Estate Planning has become a prominent financial insurance policy across the U.S in recent years. Based on its immense benefits, you can safely plan for your retirement and safeguard the basic needs of your loved ones. In most cases, estate planning aims at ensuring that your health care wishes and personal property are honored and catered for in their absence. By activating an estate planning process, you will not only have peace of mind, but your loved ones are also exempted from nasty feuds during the distribution of assets.
Despite its numerous benefits, the exact type of estate plan majorly depends on your individual goals and preferences. For instance, you might wish to provide for your heirs and control your medical treatment. Based on such unique urgencies, you can benefit from valid asset distribution based on the following legal principles:
- Wills: A will fundamentally controls asset distribution to your heirs. It contains precise guidelines on how personal property will be subdivided in the presence of an executor and a guardian who represents minors.
- Advance medical directives: This is a comprehensive document that stipulates how your life-sustaining treatment will be fulfilled in the presence of a valid will.
- Trusts: Trusts are extremely vital when you intend to receive adequate income tax benefits by transferring your property to a legal trust fund or beneficiary.
- Powers of Attorney: A power of attorney simply refers to hiring a qualified custodian to make crucial financial decisions on your behalf in the event you are incapacitated.
It is undoubtedly clear that estate planning can benefit you immensely. Before making any significant decisions, contact an experienced Maryland estate planning attorney for basic advice on the way forward.