Estate planning in Takoma Park, Maryland is simply the act of deciding what you want to happen to your assets after your death. It normally entails making plans about funeral arrangements, as well as plans for end of life care.
Typically, the first thing a person thinks about when they think about estate planning is a will. A will dictates what happens to a person's property after they die. In general, you can leave your property to whomever you want, and attach almost any condition to such gifts. In the vast majority of estate plans, a will is the central component. It is rarely the only one, however.
Besides a will, a quality estate plan will include a living will, which gives your doctors and relatives instructions concerning your healthcare in the event that you become incapacitated, funeral arrangements, and instructions on organ donations.
If you have young children, it is absolutely crucial that you make arrangements for their care, as well as their custody. Obviously, if you want someone specific to take custody of them in the event something happens, you need to discuss the matter with them, to ensure that they are actually able and willing to care for them.
What Type of Estate Plan Do I Need in Takoma Park, Maryland?
The answer to this question depends on your individual needs, your priorities, your health, and the size and nature of your estate.
If you are young and unmarried, estate planning probably doesn't need to be on your radar, unless you are very ill, independently wealthy, or perhaps if you work in a very dangerous job, such as the military.
There is one group of unmarried people for whom estate planning in Takoma Park, Maryland is absolutely essential: adults who are not married, but have a life partner who they'd like to provide for in the event of death. There are many rights that automatically attach with marriage, such as the right to inherit if a spouse dies without a will, the right to make medical decisions for the other spouse if they become incapacitated, etc. If you and your partner are, for whatever reason, unable or unwilling to get married, you will have to take many steps to secure these rights, such as granting power of attorney, and writing them into your will.
Other groups for whom estate planning is very crucial in Takoma Park, Maryland are people who are elderly and/or have a lot of assets. This may be the point in one's life where estate planning is most crucial. While it's true that the process of making an estate plan requires a person to deal directly with the reality of their own mortality, it is extremely important if you value the security that comes with the knowledge that your family will be provided for.
Do I Need a Takoma Park, Maryland Estate Planning Attorney?
Because estate planning in Takoma Park, Maryland can involve some confusing legal and financial issues, it is essential to undertake this task with the guidance of an experienced attorney who specializes in estate planning.