By: Stephen R. Elville, J.D., LL.M. – Principal and Lead Attorney of Elville and Associates, P.C.
Most people approach estate planning as an important but long-put-off project. A natural tendency in this process is to view the planning as ”permanent” and ”forever”. This is a mistake and actually represents the first step towards plan failure. The correct and healthy way to view and approach estate planning is as a continuous process – one where you design and implement the best estate plan you can based on current facts, circumstances, goals, and intentions, with the knowledge and understanding that the estate plan should be reviewed periodically (every 1 to 2 years) throughout your remaining lifetime. By using this holistic approach, several things will happen, among them these: the task of selecting fiduciaries will become easier due to the knowledge that the plan will be revisited; the treatment of beneficiaries and beneficiary shares will be less stressful due to a longer-term approach; the alignment of assets within the planning structure can be fully reviewed and refined over time thereby ensuring that assets flow properly; and the possibility of the estate plan working as you intend are greatly increased. A healthy, holistic approach towards estate planning can and will lead to its ultimate success.
Have you taken the time to think about this issue?
Stephen R. Elville is the principal and lead attorney of Elville & Associates, P.C., a leading estate planning, elder law, and special needs planning law firm in Maryland. Elville and Associates engages clients in a multi-step educational process to ensure that estate, elder law, and special needs planning works from inception, throughout lifetime, and at death. Clients are encouraged to take advantage of the Planning Team Concept for leading-edge, customized planning. The education of clients and their families through counseling and superior legal-technical knowledge is the practical mission of Elville and Associates. If you would like to set an appointment with Mr. Elville to discuss estate or elder law planning issues, you may contact him at 443-393-7696, or via email at [email protected]. #elvilleeducation