Severna Park Estate Planning Attorney
While the average American life expectancy is 78.7 years—a life that seems long at first glance— Americans are actually living shorter than most people in other developed nations such as Canada, France, The U.K., Germany, and Japan. And, for the past two years the average life expectancy has declined here in the U.S. Contributing factors include increases in opioid and alcohol addiction fatalities, rising healthcare costs, and a steadily rising rate of suicide, according to a new study and reporting by Fortune. To add turmoil to the situation, many Americans are forgoing any type of estate planning at all, even drafting a simple will. An estate plan can drastically alleviate the stress that your loved ones are left with after you pass away, and give clear instructions as to your wishes. Our Severna Park estate planning attorneys are here to help you with creating the right plan for you.
Wills—The one aspect of estate planning necessary for everyone to partake in is the creation of a will. A living will is the most important part of an estate plan, as it lays out your final wishes, provides direction for property distribution to heirs, provides information about who your chosen guardian is for your minor children, and more. Along with creating your will, an important part of estate planning is locating and organizing all necessary financial documents, passwords for bank accounts and your social media, and information pertaining to 401(k) accounts and pensions.
Trusts—A trust can be a good option to bypass probate, protect your assets from creditors, or reduce the size of your taxable estate. It is important to pinpoint the type of trust that you need to accomplish your goals, and an attorney can help explain what each type of trust can do. A traditional revocable trust is typically what most people need, but our attorneys have experience setting up generation skipping trusts, irrevocable trusts, and many other types.
Long Term Care Planning—Being able to afford assisted living, an independent living unit, or nursing home care requires careful estate planning. There are various types of trusts that can help you accomplish this without bankrupting your life savings.
Advance Care Directive—An advance care directive allows doctors to make decisions in line with your wishes should you become incapacitated. Another option is to create a healthcare power of attorney.
Financial Power of Attorney—Similar to how a healthcare power of attorney can make decisions on your behalf, a financial power of attorney can make financial decisions in your best interests should you become incapacitated or no longer able to make sound financial choices yourself. This can be particularly useful to business owners, according to com.
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Creating an estate plan does not have to be difficult or stressful. With the right legal help, you can narrow down what you need and what you do not, and ensure that you are covered on all accounts from who gets what family heirloom to how you want medical decisions to be made for you in the event that you become incapacitated. For more information, contact the Pasadena, Severna Park estate planning attorneys at Frame & Frame today.