Estate Planning with Wills Attorney

 

Most people know about wills and their basic purpose to ensure that ones hard earned assets go to the right beneficiaries when an individual passes away. However, wills can be used for a lot more than simply dictating who gets a persons antique lamp collection. Heres a list of some of the very valuable things a will can do:

  • List who gets what. The most common purpose for a will is to name which individual, or group of individuals, will receive particular property belonging to a person when he or she passes away.
  • Name guardians for children. Typically, a will is the document that states who should raise a persons children if something happens to the parent. The will also usually contains at least one alternate in the event the first choice cannot serve.
  • Establish trusts. In many cases, a person may not want a child or loved one to receive all of the property that they are inheriting at once. Or a person may want the beneficiary to be able to use the property for a while, and then for it to pass on to someone else. In that situation, an individual may choose to use a trust. A trust holds property on someone elses behalf. In wills, trusts are commonly established for minor children, so that someone else can manage the childrens money until they reach a certain age when their parents believe they will be able to manage it. Trusts are also commonly used in second marriage situations a person may want to allow a spouse to have access to certain property while the spouse is living, but for that property to ultimately pass to the decedents children. Trusts can help accomplish that goal.
  • List funeral wishes. Although this is also done in other documents too, a will commonly states whether an individual wants to be buried or cremated, and where the body should be buried or the ashes should be spread. Sometimes, wills contain other information about funeral wishes too like where it should take place and even what readings might be recited.
  • Tax planning. Wills can be great tools for tax planning in order to avoid federal or state estate or inheritance taxes. This can sometimes be accomplished by setting up various trusts.
  • Naming executors and trustees. A will usually states who will be the executor of an estate, which is the person who will carry out a deceased individuals wishes listed in the will. Wills can also name the trustee of any trusts established in a will, which is the person who will be in charge of carrying out the instructions of the trusts.

While wills can serve as powerful estate planning tools, they are only effective if they are properly drafted to suit the needs of each individual. The estate planning attorneys at Longman & Van Grack can review all your options with you and establish a will in a manner that ensures your wishes will be honored

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With Offices in Bethesda, MD and Rockville, MD, the attorneys at Longman & Van Grack assist clients throughout Washington, DC and Maryland including Montgomery County, Howard County, Prince Georges County, Chevy Chase, Darnestown, Gaithersburg, Germantown, Potomac, Silver Spring, and Wheaton.

Hiring an attorney is an important decision which should not be based solely on advertising. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters, and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.

With Offices in Maryland (Rockville or Bethesda), Virginia (Tysons Corner), and Washington, DC, the attorneys at Longman & Van Grack assist clients throughout Washington, DC and Maryland including Montgomery County, Howard County, Prince George's County, Chevy Chase, Darnestown, Gaithersburg, Germantown, Potomac, Silver Spring, and Wheaton. Hiring an attorney is an important decision which should not be based solely on advertising. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters, and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.