Have you ever thought about what will happen to your house, your savings, or even you if you are no longer able to make informed decisions due to health-related issues or death? While contemplating your demise is certainly not a pleasant experience, having a series of instructions outlining the distribution of your property and possessions can save your loved ones undue suffering during an already painful experience? This can be a complicated undertaking, and contacting someone who handles estate planning Howard County can help ensure your wishes are fulfilled.
Where To Begin
Now that you understand why you need an estate plan, you need to determine what exactly constitutes your estate and the information you need to compile. An estate plan is more than listing your valuables and determining who should receive them; your will is just one piece of the puzzle. You will need to make decisions on how to protect your assets and avoid putting your family through lengthy probate proceedings.
Who To Involve
There are generally several people you will need to designate to assist in the implementation of your plan: an executor and two separate powers of attorney, one for financial decisions and one for healthcare decisions. The aptly named executor is assigned the task of executing the terms of your will and handling your affairs upon your death. Alternatively, the powers of attorney will be responsible for carrying out your intentions in the event you become incapacitated and are no longer able to do so yourself.
Keep in mind that once you have created an estate plan, it is crucial to make updates accordingly. Having children, a change in marital status, or the acquisition of property can have a significant impact on the future of your estate, and it is necessary to account for these life-altering events. Mistakes are common as this is a complex but essential process.
The time to start thinking about your estate plan is now. Consider consulting with an estate planning lawyer to make necessary arrangements.