What Does an Estate Planning Attorney Do?

When people hear the term "estate planning," they often think it only applies to the wealthy. But estate planning is important for everyone, regardless of financial status. It ensures that your assets, belongings, and even medical wishes are handled according to your preferences, giving peace of mind to you and your loved ones. However, estate planning can be a complex process, involving legal documents, tax considerations, and personal preferences. This is where an estate planning attorney comes in.

If you’re searching for the best estate planning attorney or specifically an estate planning attorney in Maryland, you’re on the right path to safeguarding your future and easing the burden on your family. Let’s break down what an estate planning attorney does, why their expertise is invaluable, and how to find the right one for your needs.

1. What Is an Estate Planning Attorney?

An estate planning attorney is a specialized lawyer who assists individuals in planning and organizing their estate, which includes assets, property, and other personal matters. Their primary goal is to ensure your wishes are followed after you pass away or if you become incapacitated. This legal expert helps create essential documents, such as wills, trusts, and power of attorney, and provides advice on issues like asset distribution and minimizing estate taxes.

Key Responsibilities of an Estate Planning Attorney:

• Drafting and updating wills and trusts
• Setting up powers of attorney and health care directives
• Helping clients avoid probate or navigate the probate process
• Advising on estate taxes and asset protection
• Creating plans for the management of assets in the case of incapacity

For Maryland residents, finding an estate planning attorney in Maryland who understands local laws is essential. Estate laws can vary by state, and working with a professional familiar with Maryland regulations will ensure your plan is compliant and effective.

2. Drafting Wills and Trusts

One of the primary tasks of an estate planning attorney is to help clients create a legally sound will. A will is a document that details how your assets will be distributed after your death. Without a will, your assets may be divided according to state laws, which may not align with your wishes.

In addition to drafting wills, estate planning attorneys often help set up trusts. Trusts can offer more flexibility than a will and may help avoid probate, the lengthy court process where assets are distributed. There are various types of trusts—revocable, irrevocable, living trusts, etc.—and an experienced estate planning attorney will help you choose the best one based on your unique situation.

For example, an estate planning attorney in Maryland will know about state-specific trusts, such as Maryland Special Needs Trusts, which help families with disabled dependents secure their future without jeopardizing eligibility for government assistance programs.

3. Power of Attorney and Health Care Directives

Estate planning isn’t only about what happens after you’re gone; it’s also about preparing for situations where you may not be able to make decisions for yourself. An estate planning attorney can help set up a power of attorney, a document that appoints someone to handle your financial and legal matters if you become incapacitated.

Similarly, a health care directive (or living will) outlines your medical wishes if you’re unable to communicate them. This could include decisions about life support, pain management, and other critical healthcare options. Choosing an experienced estate planning attorney ensures that these sensitive matters are handled in a way that reflects your personal preferences.

4. Probate and Asset Protection

Probate is the court-supervised process of distributing a deceased person’s assets according to their will. This process can be time-consuming, costly, and public. Many people want to avoid probate to save their loved ones from stress and expenses. An estate planning attorney can guide you on how to structure your assets to avoid probate, such as setting up joint ownership or beneficiary designations on certain accounts.

Asset protection is another key area. Estate planning attorneys can help you develop strategies to protect your assets from creditors, lawsuits, or other financial risks, preserving your wealth for future generations. This is especially important for business owners and those with substantial assets, as it can prevent your wealth from being depleted due to unforeseen liabilities.

5. Minimizing Estate Taxes

For those with larger estates, taxes can take a significant chunk out of what’s passed down to heirs. An estate planning attorney is well-versed in federal and Maryland state tax laws and can help you minimize estate taxes through smart financial planning. This might involve setting up certain types of trusts or making strategic gifts during your lifetime.

An estate planning attorney in Maryland will be aware of state-specific estate taxes, which are separate from federal estate taxes. Maryland is one of the few states with both an estate tax and an inheritance tax, so working with a knowledgeable attorney is crucial for minimizing tax burdens on your estate.

6. Reviewing and Updating Your Plan

Estate planning isn’t a “set it and forget it” process. Life changes—marriages, divorces, births, deaths, and financial shifts—can all impact your estate plan. A good estate planning attorney will advise you to review and update your documents regularly. This way, your estate plan remains relevant and accurate, reflecting your current wishes and circumstances.

The best estate planning attorney will offer periodic reviews, ensuring that your plan grows and adapts with your life. This ongoing relationship can provide peace of mind, knowing your estate is always up to date.

Why You Should Consider an Estate Planning Attorney in Maryland

Maryland has unique laws and tax requirements when it comes to estate planning. For example, Maryland is one of the few states in the U.S. that has both an estate tax and an inheritance tax, which can complicate estate planning. An experienced estate planning attorney in Maryland will be familiar with these laws and can help you develop a plan that addresses the specific challenges Maryland residents may face.

Additionally, Maryland laws may affect the way trusts are structured, how probate is handled, and what healthcare directives must include. Working with a local attorney ensures that your estate plan is legally compliant and tailored to the nuances of Maryland law.

How to Find the Best Estate Planning Attorney

If you're ready to create or update your estate plan, finding the best estate planning attorney is essential. Here are some tips:

1. Look for Experience: Choose an attorney who specializes in estate planning rather than a generalist.
2. Check Credentials: Look for an attorney with a good reputation and the proper credentials.
3. Seek Referrals: Ask friends, family, or financial advisors for recommendations.
4. Read Reviews: Online reviews can provide insight into other clients' experiences.
5. Ask Questions: Don’t be afraid to ask questions about their experience, approach, and fees before committing.

Many estate planning attorneys in Maryland offer free consultations, allowing you to gauge whether they’re a good fit for your needs without an upfront cost.

Conclusion:

Estate planning is more than just a will; it’s a comprehensive plan to protect your assets, provide for your loved ones, and ensure that your wishes are respected, no matter what. Whether you’re in the early stages of considering an estate plan or looking to update an existing one, an experienced estate planning attorney in Maryland can guide you through every step.

By consulting the best estate planning attorney for your unique needs, you can simplify the complexities of estate law, avoid potential pitfalls, and create a plan that brings peace of mind. Don’t wait until it’s too late—take proactive steps now to secure your future and that of your loved ones.