There are a number of important reasons why an adult of any age would benefit form consulting an Estate Law Attorney in Bel Air MD. Estate planning is not just for the wealthy. Everyone has an estate, such as their home, car, bank account or personal belongings. The purpose of estate planning is to ensure that loved ones left behind are cared for. No one wants to leave such important decisions to an unknown bureaucrat.
How Can Estate Planning Help You and Your Family?
An Advance Directive or Living Will and Power of Attorney
If someone is unable to make the decisions regarding their own medical care, an advance directive spells out their wishes. If these instructions are not written down, then these critically important decisions could be placed into the hands of a family member who doesn’t feel the same way you do, a doctor or even a judge.
In Maryland, an advance directive combines two legal documents, a living will and a durable power of attorney for health care.
A living will stipulate what kinds of medical treatment that would or would not be preferred in certain situations.
A durable power of attorney for health care names the person who will carry out your wishes.
Avoiding Probate
Estate planning helps families to avoid probate as much as possible. Probate takes a long time to complete and can be expensive.
The Last Will and Testament
Everyone should have a will, stating how property will be inherited. Parents have a particular reason for estate planning: their children. If they were left orphaned, someone would be appointed as their guardian; no one can make that choice better than their parents. Without a will, inheritance can be delayed and the state could make decisions regarding the children.
Trusts
There are many different types of trusts. In essence, a trust is a “box” which contains property and instructions on how the property should be managed and dispersed. Someone is named as the trustee, who can be the person setting up the trust. Trusts can protect both loved ones and property in ways that a simple will cannot.
Michael S. Birch Attorney at Law is an experienced Estate Law Attorney in Bel Air MD. He can put his 35 years of experience to work for you and your family. Visit the website to learn more; appointments can be scheduled to fit into your busy life.
