What Does The Estate Planning Process Look Like at Maguire Law?
Maguire Law's estate planning process is customized to meet each client's and their family's needs.
The process is comprised of the following steps:
Education: What are the available tools, and what are the pros and cons?
First, Maguire Law will undertake to teach you about the available estate planning tools (such as wills, trusts, powers of attorney, and advance directives, among other things). Often, clients start by scheduling a free thirty-minute Zoom consultation to initiate this step. Others come to Maguire Law after attending one of our free estate planning workshops or a recommendation from an advisor or friend.
We will teach you about Maryland's estates and trusts laws, what happens without an estate plan, and how probate works. (Hint: if you don’t know what probate is, you will want to know as it’s something everyone encounters in some form, regardless of their wealth). No matter how you connect with Maguire Law, the first step is ensuring that you learn about how the various tools of estate planning can help protect you and serve your goals.
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Get Acquainted: to learn about the goals for your family
Then, we focus on getting to know you, your family, your goals, and your concerns through a comprehensive intake process. We learn about who is in your family and how you wish to care for yourself and others at the end of life and beyond. As part of this, we dive into the financial picture (what assets you have, how they are titled, etc.) and the more emotional and relational parts of the picture.
For example, do you have a special needs child that needs special planning? Do you have concerns about creditor protections? Do you want to provide for children or grandchildren, and if so, with maximum flexibility or under specific conditions? Is there a history of mental health concerns or addiction that warrants special consideration in providing for loved ones? Do you want to attach specific conditions to inheritances, or is your primary goal straightforward without bells and whistles? To name a few…
Prepare: Design your estate plan
Once we have your financial, familial and emotional picture, we, you and I, sit down together (or by Zoom, if preferred), to design your estate plan. You will be involved in tailoring the plan that best achieves your goals for you and your family. While we often focus on the documents in the estate plan, that is just a piece of the plan. Much of what we will work through will address how assets are titled and how to address beneficiary designations to accomplish your goals best. With an estate plan from Maguire Law, you are getting more than documents. You are getting a genuine connection with an attorney who listens to your specific goals and concerns and tailors legal advice to your specific situation.
Approval: Sign your estate plan documents
After your estate plan is designed and the documents have been drafted, we will convene with witnesses and a notary to sign your estate documents. If deeds are necessary for your plan, they will be signed, recorded, and included in your estate plan.
Planning: next steps
Once everything is signed and finalized, you will receive your estate plan documents and instructions for the next steps. We will make a plan for funding your trust, if applicable. We will review how and where to store your estate documents and recommend how often to review, revise, or update your estate plan.
At Maguire Law, we get to know you and endeavor to assemble the best plan to meet your goals through an approachable and efficient process.
Schedule your initial consultation today to get started.
*This blog is for educational purposes and does not constitute legal advice.
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