At some point, we won’t be around anymore to take care of our loved ones. That’s why most individuals start creating an estate plan that ensures their wishes are met when the inevitable takes place down the road. Is a will always enough to ensure your needs are met? Here are some scenarios in which you may benefit from more than a will as you begin your estate planning.
Powers of Attorney
Powers of attorney are simply documents that allow lawyers or other trusted agents to act on your behalf. You may choose to pursue this avenue for a variety of reasons. Most often, individuals do so to ease the burden of tasks like selling real estate, filing taxes, paying bills and providing clear healthcare treatment preferences.
A living will, or advanced directive, allows individuals to make choices about their final days well in advance. Without a living will in place, there may be several unanswered questions regarding how to handle major life decisions, including Do Not Resuscitate orders, organ donations and palliative care preferences. Instead, your loved ones would be left with, and potentially emotionally burdened by these decisions.
A will is a great foundation for a solid estate plan, but a trust may be worth heavily considering as an add on for many people entering the estate planning process. A crucial thing to remember is that wills only take effect after an individual has passed. Until then, if they were to become incapacitated, they would be unable to provide critical information regarding the handling of their finances. Trusts, on the other hand, go into effect the moment they are signed. Other advantages of trusts include the fact that they allow assets to bypass probate, distribute assets faster than a will, are more private than a will and allow you to set age requirements for asset inheritance.
Contact Mobley & Brown, LLP for Help for Families Who Need Estate Planning
If you are searching for an estate planning and family law attorney in Maryland and unsure where to turn, contact Mobley and Brown, LLP today. Our experienced legal team will work with you to meet your needs. Call us now at (410) 385-0398.