Everyone Should Have An Estate Plan
There’s a common misconception that estate planning is only for the rich, those nearing retirement or those with significant assets. In reality, everyone should have an estate plan. It can protect you in the event that you become unable to make decisions for yourself. It will also specify your wishes so that your loved ones won’t be burdened with having to make those decisions down the road.
At The Law Office of Donald L. Bell in Greenbelt, Maryland, lawyer Donald Bell can help you put the right estate plan into place for your situation. You can work directly with him to make sure that your estate plan fully reflects your wishes. He will ensure that it includes all of the components necessary so that you can have peace of mind about it.
What Should An Estate Plan Include?
There are three core documents to an estate plan. These are:
- A will: This is the document in which you specify your property wishes as well as who you want to manage your estate and who you want to serve as guardians for your kids.
- Powers of attorney: This document gives someone you trust the ability to make financial decisions on your behalf in the event that you ever become unable to do so (due to a car accident, dementia, etc.).
- Advance directive: Sometimes called a living will, this document sets out your wishes regarding medical care. It also appoints someone you trust to make health care decisions for you if you become incapacitated.
A trust is another tool that can be helpful in some situations, but not usually for people facing financial difficulties. When someone transfers their property and assets into a trust, they often lose the consumer protections afforded them by law. This can be contrary to what you may read online. To find out what works best for you and your unique situation, talk to an experienced estate planning attorney. From our office location in Greenbelt, we help clients from Baltimore to Washington, DC.
Home Ownership, Estate Planning And Bankruptcy
Home ownership is the foundation for passing wealth to the next generation. Your home may be the most significant asset in your estate plan. It may also play a big role in your retirement plan.
If you’re a homeowner struggling to make mortgage payments, it’s critical to avoid foreclosure. One type of bankruptcy, Chapter 13, can provide a pathway for you to keep your home and prevent foreclosure.
Take The Next Step Toward Securing Your Future
At The Law Office of Donald L. Bell, you will have the advantage of working with an attorney who understands estate planning, bankruptcy, asset protection, estate and probate administration and how they all intersect. Learn more by arranging a free initial consultation. Call 240-624-0748 or reach out online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.