While most people do not want to think about dying, it is something everyone must face. Unfortunately, the vast majority of people are not prepared for their death with only one third having a will and less than 50% having any estate planning put in place at all. If one dies without an estate plan or will, the state will take over the estate and make the decision on how the assets are split. It behooves a person to go through estate planning to ensure their wishes will be carried out upon their death.
A big part of working with an Estate Planning Attorney in Bel Air MD is drafting a will. If one dies without a will, the state decides who gets their assets and even who will raise their children. Without a will, the assets are first given to the spouse, then the children. If a person dies with no family, their assets belong to the state unless they have left behind a will stating what they want carried out. An attorney can easily help a person draw up their will and fully understand the legal ramifications of any estate planning decisions they make.
Those seeking estate planning also need to consider life insurance. It is especially important for a person to have a life insurance policy if they are married or have children. This policy will provide a death benefit to a person’s beneficiary. It will also provide money for a person’s final expenses. An Estate Planning Attorney in Bel Air MD will assist a client in deciding what type of life insurance will meet their needs and the needs of their loved ones.
During estate planning, a person will also be directed on filling out the crucial-end-of-life documents such as the power of attorney, advance directive, and a release of information form. These documents ensure a person’s wishes will be carried out if they become incapacitated or are on their deathbed.
If you do not have an estate plan in place, now is the time to act. For more information, Browse the website of Michael S Birch Attorney at Law. He will be happy to help you through your planning so you can rest assured your final wishes will be respected and carried out.
