Everyone Needs To Plan For The Future
Too many people think that estate planning is only for the very wealthy. In fact, everyone should have planning documents in place. From new parents who want to provide a guardian for their child in case something happens to them to a retired business owner diagnosed with dementia, everyone should plan for their future. It is not just about the money; planning documents allow you to choose trusted agents to act on your behalf and tell your family your wishes if you become too ill to express them yourself.
At the Law Offices of Dawn S. Veltman, LLC, we understand the issues that are important to our clients when thinking about their own future and the legacy they want to leave behind. We will take the time to get to know you and your wishes and work with you to create a plan that respects your values and makes the most of your assets.
Going Beyond The Will
Estate planning is more than just drafting a will and putting it in a drawer. It is an ongoing process that can change as your family changes. Documents we regularly encourage our clients to consider include:
- Power of attorney – These documents give a named person, the attorney-in-fact, the power to make decisions on behalf of the person who signs it, known as the principal. You can limit the power or allow it to continue if you lose mental capacity.
- Wills – Though a staple of estate planning, they are by no means the only tool available. They can play a vital role in stating where your assets should go once you pass.
- Trusts – There are many types of trusts that can accomplish a wide variety of goals, including giving to charity, caring for a loved one with special needs or providing a way to avoid the probate process.
- Advance directive – Every adult should have an advance directive for health care to put their wishes regarding end-of-life care when they cannot speak for themselves.
- Beneficiary forms – We can help you make sure the forms for assets such as insurance policies and retirement accounts are updated to meet your current wishes.
- Real estate – We can go over all the options you have for transferring any real property in your name.
Making Your Voice Heard
The best part of doing your own planning is having the power to choose who will be your voice when you cannot speak for yourself. This can be your attorney-in-fact for your power of attorney, your personal representative named in your will or your health care agent in your advance directive, to name just a few examples. Some of these people will help you while you are alive but may have lost some capacity for decision making and some people will help administer your estate including initiating the probate process, once you are gone. The choice is yours, though we can help you with points for consideration when you’re making your selections.
Let’s Start Planning
Law Offices of Dawn S. Veltman, LLC, serves clients across northeast Maryland from our offices in Bel Air and Upper Marlboro. When you are ready to discuss your estate plan, schedule an appointment by calling 443-457-8973 or reaching out online.