Many choices are available when a person decides that he or she is ready to plan for his or her future. Creating an estate plan is beneficial to people who are just starting out in their adult lives and those who are ready to consider retirement. Maryland residents who are considering making plans for their futures will need to know a few key points to consider.
Financial advisers, estate planning attorneys and accountants often work together to help a client plan for his or her future. When working together, these advisers can create a complete plan that best fits the client's needs. One may find that when these advisers work together, they will advise a client on the available options, and the client will then need to make the final decisions concerning his or her plan.
Several issues should be considered when developing a plan, such as the client's employment status, income, family, health and financial status. In addition, the assets that a client owns will also affect the final plan. Advisers will also consider whether the client will need to allow funds for caring for elderly parents, minor children or adult children who are disabled and cannot care for themselves. Decisions on whether the client will provide money to care for these family members and how much will be provided can only be determined by the client.
Maryland residents who are ready to create an estate plan may wish to speak with an attorney who has experience in that area of the law. He or she can then guide the client in choosing the other professionals who will complete the estate planning team. Once complete, the resulting plan should ensure that the client's wishes for his or her estate are followed.
Source: investors.com, "Retirement And Estate Planning: Who Should You Consult?", Marie Beerens, May 15, 2015