Seniors have very specific legal needs. Many want to ensure their assets don’t sit in limbo for years while the local probate court appraises their valuables. They know there are ways to safeguard those assets and protect their families but may not know exactly how to prepare the documents so they are accepted by the court. This is where someone who practices Elder Law in Annapolis MD, can be very helpful.
In addition to a will, seniors may need a revocable trust and durable powers of attorney for health care and finances. Having all of these documents prepared in advance can give a senior peace of mind, knowing their assets will be safe if they are unable to manage them on their own. By adding real estate and other assets to a trust, a senior can have more control over what happens to them after they die. Assets in a trust may be transferred without the involvement of probate court, making it easier on the surviving family members.
Some estate planning documents are designed for use while the senior is alive. Powers of attorney allow a person to assign someone else the power to make decisions on their behalf when they are unable to do so. An attorney who focuses on Elder Law in Annapolis MD, might help a client decide which decision they would like to allocate and also help them choose the best person for that role. Without a power of attorney, it can be difficult for even a spouse to make healthcare and financial decisions if a senior becomes incapacitated.
Estate planning is not just an activity for older people. Anyone with assets such as a home, other valuables, or with children should consider what would happen if they were not around to take care of them. Since each person’s situation is different and thier needs vary as they get older, it’s important to entrust an experienced professional to ensure this type of planning is done properly. Careful estate planning can help families avoid long and expensive probate so they can move on with their lives after the death of their loved one. For more information you can visit karpouzianlaw.com or their Facebook page.