What Is Involved In Estate Planning?
Many people think estate planning is a complicated, drawn-out process, but it does not have to be that way. With the help of an experienced and knowledgeable attorney, you can create an estate plan that meets your needs, protects your assets for the benefit of your loved ones and establishes your health care wishes.
At Scales Law Group, LLC in Ocean City, estate planning attorney, Stephanie Scales-Sherrin helps people craft and revise estate plans in Maryland. Even if you think you do not have many financial assets, you still need at least a Last Will and Testament to ensure that any assets you have will go to the people you want to receive them. If you die without a will, the law will decide who gets your property. Further, including your nomination for a guardian for your minor children in your will helps to give you the peace of mind that they will be properly taken care of in your absence. Speak with a lawyer today to learn more.
Estate Plans Allow You To Cover Many Issues
Estate plans typically include some or all of these documents:
- Powers of attorney: These documents allow you to name people to handle your financial affairs on your behalf and health care decisions (see advance directive below) for you if you are incapacitated.
- Advance directive for health care: You can designate someone to be your health care agent and to follow your desires for the types of medical care when you are unable to advocate for yourself. This is sometimes referred to as a living will.
- Will: A Last Will and Testament is the cornerstone of many estate plans. You can use a will to lay out your wishes for distributing your assets, specifying guardians for minor children and for making your final wishes known. Assets passed on through a will go through probate, so in some cases, a trust is also a good idea.
- Trusts: If you have larger or more complex assets, you may want to have one or more trusts. Property passed on through a trust does not go through the probate process, saving time and money. There are many types of trusts, and your attorney can help you determine which trusts are appropriate for your specific needs.
Attorney Stephanie Scales-Sherrin will discuss each of these options with you before recommending a strategy for your estate plan.
She can also update your current plan after a significant life event such as a marriage, divorce, birth/adoption, or death. It is important to keep your estate plan as up to date as possible.
Let An Attorney Handle Probate And Estate Administration For You
In addition to estate planning, Stephanie Scales-Sherrin can handle probate and estate administration after a loved one passes. While you do not have to work with a lawyer, it is typically a good idea, especially if it is a larger estate. The probate and estate administration process can be complex and there are many steps to complete. Let your attorney take care of the legal issues for you so you can focus on your family. Legal costs will come out of the decedent’s estate, so you do not need to worry about how you will pay for representation.
It Is Important To Make Timely Decisions In Estate Planning And Probate
Estate planning is a necessary step to protect you, your family, and your assets. You do not want to it put off until it’s too late. Protect yourself and your family by acting today and speaking with an experienced lawyer who serves the Eastern Shore of Maryland. Please call 443-291-8518 or contact the firm online to arrange an appointment.