More than half of Americans (55%) who pass away do so without any type of estate plan or will officially in place. This means the entire sum of their life including their assets, property, and debts, all went to the state to get sorted out.
To help your loved ones avoid confusion over your estate after you pass, it’s a good idea to legalize an estate plan as soon as possible. Estate planning attorneys in Frederick, MD can help you achieve that goal. Learn more about the types of documents you should consider drafting as a part of your estate plan below.
A will is a legal document in which a person outlines their final wishes. Individuals that pass away without drafting or legalizing a will are leaving their entire estate up for distribution based on the Maryland Annotated Code. In other words, your final wishes may not be achieved and there may be disputes among your surviving relatives.
If you draft a will beforehand you can avoid confusion and ensure your final wishes are fulfilled. You can outline who you want to receive certain assets, who should take guardianship of your children or pets, and even how you’d like your funeral to be carried out.
A trust is a legal relationship between a trustor and a trustee. This relationship allows a trustor (you) to give legal authority to the trustee (you or a named fiduciary) to control property and assets within the trust. In effect, your trustee will continuously control of your accounts upon passing away, without having to go through probate court or do additional paperwork to secure control. There are numerous types of trusts possible, and depending on your circumstances, Horman Nichols can help you determine the type of trust that will most benefit you and your loved ones.
Power of Attorney
A power of attorney is a legal document that grants authority from you to a designated agent (principal) to make decisions about your healthcare, finances, investments, or property. For instance, if you suffer from a medical condition, such as a coma, that makes it impossible to make your medical wishes known, then a power of attorney will allow your principal to make decisions on your behalf right away without filing a guardianship petition with the court. You can create a power of attorney that is effective immediately or a springing power of attorney that is only effective upon your disability.
An advance directive is a legal document that outlines what your medical wishes are when you are terminable condition and cannot express your wishes. If you become incapable of making your own decisions, then this document will outline what happens next.
Hire the Best Estate Planning Attorneys in Frederick, MD
Are you currently considering hiring an estate planning attorney in Frederick, MD? If so, then our team of lawyers at Horman Nichols can help you make your final wishes official. Creating an estate plan helps you and your loved ones enjoy greater peace of mind and security.
Get in touch with our office today, or give us a call at 301-663-8101 to learn more about how we can help you with all your estate planning needs.