Washington, DC, and Maryland Estate Planning Attorneys
At Griffin & Griffin LLP, we understand the importance of protecting our families and their interests long after we pass. Effective estate planning is one of the best ways to achieve this goal. Our firm excels in crafting estate plans that fully capture the individual needs of our clients. The Washington, DC, and Maryland estate planning attorneys at Griffin & Griffin LLP will work closely with you to lend their experience and expertise throughout every step of the estate planning process. Schedule a consultation today, so we can help you set up your estate for a successful future.
Why Is Estate Planning Important?
Estate planning can help you and your family avoid the many pitfalls that can arise when someone dies without a will. Additionally, a well-crafted estate plan can provide numerous other benefits to your beneficiaries.
If you pass without a will, the courts will distribute your estate according to the intestate succession statute in effect in the jurisdiction that you are domiciled in at the time of your death. The general nature of these statutes often adds unnecessary risk and confusion when applied to individual estates. This scenario is particularly true when handling large estates or those involving complex family dynamics, such as second marriages or children from more than one relationship. Crafting an estate plan is the best way to avoid these pitfalls and provide certainty to your beneficiaries.
Further, different estate planning tools can provide immense benefits to beneficiaries. Beyond ensuring that all your assets go exactly where you intend, these tools can help minimize your estate’s tax burden and maximize the benefit you can provide. A proper estate plan will get your assets to beneficiaries quickly and efficiently with minimal court involvement. Perhaps more importantly, a clearly worded estate plan can help your family avoid legal conflicts that carry high monetary and emotional costs.
When to Start Estate Planning
It is never too early to start planning your estate. For example, even young adults can benefit from a Last Will and Testament, Power of Attorney, Advanced Healthcare Directive, and, when children arrive, a Children’s Trust. As you get older, your needs become more complicated so that an effective estate plan only becomes more critical.
Estate planning is a process, not an event. Your estate plan will likely be straightforward when you are young. As you grow older and your circumstances change, your estate plan should grow with you. Reviewing your estate plan annually is considered a best practice among many estate planning experts. If you still need to establish an estate plan or have neglected one for multiple years, now is the best time to start.
Estate Planning Tools
Several tools in the estate planning toolkit can work together to capture your needs and desires best. Estate plans should use most, if not all, these tools.
Last Wills and Testaments
A Last Will and Testament allows you to choose who will receive your assets once you pass. It will also express your desires regarding who will care for minor children and pets in the case of an unexpected tragedy.
One important decision in a will that is often overlooked is determining who will oversee the distribution of your assets once you pass. It is also essential to ensure your Will is valid under state and federal laws. A Last Will and Testament attorney at Griffin & Griffin LLP can help you craft a Will that accounts for every vital consideration.
Trusts
Trusts can give you more precise control over the distribution of your assets than a will. A trust is a legal vehicle that takes ownership of your assets and puts them under the management of a trustee. The trust holds and manages the assets on behalf of beneficiaries.
From supporting a charity to providing for grandchildren, you can achieve different goals with different types of trusts. Revocable trusts are among the most popular trusts used to craft effective estate plans. This type of trust allows you to retain control over the trust and its assets while you are able. If you pass, a successor trustee will take control of the trust and manage your assets on behalf of your beneficiaries.
Powers of Attorney
A power of attorney appoints someone else to manage your affairs if you are incapacitated. This document grants substantial legal privileges to the appointee and can be tailored to your potential needs. Carefully crafting its limits and appointing a trustworthy person are primary concerns when writing a power of attorney.
Advance Medical Directives
Many of us have preferences for how we wish medical care professionals to treat us if we cannot make decisions ourselves. An advanced medical directive, sometimes referred to as a Health Care Power of Attorney allows you to articulate these preferences in a legally binding manner ahead of time. It also allows you to appoint someone to make medical decisions on your behalf.
Life Insurance
Life insurance is an often overlooked estate planning tool. A good life insurance policy can provide a lasting benefit to your heirs. It is also possible to name a trust as the beneficiary of a life insurance policy to maximize the benefit the policy can provide.
What Does an Estate Planning Attorney Do?
While you may be able to prepare some basic estate planning documents on your own, working with an estate planning attorney is essential to crafting an effective plan. Estate planning attorneys are licensed professionals with valuable experience and in-depth knowledge of all the federal, state, and local laws that govern estate planning. We work with clients to develop and draft a comprehensive set of estate-planning documents to best capture their individualized needs. We also oversee the execution of the estate plan and ensure that your wishes are carried out.
How Much Does Estate Planning Cost?
It is difficult to predict how much a specific estate plan will cost without detailed knowledge of a client and their needs. Simple estate plans can be drafted quickly and inexpensively. More complicated estate plans will cost more; however, the more complex the estate plan, the greater the opportunity to increase the benefits provided. Ultimately, the goal of the estate planning process is to provide you and your heirs with a much more significant benefit than the initial investment you make.
Griffin & Griffin LLP Can Help
With over 75 years of experience working in diverse legal fields, the attorneys at Griffin & Griffin LLP know how to help you plan for your future in Washington, DC, or Maryland. We use our knowledge and skills to provide valuable advice throughout the estate planning process. Contact Griffin & Griffin LLP today.