Nobody wants to think about their own death, but if you have assets and loved ones you need to protect, it’s important to plan for a future without you in it. Fortunately, The Saint Yves Law Firm is here for you, and you can trust our Maryland estate planning lawyers to help protect your legacy. Read on to learn why you should start estate planning now, then contact us for a free consultation.
Four Common Reasons to Start Estate Planning
Specify Asset Distribution
Without an estate plan, there’s no telling how your valuable assets will be distributed among loved ones. But with a plan in place, you can specify how you want your assets distributed and ensure that your final wishes will be carried out as you intend.
Avoid Probate and Estate Taxes
Another problem that arises without an estate plan is the process of probate. This is a formal, court-supervised proceeding related to the distribution of your assets, and it could leave your assets subject to hefty estate taxes. Working with our estate planning lawyers helps you avoid both of these issues.
Protect Your Loved Ones
If you expect to have any unpaid debts after your death, an estate plan will protect your loved ones from creditors. Creditors are likely to come after your family for collections after you die, but with an estate plan, you and your loved ones won’t have to worry about this.
As a parent, you don’t want to imagine anyone else raising your children except yourself and your partner. However, in the event something tragic happens to you both, you’ll want a legal guardian for them that you can trust. An estate plan allows you to appoint someone to ensure your children will always be cared for.