I used to think estate planning was just about assets, and who gets what.

I was wrong.  Since then, I’ve faced my own estate planning challenges, and helped clients face theirs.  I’ve seen first-hand what happens when planning is inadequate.  An elderly man lost phone service because he hadn’t authorized someone to help him pay the bills when he could no longer handle the task.  An adult son and only child felt hurt when his mother disinherited him.  She probably hadn’t meant to, she just never got around to retitling an asset she’d purchased decades before he was born.  One couple avoided doing a will because they didn’t know whom to name as their child’s guardian.  By not doing a will, the couple unintentionally exposed their beloved child to the risk of becoming a ward of the state.  A woman named her husband as a health care proxy, even though she thought he might not follow her wishes. I speak about these challenges, and others, during a conversation entitled, Estate Planning . . . and What Happens If You Don’t, with Phil Fish, CFP, Vice President and Estate Planning Specialist with Sandy Spring Bank’s Trust Department.  A video of our conversation can be found on Sandy Spring Bank’s community webpage, https://www.sandyspringbank.com/wealth/video-seminars/estate-planning-and-what-happens-when-you-dont-victoria-kelly-esq, and in Sandy Spring Bank’s professional series, https://www.sandyspringbank.com/wealthdiscussions

Please let me assist you in preparing the right estate documents so you and your loved ones can avoid these problems.  Here are the most common documents:

  • Will (with or without a Revocable Trust)
  • Power of Attorney
  • Maryland Living Will and Health Directive
  • Irrevocable Trust
  • Trust and Estate Administration

The basic estate planning documents everyone needs include a Will, Financial Power of Attorney, and Maryland Living Will and Health Directive.  A Will distributes your probate estate as you direct, a Financial Power of Attorney enables someone you name to oversee your finances if you cannot, and a Living Will and Health Directive enables someone you choose to make medical decisions for you if you are unable to do so.  Without these documents, your health issues may be managed, and assets distributed, in ways you did not anticipate. If tax planning is required, I can help you gift assets, or prepare trusts.

Thinking about estate planning means looking at our own mortality, or considering the possibility that health conditions in the future may cause us to rely on others for help.  It’s easier to tackle these difficult issues if we have loving, supportive family and friends we can trust with our health and assets.

If you do, I can help you prepare documents that include your caring family and friends as appropriate.

I’ll listen carefully to what you say, and create documents uniquely suited to your goals.  In one case, for example, I added a provision to help a successor trustee choose a money manager.

If you don’t find yourself in a positive, supported situation, you’re not alone.  Many others face the same challenges.  It may be tempting to avoid estate planning altogether.  Rather than leaving matters to chance, please allow me to help you sort through possible options to develop the best plan for your specific circumstances.

One of my clients, Alan Medina (not his real name) resided and co-owned his home with adult child number one, and wasn’t sure how to equalize bequests to his other two children.  After weighing his options, Alan divided his estate equally among all children, but reached an informal agreement with them to allow child number one to remain in the home after Alan passed.  Alan also clearly expressed his wishes in the will we drafted.  Although the agreement among his children would not be legally binding, their amical, respectful relationships left Alan hopeful of a positive result.  Alan acknowledged that the issues were more challenging than he’d expected, and expressed appreciation for my help keeping the momentum going when he felt overwhelmed.  But it was Alan’s determination and perseverance that carried the day.

I can guide you through probate administration. I welcome traditional and blended families, single parents, and unmarried individuals. I also help farm families transition their farms to the next generation.