Estate Plans… The Importance of Hiring a Lawyer to Help You
Imagine this… if you can. Your life is just beautiful. You’re working, spending time with friends and family. The farthest thing from your mind is estate planning. Everything’s going so well! Then, out of nowhere, something happens to upset the status quo. At first, it might be no big deal. Then, it starts to spread and affect other areas of your life.
With the pandemic of Coronavirus on our doorstep, more and more people are wondering, “What if?” In this article, we will explore options and ideas for having the peace of mind that comes with estate planning.
Do You Have Your Basic Documents Completed?
There are three essential components to estate planning that apply to everyone, and these documents must be completed first as part of any estate plan.
Your Last Will and Testament
This document sets into writing how you intend or desire your estate to be distributed upon your death. Careful planning will prevent unnecessary drama at the time of your passing. If you should die without a will, the state will decide how your estate will be handled.
Power of Attorney
With a power of attorney, a “principal” (the person granting power of attorney) assigns these rights to an “agent.” It’s essential to understand the distinction between two different types of powers of attorney. A limited power of attorney assigns an agent and gives them the ability to act for the principal only in certain circumstances. A general power of attorney allows them to conduct ALL business transactions for the principal. In Maryland, written powers of attorney are considered “durable,” which means they remain in effect even if the principal is no longer able to make decisions on their own.
Advance Medical Directives
This particular power of attorney designates someone to act on your behalf when it comes to making medical decisions for you when you are unable to. Typically, a medical professional, or a group of professionals, will make a judgment when the advance medical directive is in effect.
Planning Your Estate Online… Do You Need a Lawyer?
Many lawyers, including this office, offer estate planning via video conferencing apps. If you are uncomfortable leaving the house, we can help you to assemble the necessary documents by discussion over a teleconferencing app, and prepare them to your specifications
When you are planning your estate online instead of in person, you might think it makes sense to use an online estate planning software. It may be tempting to save a little money and go this route. However, there are many aspects of estate planning that you will miss if you decide to take advantage of this option.
What Are the Advantages of Hiring a Lawyer for Estate Planning?
Once your estate planning is complete with your attorney, you have the peace of mind that everything is in place should the worst happen. Completing a form online may leave you thinking, “I guess it’s okay.” Consider the following advantage of hiring a lawyer to help you.
You Can Ask A Lawyer Questions
Unless you’ve done this several times before, you’re likely to have a lot of questions. These can be answered on the spot during a meeting with an attorney.
A Lawyer Will Know and Be Able To Explain Alternative Solutions
If you have no idea of the alternatives, how can you be sure that you’re making the right decisions? An attorney can explain different options to you so that you can consider your best course of action.
A Lawyer Can Explain any Legal Terms You Don’t Understand
When you’re dealing with legal documents, it’s not unusual to get overwhelmed with all the legal terminology. Getting an explanation of legal terms in everyday language can help you from misunderstandings later.