Representation With Estate Planning

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Often clients come to us after moving and relocating to the area. Estate planning is not a pleasant subject for many. Incapacity planning and planning for death is not an everyday topic. Procrastination seems common. As I have observed many times with clients, what is important is that you have an estate plan before your death or incapacity, as “there is no urgency until there is!” 

 

Whether you are new to the area or have lived here all of your life, no matter how old or young you are, it is wise to review your estate plan from time to time to ensure that all considerations are up-to-date with current Maryland law. 

 

My office is pleased to assist with planning and modification of existing estate plans with special focus on seniors experiencing life changes. Some examples that might trigger a revisiting of your estate plan would include the purchase of a new home, relocation, the death of a loved one, birth of a family member, marriage, divorce or otherwise a significant change in your personal or financial situation.

 

We offer counseling and preparation of the following, which is our typical estate planning package, in full compliance with Maryland law:

 

Last Will and Testament

Advance Healthcare Directive

Financial Powers of Attorney

 

Last Will and Testament

 

A Will is a written document in which you are directing how your assets are disposed at your death according to your wishes, in the way that you see fit. For many it is the most significant legal document a person can create during their lifetime.

 

Without a Will, essentially, your Will has already been written by the legislature of Maryland, according to the Maryland law of intestate succession.  Whom gets what after your death is therefore determined by their relationship to you all according to applicable Maryland law, not by your intention.

 

So you see, having a Will, and one that is up to date reflecting your current personal and financial circumstances, can be super important. You want your Last Will & Testament to reflect your circumstances last week, not last decade nor even last year. 

 

Advance Healthcare Directive

 

Advance Healthcare Directives are sometimes referred to as Healthcare or Medical Powers of Attorney, or simply Advance Directives.

 

In the event of an incapacitating medical emergency or near end of life and where you are unable to do so yourself, an Advance Directive will help ensure that your wishes are being met by designating an agent and providing instructions to make medical decisions on your behalf.

 

That person you select, your “agent,” will be able to make decisions about your care and treatment. Their authority can go into effect immediately or if you become too ill to make your own decisions.

 

Once their authority goes into effect, your medical records will be available to your agent who can talk to your medical care providers. Your agent can consent to treatment or withdrawal or withholding treatment on your behalf all according to your wishes. The types of treatments given in different situations are some of the most difficult decisions anyone can make and an Advance Directive will help family members avoid having to make these very difficult choices by themselves under the worst circumstances. 

 

Bottom line, an Advance Directive is the best way to make sure everyone -- your family, close friends, nurses and doctors – know what you want. It is wise to a give a copy of these instructions to all of them.

 

Financial Powers of Attorney

 

A Financial Power of Attorney is a written document giving another the power, an “agent,” also called your “attorney-in-fact,” to act on your behalf with respect to your property and financial matters. They fill a need to ensure that your property is managed and preserved in accordance with your wishes in the event that you are no longer able to do so.

 

Financial Powers of Attorney can be General Powers of Attorney or Limited (sometimes called “Specific”) Powers of Attorney.

 

A general power of attorney grants your agent the power to act on your behalf with respect to all of your property and all financial matters, whether they be personal property, real property, bank accounts, brokerage accounts, insurance policies and other financial matters. 

 

A limited power of attorney only grants your agent the power to manage your financial affairs on a limited or specific basis as set forth in the written document. 

Representation During Prenuptial Planning

Not to be unromantic, but with about one in three of all first marriages ending in divorce, and roughly fifty percent of second or third ones meeting the same fate, a prenup is a wise move. I also offer assistance in negotiation, counseling, review and preparation of prenuptial agreements.

 

Heard Enough?

I am an experienced Maryland attorney who has devoted over 40 years of practice providing energetic, effective and result-oriented legal representation. Call me today for a CONFIDENTIAL CONSULTATION at 410.524.5000 to see how I might be able to assist or simply take a moment to fill out my confidential Contact Form. ​