What is a Power of Attorney and Why is it Important?
One of the most important considerations in estate planning involves your financial and healthcare decisions. A Power of Attorney (POA) is an essential legal instrument that empowers someone you trust to make decisions on your behalf if you become unable to do so. At A/Z Wilson Estate Planning & Elder Law Estate Planning & Elder Law LLC, we understand …
Continue reading “What is a Power of Attorney and Why is it Important?”
Estate planning can be difficult. Surprises in a will can complicate things further (Part 1)
Handling the estate of a parent who has passed away can be very emotional for children, and this process can be even more emotionally tumultuous if their parent’s estate plan contains unexpected surprises. In cases where assets are not split evenly among children or there is an heir that comes forward that was not known …
A Maryland estate planner’s advice for your digital afterlife
Although planning for your death is unpleasant, it’s important to take the time to do so for your loved ones and family that you will leave behind after you pass away. Things such as a will, power of attorney, and wishes for your funeral and burial are all important parts of this plan. In addition …
Continue reading “A Maryland estate planner’s advice for your digital afterlife”
National Estate Planning Awareness Week
This week (October 21-27, 2024) is National Estate Planning Awareness Week. Congress passed a resolution in 2008 for this to occur during the third week of October each year as it is estimated that over 120 million Americans do not have up-to-date estate plans to protect themselves and loved ones if they become ill or …
The Importance Of Estate Planning For Young Adults – Why Estate Planning Is Crucial (Part 2)
Estate plans aren’t just important for older adults with large estates, they are also vital for young adults who own any assets to ensure that these assets will be handled according to your wishes should something happen to you. In this post, I’ll share about the documents you need to have as a part of …
The Importance Of Estate Planning For Young Adults – Why Estate Planning Is Crucial (Part 1)
There are a number of milestones associated with young adulthood – such as landing your first job with a 401k, opening a savings account, owning a car, or buying your first home – that mean that you have an estate. An estate refers to your possessions, including tangible personal property (your home, car, furniture, jewelry) …
A Difficult Decision: Choosing the Right Person to Be Your Estate’s Executor (Part 2)
The person you choose to be the executor of your estate could be a relative, trusted friend, or even a professional such as an attorney or financial planner. In some cases, your choice for executor may be very clear to you. If your spouse, for example, already knows your finances well, is skilled in the …
A Difficult Decision: Choosing the Right Person to Be Your Estate’s Executor (Part 1)
Like the quarterback of a football team, the executor of your estate is the person who calls the shots for and passes your estate through probate. Deciding who to “draft” for this role requires a lot of careful forethought. This post will focus on some of the responsibilities of an executor. Responsibilities of an executor …
Estate Planning for the Modern Global Family (Part 1)
Estate planning can be overwhelming for many people, and it can be even more complex for today’s global families with international loved ones or with assets outside of the United States. For instance, someone whose spouse is not a U.S. citizen must keep unique legal considerations in mind while creating their estate plan. An increasing …
Continue reading “Estate Planning for the Modern Global Family (Part 1)”
Millennial Estate Planning and the Importance of Early Planning
For those born between 1981 and 1995, estate planning may be associated with older generations and with being very wealthy. However, many millennials are at the age where they may be starting their own families or caring for aging parents. As millennials take on more responsibility in caring for loved ones, there is a greater …
Continue reading “Millennial Estate Planning and the Importance of Early Planning”