One of the most important reasons to start the process of long-term legal and financial planning is the care and support of loved ones. A carefully crafted estate plan can provide benefits for family members well into the future, and it allows one to decide what should happen with wealth, assets and other types of personal property. The right estate planning strategy can benefit multiple generations of a Maryland family.
A long-term perspective
In order for an estate plan to benefit multiple generations, it will be critical to have a long-term perspective when creating the plan. This means thinking about what children may need, as well as their children. Certain life events should trigger changes and adjustments to current plans, such as:
- The birth of grandchildren or children
- Divorce or remarriage
- Special needs of loved ones
- Deaths or incapacitation of heirs or beneficiaries
It may be necessary to look one or two decades ahead to create a true multigenerational estate plan. One important step may be creating a trust for the purpose of setting aside and protecting assets for a specific use, perhaps for the care or financial support of a loved one who is now a minor.
A custom-tailored plan
Each estate plan will be different, and specific details will depend on one’s goals for the future and personal preferences. An assessment of the individual situation can reveal what steps may be necessary to create a plan that will benefit multiple generations. It is prudent to work with an experienced Maryland estate law attorney from the earliest stages of this planning process.