To learn more about what steps you should take to advance your estate plan when you are ill or elderly, reach out to our firm today and speak with our skilled Montgomery County estate planning attorney. Our legal team is equipped with the knowledge and experience required to ensure that you and your future are protected.
What steps should I take to establish my estate plan if I am ill or elderly?
Make Your Will
If you have children under 18, it is essential that a personal guardian is specified in your will. If both you and the other parent were inaccessible, the local court would obey your wishes and select this individual (unless there is a good reason not to) as a guardian, to raise the children. Our firm acknowledges the difficulties involved in making these choices.
Furthermore, your will states who obtains what after you pass away. It is possible to make it straightforward, like: “everything to my children, to share equally,” or leave precise items to certain beneficiaries. You don’t have to leave anything to family members if you don’t want to, but if you’re married, know that a disinherited spouse could likely have a say in some of your assets.
Create Durable Powers of Attorney and a Living Will
Although it’s not pleasant, it is essential that you take a moment to think about the chance that at some time, you might become incapacitated and unable to handle day-to-day financial matters or make healthcare decisions. If you fail to prepare for this possibility, a judge might have to select someone to do these things for you. No one wants a court’s intervention in such personal matters, but someone must have the legal authority to act on your behalf.
To avoid an invasive court proceeding, you will want to show someone you trust the legal authority to act for you. You do this by creating documents called durable powers of attorney, one for financial matters and one for healthcare. The person you choose is called your agent or attorney-in-fact. If you would like to, you can even say that the documents won’t have any effect unless and until you become incapacitated.
The documents you require may include the following:
- medical directive (living will)
- a durable power of attorney for health care
- a durable power of attorney for finances
If you have any questions or concerns about how to create an estate plan if you are elderly or ill, give our skilled estate planning attorneys a call today.
Contact our experienced Maryland firm
Our firm has experience with matters of estates & elder law, business law, tax law, and litigation. Contact JD Katz, PC today for assistance.