Experienced Estate Planning Attorney Helping Montgomery County Clients Prepare for the Future
Establishing an estate plan is crucial if you own property, operate a business, have children and/or want the peace of mind associated with stating your wishes. If you are just now starting to give your estate some thought or are already in the process of updating existing information, working alongside an effective estate planning lawyer is paramount to securing the future you deserve.
Estate Planning Considerations
There are numerous things to consider when proceeding with the estate planning process. For example, it’s important that you consider members of your extended family — in addition to your spouse and children (if applicable) — that may feel entitled to a portion of your estate. Planning ahead allows you to avoid questions regarding your intentions after your passing. As a highly experienced estate planning lawyer, Carol R. Schifter can help you determine the best estate plan for your unique situation.
Establishing a will allows you to protect your property and choose those for whom your assets and belongings will pass following your death. It also enables you to designate a personal representative to manage your property, as well as name a personal guardian for any minor children you may leave behind. Consult a compassionate estate planning attorney today.
In the state of Maryland, a trust is a legal document by which one person holds legal title to property on behalf of another. It is possible for you to act as the trustee of your own living trust, maintaining control of all your property in the process. Trust language can also be put into a will to allow assets passing to children to be managed by a trustee you designate until they are old enough to manage whatever assets they inherit from you.
Advance Health Care Directives
Should you become unable to dictate your own medical care due to illness, injury and/or advanced age, an advance health care directive may be your best bet at ensuring you’re cared for according to your wishes. Without an advance health care directive, matters regarding your health care may be placed in the hands of people who may know very little about your preferences. Call Carol R. Schifter, Esquire now.
Personal bank accounts, houses/condominiums, vehicles and jewelry are all examples of property commonly associated with estate planning. However, there are other assets that owners often fail to consider. Retirement funds, investments and debt are also part of your estate, and it’s important to think about how you want them administered following your death.
Power of Attorney
A durable power of attorney gives you the opportunity to provide someone you trust with the authority to administer your property and finances in the event that you become incapacitated (i.e. unable to make your own decisions). This is obviously a very important decision and one that you and your family should take very seriously. An experienced estate planning attorney can help.
It’s Never Too Early To Plan Ahead
Don’t let the fact that you’re unmarried or “too young” prevent you from planning ahead. Estate planning ensures that your wishes are followed and allows you to decide how your estate will be administered after you pass. You simply never know what’s going to happen in the future, which makes consulting a knowledgeable estate planning lawyer crucial to obtaining a positive outcome for those you love most.