E – Exciting - How is estate planning exciting? This process involves taking a close look at many important areas of your life. Your family, friends, favorite charities, and personal property can all play a part in addressing your goals and intentions.
S – System – Will you have others involved in the process? Your insurance agent, financial advisor, accountant and mortgage consultant can work together in order to plan your estate. T - Type– There are many types of documents that can be used to plan an estate. Here are a few:
Wills
Trusts
Powers of Attorney (Financial, Health Care)
Health Care Directives
Property Deeds
A - Approach – The approach used to plan your estate may work best if it is customized.In order to avoid a One Size Fits All plan,many factors must be considered. Are you married, widowed, single, or divorced? Do you have minor children, adult children or none? What kind of property do you own? Are there tax concerns?
T - Thoughts – Think about your family. Do you have an adult child who is very successful, versus one who may have special needs? What would you like to happen if you suffer a physical or mental disability?Who will handle your personal business?
E - Everyone – If you do not have a will, many states will provide one for you upon your death. Maryland has a statute that determines how your property will be distributed. S - Stuff– Consider small items that may have sentimental value, (e.g., Grandma’s ring, Dad’s lawn mower, the family quilt or a favorite painting). Take a few moments and think about what you have and what your wishes are.
AQUANETTA J. BETTS Attorney at Law
Betts Law Offices, LLC, One Corporate Center, 10451 Mill Run Circle, Suite 400 Owings Mills, Maryland 21117 Phone/Voicemail: 443.927.8908 Fax: 443.927.8908 Email: info@estatesandwillsfirm.com Website: www.estatesandwillsfirm.com