Preparing a will and planning for your financial future can be an emotional and daunting process if you lack experience. DIY wills are a way to avoid lawyer fees and wasted time, but unless you are extremely well-versed in asset management, they can be disastrous. Estate planning is very serious, and requires precision to ensure that it is done properly. If you are unsure of whether or not you need assistance with preparing your will, ask yourself the following questions to help you decide.
Do I Have a Complex Family or Monetary Situation?
Certain life-altering factors such as a new child or a recent divorce are good reasons to revise or to create a will. Complex monetary situations, such as numerous large investments or business ventures may also be a good reason to look for an estate attorney Maryland. If your financial life is very complex, it is important that you allow an estate attorney to guide you through the process of creating your will so you can ensure that your assets go to the correct people, and not the IRS or the state.
Do I Intend To Give To Charity?
If you wish to leave some money to a favorite charity, particularly if you have sizeable assets, an attorney can help you sort through the steps required to name a charity as a beneficiary. There are certain tax implications when donating a percentage of your assets to charity that you should be aware of as well.
Will I Be Objective In My Planning?
A lawyer can offer objectivity to your giving strategy, and will not hesitate to tell you if you are making wise spending choices. How much should you leave to each person or charity and why? A lawyer can easily help you determine what makes the most sense.
Drafting an estate plan is an important and necessary part of life, and hiring the right person to help can make the process much easier.