CORNERSTONES OF ESTATE PLANNING – WILLS AND TRUSTS

The Law Offices of Terrence M. McGrath, LLC serving clients in Prince George’s, Anne Arundel and Montgomery Counties knows that Wills and Trusts are the most well-known estate planning documents, and are designed to maximize asset protection and wealth transfer. I regularly work with clients to help them decide what will best suit their individual estate planning needs and decision-making.

THE IMPORTANCE OF CAREFULLY DRAFTED WILLS

The will, formally known as the Last Will and Testament, is the foundation of most estate plans. It speaks for clients when they can no longer speak for themselves and prepares for a smooth transition for their heirs. A clearly crafted will express a client’s wishes on such important matters including:

• Naming who will care for minor children thereby minimizing court involvement in the care of your child or children
• Being clear about family and friends who will receive assets such as vehicles and real property
• Planning to minimize estate tax issues on gifts and charitable donations
• Providing directives for funeral or memorial plans

Drawing on my extensive estate experience, I work with clients to create a will that meets their needs, using language that is well-defined and clearly reflects their planning goals and wishes. As an attorney with more than thirty years of law practice, I am proud to be a resource for generations of families – from the parents with whom I have worked to draft the will, to the children, grandchildren and friends named as their heirs.

THE BENEFITS OF A TRUST

Trusts are highly customizable legal arrangements that provide flexibility for ownership of assets, property management and disposition, and assistance to the settlor in the event of physical or mental incapacity. Parents often create trusts for the benefit of their children to address support for and education of minor children according to their respective needs. A trust also allows beneficiaries to bypass the probate process and maintain control of the trust while they are living.

When trusts are established, trustees and beneficiaries must be selected. The trustee can be an individual or entity, such as a bank, that will facilitate the transfer of assets upon your death. I regularly guide clients through the important and sometimes complex decisions to be made on how the documents are structured.  In addition to answering their questions, I support their trustees so they can make good decisions on behalf of beneficiaries of the trust.

CONTACT TERRENCE M. MCGRATH TODAY IN MARYLAND TO DISCUSS TRUSTS AND WILLS

To schedule a consultation with an experienced and compassionate lawyer, for Wills and Trusts, Probate Services, or Late-Life Health Care Planning call me today at 301-220-2234 or fill out the form below.