When it comes to the topic of estate planning, many individuals stray away from these difficult conversations until later on in life. But, what if you were to become incapacitated or pass unexpectedly? While it is not easy to think about, being proactive in planning for your family’s future can be a huge relief for both you and your loved ones. Here, the Maryland estate planning attorneys at Bienstock Law provide an overview of what should be included in your estate plan, and how our team can help ensure your wishes are properly carried out after your passing.Â
Create a Comprehensive List of Assets and DocumentsÂ
One of the most important things to do when beginning the estate planning process is to prepare. This means compiling a list of your various assets and important documents, and creating some form of organization in which you can easily access confidential forms or other important documents relating to your assets. Some of these documents include, but are not limited to, life insurance policies, bank accounts and personal retirement accounts, real estate deeds, birth or adoption certificates, stocks, and divorce records. In addition to these, it is important to note that we live in a digital era, meaning that we have to take care of our digital assets as much as our print ones. In your estate plan, you should include access credentials to any electronic device such as your phone or computer, as well as any passwords to your social media accounts, website and photo or video files. By doing this, your attorneys and beneficiaries will be able to easily access your documents and assets to delegate as you wished without confusion or additional estate planning matters after you pass.Â
Designate Financial and Medical Power of Attorney in a Living Will
While estate planning is commonly thought of as something that only encompasses what will happen after you pass, there are other very important areas of estate planning, such as a living will. A living will designates what you would like to happen in the event that you become incapacitated and are unable to handle large decisions regarding medical or financial matters on your own. This is why you should consider establishing both financial and medical power of attorney to ensure that time-sensitive decisions can be made without backlash from other family members. Financial power of attorney will allow an individual to make financial decisions on your behalf for yourself and your business if you allow them to. Additionally, medical power of attorney allows an individual to make medical decisions in line with your estate plan. Financial and medical power of attorney can be held by the same person, or two separate individuals. When deciding who you would like to choose, you should sit down with your loved ones and communicate your wishes. These positions require heavy responsibility, quick decision making and strong communication skills, so it is important to communicate the gravity of your choice and make sure they are comfortable handling these areas.
Establish Trusts and Guardianship Responsibilities for Your ChildrenÂ
One of the most difficult things in life is when a child loses their parent. While uncommon, if you are the parent of a minor child, you should be making your estate planning decisions with your child’s best interests at heart. First, this means that you establish guardianship responsibilities and specifics regarding your child’s care in the unfortunate circumstance that you pass away. For example, if you are a single parent, find a loved one that you feel comfortable designating as your child’s guardian, and know that you can outline specific uses of your money for their care, which ties into establishing a trust. Setting up one or multiple trusts for your child can provide peace of mind that they will be financially secure in the future, and can give your designated guardian comfort. When creating your estate plan, you are able to outline specific uses for these trusts, such as medical, school or living expenses.Â
Discuss Your Estate Planning Options with Maryland Attorneys at Bienstock Law
At Bienstock Law, we understand that the topic of estate planning can feel overwhelming. It is often difficult to know where to start, and you may feel as if you do not have everything under control. That is why, our attorneys are here to guide you through every aspect of the estate planning process, ensuring everything is properly completed and your estate plan is uniquely catered to your wants and needs. To learn how Bienstock Law can assist you in your estate planning process, contact our Rockville office today.