Estate planning involves ensuring all legal and financial matters are addressed before a person dies or becomes incapacitated and not able to make those decisions. At a minimum, every person should have a will. The last will and testament give directions on how an estate should be divided. Having one decreases the likelihood that family members will fight over assets. It should be reviewed regularly to add new assets and to ensure the distribution continues to meet the family’s needs.
In addition to a will, many families benefit from a revocable living trust. With the help of an Estate Planning Lawyer in Bel Air MD, this tool can help families avoid the unnecessary time and expense of settling an estate in probate court. Assets that are transferred to a trust are passed directly to the beneficiaries without involvement from the court. This allows the assets to get to their intended recipients quickly and privately. The value of the assets in a trust are generally not made public before or after the transfer.
Many people enjoy the security of powers of attorney. These estate planning documents allow a person to assign another person to make decisions for them in the event they are incapacitated and unable to do so on their own. An Estate Planning Lawyer in Bel Air MD might help a client set up a power of attorney for health care so they can be confident their wishes will be followed by their doctors even if they are unconscious. The power of attorney acts as an advocate to ensure the exact orders are followed and might also be involved in making an end of life decisions.
Finding the right lawyer to assist in estate planning shouldn’t be a challenge. Visit michaelsbirchattorney.com to learn about the services offered by estate attorneys and how having a lawyer to help with preparing these documents might reduce the need for litigation later. The laws are very specific about what should be included on most of the forms and making a mistake could render them invalid. Anyone who moves from one state to another or who spends time in different states should consult an attorney who understands the laws in each of those jurisdictions.
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