In Maryland and across the nation, the idea of creating an estate plan is to have a comprehensive document that addresses all the important factors a person must consider for the end of their life. Estate planning needs vary based on the assets, family concerns and goals. For those who are wealthy, a major worry is passing along as much of the property as possible without causing disputes among the family members or facing hefty tax bills. There are certain steps that people in this situation should take to ensure their desires are achieved.
Polls among professionals who handle estate planning indicate that around 80 percent of them find that familial concerns are the biggest problem when estate planning. Since estate planning for the wealthy will involve items of immense value and there could be complex relationships like several marriages and blended families, disputes are hard to avoid. People who are not close with one another could find themselves in the middle of an extended dispute over a shared loved one’s assets. Understanding how to avoid this is critical.
Being honest about the estate plan and how it will be handled before the testator dies could be difficult and invite rancor, but it is preferable to do this before rather than later. Creating a will with the assets examined and titled can make certain that everything goes to the testator’s desired location. Titling the assets also avoids probate and maintains control of disbursement. Probate is costly and is public so there is no privacy. Everyone will know about what the estate plan says and many want to avoid that. Disbursements involve such accounts as IRAs and pensions. These will have beneficiaries listed and that individual is often different from what the will says. Life insurance and annuities are the same. This should be addressed.
Having an up to date estate plan that covers all the issues and desires of the individual is the main objective of the entire process. If there is major wealth or not, having an estate plan is essential. Understanding how to achieve one’s goals is the first step. Putting those goals into the document is the important part. A law firm that helps clients with their estate planning needs must be called for guidance as soon as possible.