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How can you start your estate planning strategy?

On Behalf of | Aug 17, 2021 | Estate Planning

Many Maryland residents are ready to start thinking about their estate plans, but they just haven’t “gotten around to it.” Of course, it is easy to see why someone would put off this task – it involves thinking about the inevitability of death, and there may be some serious emotional stress that comes along with that. So, many people don’t know where to even start. At our law firm, we try to help our clients get started on the right foot.

How to begin

A recent news article suggested a few different areas to think about as you start your estate planning strategy. One is your health. That’s right – an estate plan isn’t just about making a plan for what happens to your assets after you die. A comprehensive plan will include documents that address: 1) what procedures or treatments you would like if and when you need life-saving care; and 2) who you would like to make decision on your behalf if and when you become incapacitated and unable to make those decision on your own.

Another area to think about, as mentioned in the recent news article, is your financial situation. First, not only should you think about who you want to inherit your assets, but you must also usually think about who is someone you trust to make financial decisions on your behalf if, again, you become incapacitated and unable to do so yourself. But, of course, you will need to determine who should inherit your assets as well.

Every estate plan is different. Your questions and concerns will be different from your neighbors, friends and family members. For more information about how our law firm attempts to help Maryland residents with their estate planning needs, please visit our website.

 

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