Finding Estate Planning Solutions in Maryland, West Virginia and Pennsylvania
Protecting Your Assets With an Estate Plan
Having a properly drafted estate plan can give you and your loved ones certainty on your wishes upon your death or incapacity. In addition, a carefully drafted estate plan will distribute or protect your assets exactly as you intend.
You may think you can prepare an estate plan on your own. While this approach can save some money in the short run, it can cause great headaches for you or your loved ones down the road. A properly drafted estate plan will include a number of documents, such as a:
- Last Will and Testament which can detail the distribution of your assets and name a guardian for your children. By making your wishes clear, you will remain in control of the process instead of a Court.
- Power of Attorney which will give someone the power to make decisions for you in the event you are incapacitated or unable to make those decisions, including: paying your bills and managing your investments, selling your home and moving you into a nursing home or assisted living facility, making medical decisions regarding your choice of medical procedures, and consulting with your health care providers.
- Advance Medical Directive (living will) or Do Not Resuscitate documents to make your wishes clear regarding end-of-life decisions.
- A Trust can be a useful device to direct the distribution of your assets long after your death. Trusts can be set up in your Will, known as testamentary Trusts, or can be set up during your lifetime, known as inter vivos trusts, either irrevocable or revocable.
- Life Insurance is a useful tool in the estate planning process. Life insurance Trusts can have tax benefits to your estate and provide further control over the death benefits after you are gone.
- Parents of a child or family member who has special needs or disabilities face different problems when planning for that dependent’s welfare after their death. Special Needs Trusts can be effective documents to provide financial support that would not adversely impact any of the support he or she may be or will be receiving from local and federal government programs.
- Guardianship for the elderly or incapacitated adult who is mentally or physically unable to care for themselves or manage their affairs.
If you want to prepare or update your estate plan, an experienced lawyer can be of great assistance
Mr. Boyce can help you decide on which estate planning instruments will best meet your needs. If you would like to schedule an appointment to discuss how an Estate Plan can benefit you, call 240-575-1033 or email his office today.