By - Stouffer Legal
Often people hear the term 'estate plan' and wonder exactly what documents an estate plan actually includes. The goal of an estate plan is to ensure that your assets transfer to your heirs in the way in which you desire without any unnecessary complications and with the least amount of administrative costs. However, an estate plan should also consider several events prior to your death such as what happens if you become disabled or legally incompetent (which means you are unable to make decisions that are in your best interests and need assistance in managing your affairs).
A typical estate plan will include the following documents:
1. Will/Trust: The wording and execution of these documents are extremely important and should be drafted by an estate planning attorney. These documents designate who receives your assets after you die. You may need only one or the other or you may need both a will and a trust. Your attorney can help you determine your needs. It also designates who will care for your minor children.
2. Durable Power of Attorney: This document appoints a person to act as your agent in the event of your disability. Without this document, the court may appoint someone to act as your guardian and it may not be the person you want. You can designate specific powers to your agent such as conducting financial duties, selling real or personal property and make other decisions and arrangements as if the person was literally you.
3. Letter of Intent: This is letter from you to your designated executor with instructions for your funeral and burial arrangements, information on where to locate all of your documents, location of any safety deposit boxes, or any other pertinent information you need to convey.
4. Healthcare Power of Attorney: This document designates an individual the power to make healthcare decisions for you should you become incapacitated. In addition, you may want to execute what is known as a "Living Will" or Advance Directives which state your preferences for how to handle many specific medical situations such as life-sustaining measures.
Call (443) 470-3599 today and schedule a consultation with one of our experienced Maryland Estate Planing Attorneys to learn more about Estate or Elder Law and how we can help you.
