When most people hear of estate planning or consulting with an Estate Planning Lawyer in Bel Air MD, they automatically think that this sort of planning is relegated only to wealthy people. The fact is that virtually everyone has an estate. If you own something or have various different assets, you have an estate. Upon your death, you may want that estate distributed to friends, family members or organizations. That is precisely what estate planning is there to offer you.
Perhaps one of the most basic types of estate planning is creating a legally binding will. This helps you to disseminate your assets to various family members, friends or organizations pursuant to your wishes. While this is an important part of estate planning, it isn’t the only aspect.
For example, if you have children and the children are under age, a proper estate plan will designate a guardian for your children after you’re gone. In addition, if you were to become physically or mentally incapable of handling your affairs before you pass away, a comprehensive estate plan will designate an individual that can handle your affairs in your absence. To find out more, you need to contact Michael S. Birch Attorney at Law.
In addition, for the smoothest disbursal of your assets pursuant to your will, an estate plan can also establish a trustee or executor that will handle these issues. It’s important to do this because if you don’t name a trustee or executor, upon your death, the courts will assign someone to handle this for you. There are many issues that get very confused when a third-party executor or trustee is named by the courts to handle the disbursement of your assets.
Lastly, if you have visited or consulted with an Estate Planning Lawyer in Bel Air MD and you have properly planned your estate, changes may need to be made periodically. Whether your wishes change or whether the law in Maryland changes concerning estate planning, your plan may need to have to be revisited periodically to keep it up-to-date and to keep it legally binding. For this reason, many people turn to Michael S. Birch Attorney at Law. This law firm can help you plan your estate regardless of how small or how large it is. For more information, you can contact them or simply Visit the website for more details.
