Put Your Testamentary Documents In Order: A Will, Trusts And Powers Of Attorney
Wills are not the only estate administration documents that everyone should have. Other appropriate legal tools can save much trouble and heartaches for families in times of crisis and after death: Frank, Frank & Scherr, LLC, is a respected elder law and estate law firm in the Baltimore area and in Maryland that has helped thousands of clients customize estate planning tools, including the following:
Wills: Many people want to help family members who may inherit their assets avoid probate. This is not a good reason not to have a will, because inevitably, some assets may fall outside the trusts. A pour-over will can resolve such problems before they happen. Young people with few assets should at least have a simple will. Once a family grows and assets become more diversified, a more elaborate will may include one or more trusts and name choices for guardians of minor children.
Trusts: A trust is a powerful estate planning document that can prevent many of the delays and expenses that go into a detailed probate process. However, assets must be assigned to a trust, such as a revocable living trust, to be included. Our experienced attorneys help clients select and devise trusts that will achieve their goals. We also help ensure that assets such as real estate, vehicles and bank accounts are properly titled to our clients’ trusts.
Powers of attorney (POA): When you establish a power of attorney, you are preparing for circumstances that may happen while you are living but unable to take care of your own affairs. The same person named as your agent in a power of attorney document may also be the executor of your will and/or the trustee who will manage your assets after your death. Together, such documents can greatly simplify and facilitate necessary actions involving your assets and health.
Advanced directive: You can help your loved ones avoid conflicts among themselves if you experience a medical crisis or between the family and doctors. An advanced directive clarifies your preferences regarding life support and other medical matters, such as blood transfusions. It may also designate someone who will have the legal authority to make medical decisions on your behalf.
Let’s Discuss Your Estate Planning Priorities
When you work with our law firm, our attorneys will take the time to understand your goals and customize the documents that you need. To schedule a consultation, call 410-777-8560 or send an email inquiry.