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Why you should consider estate planning now

On Behalf of | Jan 8, 2021 | Estate Planning

People often delay planning for the future because they think it is not necessary for their specific circumstances. You do not have to be exceptionally wealthy, a business owner or at an advanced age to benefit from having certain legal and financial protections in place. In fact, there are specific reasons why it will be in your interests to start this process now instead of waiting to do it at a later time.

You have the right to have a say over your future. While you cannot control what is going to happen, you can do certain things that will let you have peace of mind regarding your wishes. In addition to the personal benefits that estate planning will provide you, it will also make things significantly easier for loved ones in case the unexpected happens.

Reasons to plan now

One of the most important reasons to go ahead with the estate planning process is that it allows you to have more control over the things that will happen down the road. But some of the other things you can accomplish through your plan include:

  • If you wish to give to charity through your estate, there are tools that allow you to do this directly after your passing.
  • Your estate plan can allow you to give to your heirs in specific ways, including how and when they will get their inheritance.
  • Certain documents allow you to name someone to make medical and financial decisions on your behalf in case of incapacitation.
  • You can create trusts as part of your plan that will allow you to protect your privacy and keep certain assets out of probate.
  • You can use certain planning tools that will keep you and your family from losing your home and other assets if you need nursing home care in the future.

These examples illustrate the numerous options you will have to create an estate plan that will make sense for you and your loved one for years to come. There is no one-size-fits-all solution to planning, and you can make plans that will suit your specific goals and objectives. If you are unsure of where to begin or how to identify what is necessary for full protection and security, you may want to speak with an experienced Maryland estate planning attorney about your needs and objectives.