No matter what your age, it’s never too late to consider planning your Maryland estate. These are the biggest reasons why you should start now.
You decide on your healthcare
Nobody ever knows what the future holds. You can be involved in a serious accident or be diagnosed with an illness and end up incapacitated. With estate planning, you can state exactly how you want your medical care to be handled in that situation with a healthcare directive. It gives you the ability to express your wishes without having to verbalize them. It can also prevent your loved ones from being burdened to make decisions that you might not want to make.
You choose who gets your assets
Estate planning gives you the opportunity to write your will and decide who will get your assets and how your estate is handled. Instead of leaving things to the court and having everything go through a long probate process, you can designate beneficiaries who will inherit what you want them to get. If anyone in your family is estranged, you can choose to leave them out.
Lets you protect your children
Even if you don’t currently have children, planning your estate now lets you protect the kids you have in the future. You can create a special trust to hold assets for them and name a guardian who will raise them in the event that you pass away while they’re still minors. Even though this is never a pleasant topic, it’s important to plan ahead in case something bad happens.
Ensures your financial responsibilities are handled
Naming an agent in a financial power of attorney can ensure that your financial responsibilities are handled. The agent can pay outstanding bills and taxes and manage your finances in other ways.
When it comes to estate planning, you shouldn’t wait. Planning now gives you greater control.