Most people don’t enjoy the prospect of estate planning because it forces them to consider their own mortality. For others, though, it can be an exercise in frustration as they deal with healthcare rules, tax codes and trust laws. To simplify the process, clients of Michael S. Birch, attorney at law, should browse the website and consider the following list of estate plan must-haves.
A Life Insurance Policy
If a person is married, with children, or plans to be in the future, life insurance should be a priority. Buying life insurance isn’t as complicated as one may think, but clients of an estate law attorney in Bel Air, MD, should monitor the policy for loopholes to ensure quick, consistent coverage.
A Will
Having life insurance is important, but a will is the starting point of most people’s estate plans. A will is a legal document stating a person’s wishes on asset distribution after their death, and it’s a useful dispute resolution tool. Wills can be prepared in-house, but an attorney can help a client prepare a will that satisfies elements of federal and state law. Key considerations include appointing an executor, distributing assets and determining child guardianship.
Power of Attorney
A power of attorney is a legal document giving another person the authority to handle one’s legal affairs and finances in the event of incapacitation. A durable power of attorney expires upon the person’s death, and it can be used to allow representation of one’s interests. The designated agent is legally required to act in the person’s best interest, and the power of attorney can be rescinded at any time. To ensure that the power of attorney is prepared correctly, consult an estate law attorney in Bel Air, MD.
The Living Will
A living will, is a document that can prevent serious complications for a deceased person’s family. The document contains directives on the use of life-saving measures, which can prevent disputes among family members in the event of a person’s need for life support. Like the durable power of attorney, a living will is an optional part of an estate plan–but it’s an important component. Having a living will can make difficult decisions easier to make, and it can prevent contention among relatives at a stressful time.
