The idea of planning for certain life events can be intimidating. However, having a plan in place to cover certain scenarios in life could help you or your loved ones avoid a great deal of stress down the road, and considering the benefits of estate planning might help you overcome previous reservations.
When you consider estate planning, your first thoughts may turn to what will happen when you die. However, a similar process can also cover a multitude of scenarios in which you are living, but may be unable to make decisions on your own, and having a plan in place for these instances could prove exceedingly beneficial in avoiding a potential disaster.
The numerous benefits of estate planning
Life is full of unexpected changes and events, and while you may not be able to predict when they will occur, you might be able to plan for many of them. Some of the ways that estate planning can benefit you while you are still alive could include the following:
- Medical directive: The Advanced Health Care Directive allows you to choose someone who will make decisions regarding your medical treatment should you become incapable of doing so on your own.
- Living Will: In a living will, you can indicate the type of medical treatment you wish to receive or decline in the event of a medical emergency. Some states, but not all, include this in the Advanced Health Care Directive.
- Durable power of attorney: Certain changes in life may inhibit your ability to take care of monetary obligations, and assigning a durable power of attorney to make financial decisions for you could prove beneficial.
- Revocable living trust: You could also choose to set up a revocable living trust, which would allow you to have access to and benefit from the assets within, and should you become incapable of managing the trust, your chosen successor can step in and manage it for you.
While these are a few examples of the benefits of estate planning, there are numerous available options, each of which could provide its own potential advantages, and seeking guidance in covering your concerns for the future may be in your best interests.
Seeking assistance in estate planning
When exploring your options for planning for the future, with so many crucial areas to cover, you may begin to feel somewhat intimidated by the process. You could address your concerns and wishes with someone who has extensive knowledge in federal and Maryland estate planning laws for guidance on the available options and their potential benefits. By seeking advice, you could become better prepared to make informed decisions concerning your future, as well as the future of your loved ones.