Estate planning can be a daunting prospect for many in Maryland, and as a result, adults often put off this process until they feel like it is necessary. Unfortunately, many never reach this point, and it is quite common for individuals of all ages to become incapacitated or pass away without a plan in place. Planning for the future does not have to be complicated when one starts in the right place.
The right steps for a strong plan
Estate planning often begins by drafting a last will and testament. This is the foundation for any estate plan. It can allow one to determine what will happen to personal assets and even name guardians for minor children. In addition to a will, other steps in the estate planning process may include drafting the following:
- A power of attorney, which is a document that names someone to act in the event of incapacitation.
- An advanced medical directive, also called a living will, which allows one to outline medical preferences in case of an emergency.
- Ensure that all beneficiary designations on certain types of accounts are accurate and up to date.
Each estate plan is different, and each individual will have specific goals for his or her health care or wealth. Planning for the future is an individual process for each person.
There is significant benefit in seeking guidance when planning for the future. A Maryland estate planning attorney can help one make beneficial choices that will make sense for years to come. This process starts with an assessment of the individual situation, including finances, preferences and objectives.