Answers To Frequently Asked Questions About Estate Planning
At Griffin Selby Law PLLC, answering questions is a large part of the estate planning services offered. I am attorney Karen M. Selby, and I welcome your inquiries about topics such as those answered below.
When should I create an estate plan?
Ideally, every young adult should create a simple estate plan upon turning 18. Even having an advanced health care directive at this age makes a great deal of sense. For many people, a life event such as marriage, parenthood or a business startup prompts a discussion about creating an estate plan. At Griffin Selby Law PLLC, initial consultations are free, so anytime is a good time to consider starting to build an estate plan.
What might happen if I don’t create an estate plan?
If you are incapacitated after an auto accident or in any medical crisis, you may have no opportunity to express your wishes in terms of health care choices. If you die in Maryland without a will, your property will be distributed to family members as prescribed by state law or, if you have no next of kin, to the state.
How much does it cost to create an estate plan?
A simple will or power of attorney can be surprisingly inexpensive to create. More complete estate plans will cost more depending on their complexity. Please do not let cost deter you if you are considering creating an estate plan. Find an attorney who makes cost-effectiveness a high priority.
Is a will the same as an estate plan?
A will is a very common, basic estate planning document that many people create first. A basic will is an excellent start in the direction of a more robust estate plan, but if it is all you put in place, it may constitute your entire estate plan. Many people realize the benefits of powers of attorney and other testamentary documents, too.
Can I change an estate plan?
Yes. To make sure that your new will supersedes a previous one and that your mental capacity to create a new one will not be questioned, work with an estate planning lawyer. An attorney can also help you if you want to add or change a trust, powers of attorney or a health care directive.