Your Reliable Partner in Estate Planning
Throughout your lifetime, you will accumulate assets that you may intend to pass on to your heirs. However, if you don’t create a sound estate plan, your beneficiaries may have difficulty claiming their inheritance. Worthy Financial Services in Westminster, MD wants to make sure that this doesn’t happen to you. Through our estate planning services, we will ensure that your wishes are met and that your family’s financial security is provided for in the event of your passing.
Methods of Transferring Your Estate
To ensure that your assets are transferred to your intended heirs, you will need to create an estate plan and choose the best method of transferring your estate for your situation.
This is a legal document wherein beneficiaries and an executor are named. The executor will make sure that any debts are paid off and that the remaining assets are distributed according to your wishes. Wills need to be drafted in accordance with state laws, and all assets distributed are under the supervision of the court.
A trust is used to manage the distribution of a person’s assets. At the same time, it helps protect assets from creditors and allows the estate to avoid probate. It can be used on its own or to supplement a will. To create a trust, the property owner or grantor transfers legal ownership of his assets to a trustee. When the grantor passes away, the trustee transfers the assets to the beneficiaries.
Titling assets can be accomplished in many ways, using different methods of asset transfer. One form of asset title is a joint tenancy. This arrangement will ensure that your assets will be transferred to the person named jointly in the title automatically and without probate.
In this arrangement, your assets, such as qualified retirement plans and life insurance, will be transferred to your named beneficiaries by contract. Your assets will be passed directly to your heirs, outside of probate.
Consult the Professionals
Ensure that your heirs get the inheritance you intended for them. With the guidance of our estate planning team, you can create a practical arrangement for your family and beneficiaries. For more details, call us for a free consultation today!