Estate Planning Issues For Seasoned Citizens

As we get older, our perspectives change. The things that occupy our minds change. Our goals change. With this in mind, most of us want to ensure that we are taken care of and are as comfortable as possible until we pass, and once we do, that our loved ones receive as much benefit and suffer as little pain as possible.

Proper estate planning can ensure comfort as it forces us to think through issues most people generally prefer to avoid. Estate planning can give us peace of mind.

Several documents are an important part of estate planning — for example, a will, a life estate deed, and a trust. But two of the most important documents are the Maryland advance directive, which is a medical power of attorney, and the Maryland financial power of attorney.

While we hope it never happens, we may lose the ability, either temporarily or permanently, to make medical decisions for ourselves. The Maryland advance directive, also referred to as a “living will,” is the document that informs your loved ones and doctors what level of treatment you want if you are in an end-stage condition, a persistent vegetative state or a terminal condition. You can also choose to make these decisions merely as a guide or to set them in stone. When the time comes, your loved ones will know what your desires were when you were of sound mind.

This is a blessing during a difficult time and can also help to forestall fighting among your loved ones. Of note, once you have signed the Maryland advance directive, it is important that you give a copy to both your doctor and your agent you have chosen.

Of equal importance is the financial power of attorney. If we lose the ability, either temporarily or permanently, to make financial decisions for ourselves, the financial power of attorney allows you to designate a trusted family member or friend to act for you in many types of transactions. It also allows you to choose who will be the guardian of person and property if such a situation becomes permanent. This person may also be your medical agent but does not have to be. The financial power of attorney is a powerful document, and it is important that you keep it in a secure place where your agent can access it only when necessary.

Both documents require your agents to act in your best interest. Obviously, your agent should be someone you can trust.

Keep in mind, the medical and financial powers of attorney discussed above are no longer valid once you pass. At that point, your will, life estate deed, and trust are activated. Proper estate planning with a trust, will and a possible life estate deed could help your loved ones avoid the time and expense of probate court.

For more information, visit www.kma-law.com/estate-planning or call 410-777-8646.