce taxes and fees 

Creating an estate plan with the guidance of an attorney can help reduce taxes and fees that your loved ones may have to pay after you are gone. Without an estate plan, your assets will be subject to probate fees and taxes. However, by creating an estate plan, you can help minimize these costs and ensure that your loved ones receive the full value of your assets.