National Estate Planning Awareness Week: October 21 to 27
Since 2008, the third week of October has been recognized as National Estate Planning Awareness Week thanks to the hard work of Congress and the National Association of Estate Planners & Councils.
This week of awareness creates an opportunity to inform the public about the importance of Estate Planning for people of all ages and all levels of wealth. Experienced Estate Planning attorneys can assist you to develop a strategy that maintains financial security during your lifetime and ensures the intended transfer of property and assets upon your death, all while considering your unique life circumstances.
What Happens If I Die Without a Proper Estate Plan?
Life is unpredictable, and the unexpected can happen at any time. Having a solid Estate Plan can ensure that your assets are distributed according to your wishes. Without a valid Estate Plan, Maryland intestacy laws will dictate that your assets will be distributed to your closest living relatives in a predetermined order of priority, which means that relatives with whom you have no meaningful relationship may be legally entitled to your hard-earned life savings.
It could potentially take years for Probate to be over, causing financial strain on surviving family members who may rely on those assets. With a proper Estate Plan, however, Probate may potentially be avoided entirely!
Estate Planning Is More Than Just a Will
People often use the term “Estate Plan” interchangeably with “Will,” but an effective Estate Plan consists of more than just a simple Will. There are at least six (6) key documents that are considered essential for an Estate Plan to be complete:
- Last Will and Testament
- Revocable Living Trust
- Durable Power of Attorney for Finances
- Durable Power of Attorney for Health Care
- Deed placing your property into the Trust
- Instructions on what else needs to be done so Probate is avoided
Our firm will create and specifically tailor an Estate Plan for you and your needs and provide additional instructions to ensure that your loved ones are not burdened by having to go through Probate after you are gone. No matter the size of your Estate, a solid Estate Plan will help protect your loved ones from having to expend a considerable amount of time and money navigating through the Probate process.
If you need help protecting your money and loved ones in the event of death or disability, call us at 301-696-0567 or self-schedule online at lenaclarklegal.com.
