Reasons to Create an Estate Plan Now vs. Later

Have you ever said or overheard someone else say I do not need a Will, Power of Attorney or Advance Care Directive?

Some of the reasons given are they think they are too young to become disabled, they own everything with their spouse or that they never get sick. While these excuses may sound acceptable, in reality by failing to plan you are gambling with your possessions, interests and even your life.

By not engaging in estate planning you are allowing laws enacted by the legislature to make your decisions.

These statutes may or may not make the same choices and decisions that you would regarding your healthcare and assets. Having professionally prepared estate planning documents eliminates this uncertainty.

During the next year, several questions that clients frequently ask me concerning estate planning will be reviewed in a series of articles, blogs, and newsletters. These questions include the following:

  • How should I choose who controls my healthcare and end of life decisions if in the future I become disabled?
  • How should I choose who controls my financial affairs if in the future I  become disabled or when I die?
  • My spouse and I have made a number of large gifts over the years. Will those gifts impact Maryland or federal estate tax?
  • I want to decide who inherits and when they inherit after I die. What planning is available to me?
  • I own property in two or more states. I  do not want to have estates in multiple states after I die. How can I prevent this from occurring?
  • I want to want to avoid probate. Are there alternatives to Revocable Living Trusts?
  • I have children from two or more marriages. What can I do to ensure they and my current spouse are all treated fairly in my estate plan?
  • I have a special needs child. What planning is available so he/she can maintain their benefits?
  • I have minor children. How can I prevent infighting among family members and also ensure who shall raise them if I and their mother both die while they are still under the age of majority?

Each situation is unique, and the answers to these types of questions are important to determine your best solution.

For general information, be sure to check in to our “Articles” section as we provide general answers to these issues and more in matters of Elder Law, Estate Planning, Medical Assistance (Medicaid), Guardianship, Asset Preservation and Fiduciary Representation.

We can also consult with you personally as these are common types of questions from clients.

For more information, contact the Law Firm of Abraham & Bauer.

Planning ahead is a gift to your loved ones!