In Maryland, medical directives are a vital part of the estate planning process. These documents identify the individual in which you want to make medically-based decisions for you when you can’t. For unmarried individuals, this document along with a living will provides a safeguard. This directs the appointed person how you wish to proceed, if you’re critically ill. If you wish to review these opportunities and others in Estate Law in Bel Air MD today, Visit the website.
Evaluating Your Planning Requirements
In terms of your health care, medical directives such as power of attorney provide a spouse or other family member to manage your needs when or if you become incapacitated. In special circumstances, such as, during a divorce, it is urgent that you plan ahead.
A power of attorney provides a family member with the authority to manage your assets and property in addition to your health care requirements. Under these special circumstances, your chosen family member could act on your behalf.
Protecting Your Assets
Limited use rights are applied to a power of attorney to decrease the family member’s rights to your property and assets. This prevents them from using it in any way that is against your wishes. For instance, if for any reason, they attempt to sell it without your permission, the stipulations stop their efforts.
Estate Law in Bel Air MD encompasses concepts, including the creation of a foundation or trust. This step gives you the authority to assign ownership of your property and assets to a trust or organization. It is a great benefit to you and your family as it reduces the tax implications and the overall value of the estate. You’ll have the opportunity to transfer ownership to a family member through these efforts.
Protecting your rights during dire circumstances is vital. These provisions prevent a spouse, family members, or an associate from taking advantage of you when you are mentally or physically incapacitated. Under the estate laws for Maryland, you have the right to create stipulations to protect your rights to adequate health care as well as limiting how your assets are used and managed. If you wish to review these concepts more fully, you should contact Michael S. Birch Attorney today and schedule an appointment.
