Implementing an estate plan ensures that your money and property are handled according to your preferences following your death. Below, Douglas Lauenstein, a licensed estate planning attorney, addresses the importance of preparing an estate plan.

Estate Plans Help You Avoid Probate

Probate is a legal proceeding that acknowledges a final will and testament and appoints a Personal Representative to transfer the assets to the intended beneficiaries. This means that following your death, this Personal Representative will have control over how and when your assets are distributed. Having an estate plan will guarantee your money, property and any other assets will be distributed to your personal beneficiaries that you listed.

Can Decrease Estate Taxes

Without an estate plan in place, you risk losing your estate to the payment of state and federal estate taxes or state inheritance taxes. Including AB trusts or ABC Trusts in your estate plan can minimize estate taxes.

Helps You Stay Organized and Reduce Stress

Creating an estate plan will not only keep you organized, but it will also keep your family and any other beneficiaries organized. Leaving behind your assets without any direction of where you want them to go can stress out your family and beneficiaries. They are already dealing with the grieving process following your death and distributing assets is probably the last thing on their mind. A thorough estate plan can avoid any stress, arguments and disagreements between family members.

Protects Your Children

If your children are minors and you do not have an estate plan the court will make the decision on who will raise your children. With an estate plan, you can name the legal guardians for your children in the case of your death. You will want to ensure that your children get the best care if the unimaginable happens.

Protects Your Beneficiaries

If you don’t designate beneficiaries in your Will, your assets will be distributed by the court according to the laws of intestacy. Without a Will, it can take years to settle your estate, which over time can run up a high legal bill. Without a Will, it’s important to recognize that courts will not necessarily distribute all of your assets to your spouse. Designating beneficiaries will avoid the stress of having the laws of intestacy dictate the distribution of your assets following your death.

Contact Douglas Lauenstein Today For Your Estate Planning Needs

Estate planning can be a stressful and tenuous process and that’s why our team is here to support you. We will work with you to design an estate plan that is both comprehensive and suited to your individual needs. Douglas C. Lauenstein, a Baltimore County estate planning attorney with decades of experience, is here to help you and your loved ones through this process. To learn more about our services and the estate planning process, contact us today.