Anyone who has ever watched a family struggle to settle the affairs of a loved one who died without a will won’t want to have their own family go through it. An estate planning lawyer in Bel Air, MD, can ensure that matters would proceed as smoothly, quickly and inexpensively as possible. Estate planning is a kind and thoughtful way to care for those you love. It can take the form of a will, trusts, financial and health powers of attorney, or other documents.
Who Needs Estate Planning?
Almost everyone can benefit from estate planning, especially those who have children or other dependent family members and own a business or other property. Maryland, as is true of other states, has rules on inheritance and probate issues. If someone isn’t sure if they need estate planning, it’s a good idea to look up the Maryland laws on inheritance and find out what decisions the state will make about everything you own. Wills can be very simple or complex, spelling out who will inherit what. Young parents should always have a will that says who should care for their children if they were gone. An executor will be named, who will be responsible for administering the estate.
Can Probate be avoided?
If there is no will, the estate will go through probate, a time-consuming and costly process. There are provisions in Maryland’s law for avoiding probate, including:
- property that is jointly owned;
- property that is held in a trust;
- property that is designated as “transfer on death”; and
- small estates may be able to avoid probate.
Financial Power of Attorney
A financial power of attorney gives someone the right to make financial decisions if you are incapacitated. The power of attorney can be unlimited, giving the agent the right to make all decisions, or limited to a certain time period or in some other manner.
Health and End-of-Life Documents
Most people have strong feelings about what they would want to be done if they were in an end-of-life situation. It’s always a good idea to prepare these documents ahead of time, rather than in an emergency. Living wills may be required when someone is hospitalized and are legally binding documents. Website, is an experienced estate law attorney in Bel Air, MD. Whatever your circumstances or preferences, it’s worth taking the time to sit down and discuss your concerns. Visit the website to contact the firm and schedule an appointment.