Any plans one makes for the future should be custom tailored to the Maryland adult’s needs and objectives. When estate planning, it is crucial to develop plans that will allow one to meet specific desires, such as caring for a special needs loved one, charitable giving or making sure assets end up with the right heir. Drafting a will is the first step in this process, but there may also be benefit in creating a trust.
Planning more important than ever
Planning for the future is more important than ever as life expectancy continues to increase. Retirement and savings must go farther, and careful planning can help one protect his or her long-term interests. A trust can help with this as it allows one to set aside and protect assets, outlining exactly how and when beneficiaries can access trust assets.
While a will can outline what will happen to estate assets, trusts can provide one with a little more control. It can also provide some tax benefits and keep assets safe until a specific time, such as a beneficiary reaching a certain age. There are different types of trusts, and knowing the benefits and potential drawbacks to each can help one make practical decisions.
Experienced guidance is key
Knowledgeable guidance is key at every step in the estate planning process. An experienced Maryland attorney can provide advice and assistance when creating meaningful and impactful plans. A carefully crafted financial and legal strategy can allow one to feel confident his or her interests are secure well into the future.