Estate planning in Taneytown, Maryland is simply the act of deciding what you want to happen to your assets after your death. It usually entails making plans about funeral arrangements, as well as plans for end of life care.
Generally, 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 Taneytown, Maryland?
The answer to this question depends on your individual needs, your priorities, your health, and the size and nature of your estate.
For instance, if you're unmarried, and in your early 20's, estate planning is probably not the most important thing in your life. However, if you're seriously ill, and/or unusually wealthy, estate planning might be a priority for you.
If you are unmarried, but have a life partner in Taneytown, Maryland, estate planning is crucial, if you wish for your life partner to be treated as if he or she were your spouse (to the extent possible). In such a situation, the estate plan should make arrangements to give your life partner power of attorney in case you become incapacitated. Your will should also clearly include your partner (if you wish for them to inherit any of your assets).
Other groups for whom estate planning is very important in Taneytown, 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 important. 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 Taneytown, Maryland Estate Planning Attorney?
In Taneytown, Maryland, estate planning is rarely simple, even if it's not the most complicated thing in the world. Given the importance of what's at stake (the financial security of your loved ones), a good estate plan is essential, as is the help of an attorney who specializes in wills, trusts, and estates law.