Maryland residents often have plans in place, just in case something happens or goes wrong. An emergency fund could help address medical bills or a new furnace in the home. A retirement account funds your retirement, once you are ready to stop your working days. And an estate plan protects your property, assets and your wishes in the event of your death or sudden incapacitation.
Estate planning should be looked at as a living, breathing plan, as it is effective during your life and is ever-changing. It is imperative that you not only consider establishing an estate plan, but that you revisit the plan frequently, especially after a major life event.
Creating an estate plan
At IvyLaw Law Office, LLC, our experienced attorneys know how valuable a well-written estate plan can be. Whether you seek to designate who gets what at your passing, provide protection of your assets, ensure that your children will be cared for if you pass or elect a person to have control over your finances and healthcare decisions in the event of incapacitation, creating an estate plan is a vital step to take.
No matter one’s age, it is never too soon to consider the various options when it comes to creating an estate plan.
Revising an estate plan
While you might have drafted an estate plan simply to better prepare you for the future, you are likely to revise an update an estate plan due to a life event. Getting married, divorced, buying a home, having children, gaining an inheritance and retiring are all life events that will signal one to revisit their estate plan. Whether it is adjusting who gets what or creating better forms of protection, this is a vital step to take throughout your lifetime.
Life is filled with many unexpected events, making it imperative that you properly and knowledgeably put an estate plan in place. At our law firm, we understand that it is difficult to think about your demise or incapacitation; however, we also understand the importance of having a plan in place that considers these events. As such, we are here to help answer any questions you might have about drafting, updating or administering an estate plan.