The Importance of Having An Estate Plan

The Importance of Having An Estate Plan

Here at DMV Probate Group, we understand the importance of the Estate. Check out of our latest blog regarding estate planning:

Having an estate plan is where your money, estate, retirement, and assets go in case of a sudden death. There are many reasons why an estate plan is not only necessary for yourself, but vital to those around you. Having a plan in action to protect your love ones weather thats financially or even yourself with the wishes you want to be carried out it’s important to take these steps. First off, a healthcare proxy is in terms a living will. This person will be your voice. They will advocate what you wanted, for example, being taken off life support, medical decisions, or any request you had regarding your health in your will. On the topics of wills, it is key to have one. This determines who will get your assets. If you don’t make a will, then the court will determine who will get your stuff instead. You don’t need a lawyer to make a will, you can even do it yourself for free. While legal decisions can seem overwhelming during a difficult time if you are sick or injured, that's where the power of attorney comes into play. This person's responsibility can make financial and legal decisions which include signing documents on your behalf. Now, many assume this person needs to be a lawyer. A power of attorney can be anybody that you believe is trustworthy. If it’s a relative or friend it does not matter if they don’t have any background in law. When it comes to your retirement savings, 401k, IRA, or any other time of workplace plan, then you should have listed who your beneficiaries already are. With the changing of income and estate taxes, the more complicated and costly this is, talk to your beneficiaries or a tax professional about how to distribute this from your account based on their (beneficiaries) situation. For those with children, guardianship is for what happens to your children if you and your partner both pass away at the same time. This falls into who will look after and take care of them and the plan of where they should live. Life insurance is important if you have a family member who is financially dependent on you. This ensures that they will have the financials to pay for education, living funds, and retirement. This is crucial to protect your family which coincides with disability insurance. This financially will help your family too if you are forced out of work by injury or illness. With all this information, it is clear to see that taking these precautions will make everything easier during a time of crisis. It’s as simple as hiring a professional to do this for you, or doing it yourself. Future security is something that gets brushed off, but when the time comes it is crucial. We service the DC, Baltimore, and Virginia region. Please visit our website at and contact us today.


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