Many people see estate planning as something they can address at a later date. In fact, today is the best time to begin coming up with the essentials of a plan. Here are some of the reasons that people finally get around to seeing the value in consulting with an estate planning attorney in Bel Air, MD.
A Loved One Passes Away
Most people don’t spend much time thinking about death until a loved one passes away. At that point, they begin to wonder what would happen to their loved ones if a fatal accident took place, or a diagnosis of an incurable illness came about. The point is further driven home if the loved one who recently died had not made any plans for the estate in advance.
Even if there is not much in the way of worldly assets at present, it makes sense to see an estate planning attorney in Bel Air, MD, now. Should the unthinkable happen, at least there will be no doubt about who will receive what from the estate.
Coming into a Lot of Money
Whether by a lottery win, writing a best-selling novel, or receiving a sizable inheritance, sudden wealth does make a lot of people stop and think. Choosing to talk with an attorney about organizing the estate to include trust funds for the kids, or possibly setting up a family corporation that provides each one with a monthly stipend when the parents are dead, suddenly becomes a priority. An attorney can listen to what the client hopes to accomplish and then recommend the best way to structure the estate.
Many people don’t think about estate planning until they are near retirement age. At that point, the practicality of making arrangements becomes more apparent. An attorney can take a look at the assets at hand, help the client prepare the essential documents, and in general ensure that an executor will have no trouble understanding what the individual wants to be done.
To learn more about the basics of estate planning, visit today and take a look at some of the resources available. Call the office of Michael S. Birch, attorney at law, and set up an appointment. After looking over the list of current assets and talking to the client, coming up with a plan will not be difficult.
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