The Importance of Creating an Estate Plan For Uncertain Times

The Importance of Creating an Estate Plan For Uncertain Times

Life is full of unforeseen events, such as the new coronavirus, which is why it is always best to plan for the worst. Please continue reading and reach out to our experienced Maryland estate planning attorney to learn more about why it is always best to have a comprehensive estate plan ready for uncertain times like this. Here are some of the questions you may have:

Why do I need to write a will?

If you’ve inherited or collected various belongings an assets through your life, you can protect them in a will. Wills allow people to record what they want to happen with their assets upon death. If someone dies without a will, they die “intestate.” That person’s assets will then be distributed on a succession schedule, depending on their surviving family members. By writing a will, you help ensure your assets are handled exactly as you would have intended.

Why should I establish a power of attorney?

Powers of attorney are great tools to protect individuals who are unable to make certain key decisions on their own, for one reason or another. For example, if you have been quarantined with the coronavirus, you may need someone to handle certain affairs on your behalf, such as making bank deposits and withdrawals, paying bills, handling your medical records, filing tax returns, hiring caretakers, and more.

Should I create an advanced healthcare directive?

Advanced healthcare directives allow appointed individuals to make key medical decisions on your behalf, should you ever become incapacitated. An advanced healthcare directive is also sometimes referred to as a living will, health care proxy, or power of attorney for healthcare. The appointed individual can handle the following:

  • Obtain medical records in emergency situations
  • Set the standard for determining whether or not you are incapacitated
  • Confirm whether you wish to receive or not wish to receive life-saving care, such as ventilators, feeding tubes, and more
  • Ensure medical decisions are made according to what you believe, or what your religion allows, for example.
  • Any additional health care concerns you may have

Contact our experienced Maryland firm

The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.

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