Obsidian Market Update Wills And Estate Planning

Hello friends!

This week we’re going to continue our discussions of details to consider when addressing estate planning. Then, we’ll let you know about some fun fall activities coming up in the Frederick area.

Last week, we talked about different kinds of trusts and how they work. In this week’s email, we’re going to talk about wills. Some people use trusts as alternatives to wills, so it’s important to understand both.

At Obsidian, we talk about estate planning as the process by which an individual or family arranges for the transfer of their assets according to their goals and objectives, to whom they want, when they want, and with the most flexibility possible. Although trusts are fantastic tools in estate planning, not everyone utilizes them. A will is another option.

Wills are legal documents prepared under state law that name those who should receive your property. An “executor” is generally named in the will to carry out your wishes. After death, “probate” will be required, a process in which the property listed in the will is distributed to the named heirs under court supervision.

Unfortunately, the probate process can be time-consuming and expensive, and the contents of the will are public record. If you die without a will (termed “intestate”), your property will be distributed according to state law, which may result in your assets being distributed in a manner not in accordance with your wishes. As explained last week, a trust can help you avoid these pitfalls. Let us know if we can help you decide whether you need a trust or a will and how to get the process going.

With fall coming soon, and more and more fall-like days, we’ve decided to round up some of the fun things to do in the area. As always, we encourage you to practice COVID safety precautions when out and about.

  • The Sunflower Festival at Winterbrook Farms is going on this weekend, September 17-19. Your $10 admission gives you access to the sunflower fields, corn maze, vendor fair, and more. It’s a great all-ages event. Their fall festival starts on September 24 and runs through October 29.
  • Also, this weekend is the Great Frederick Fair, which runs from September 17-25. Check out the schedule of events here. Nothing says fall like the county fair, and it’s a great chance to support local vendors and farmers.
  • Want something right in town? Fall Market Days has you covered, with tasty treats and local artisans with goods on display.
  • The Summer Farm Fall Festival starts this weekend and runs through October 31. It boasts a 12-acre corn maze, pumpkin picking, the best fall eats, and many more activities for the whole family.

We hope you all have a fantastic, entertaining start to your fall season.

How We Help:

This past week we met with a retired couple for their annual review. They, like some of our clients, have annuities as part of their plan in retirement. Annuities are complicated products with many variations, and nuances to be aware of. Our clients wanted to learn how to maximize the potential income from their annuities and coordinate that with their spending habits, withdrawal rate from their assets, and taxes and estate plan. We were able to explain things and guide them so that the odds of achieving their vision of their ideal future are stacked in their favor.

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Advisory Services offered through Obsidian Personal Planning Solutions, LLC. Securities are offered through Triad Advisors, member FINRA/SIPC. Obsidian Personal Planning Solutions, LLC, and Obsidian Personal Planning Solutions, Inc, are not affiliated with Triad Advisors.