Using Wills And Incapacity Planning To Your Advantage

The best thing you can do for your loved ones is create a plan for what to do as you age. It may not be a glamorous gift, but it is one they will deeply appreciate. Most importantly, it makes the expectations around your aging and passing clear so that no one needs to worry about loose ends or arguments. Instead, you can move forward with grace and dignity.

I know that these moments can be emotional, which is why I, Elizabeth Forgotson Goldberg, help guide you through your choices and use my experience as a certified elder law attorney in Maryland and across Washington, D.C., to support your goals. Planning for the future does not need to be hard; call me for a free consultation: 240-641-0956.

When Is An Estate Plan Complete?

A comprehensive estate plan considers all aspects of your life and takes advantage of every tool at your disposal. For instance, you may need:

• A will that establishes who gets your home or other physical assets
• A trust that keeps your home or investments protected from tax burdens
• An advance medical directive or mental health care directive so that your loved ones know how to care for you in an emergency
• A Medicaid plan that helps you preserve your savings while getting adequate medical care
• A financial power of attorney to grant legal authority to a trusted loved one

There are many questions you need to answer. I will hold your hand throughout the process.

What’s The Difference Between A Will, A Living Will And A Revocable Living Trust?

A will distributes your assets after death and names guardians for minor children. A living will states your end-of-life medical treatment preferences. A revocable living trust holds assets during your lifetime and distributes them after death while avoiding probate. Many people need all three documents as part of a complete estate plan.

Which Incapacity Planning Documents Should I Have (POA, Health Care Proxy, Advance Directive)?

You should have a durable power of attorney for financial matters, a health care proxy (or medical power of attorney) to name someone who makes medical decisions for you and an advance directive that states your treatment preferences. These three documents work together to protect you if you become incapacitated.

How Do I Name Guardians For Minor Children And Plan For Special-Needs Beneficiaries?

You name guardians for minor children in your will. Choose someone who shares your values and has the capacity to raise your children. For special-needs beneficiaries, you typically need a special needs trust to preserve their government benefits while providing additional support. This requires careful drafting to avoid disqualifying them from programs like Medicaid or SSI.

How Often Should I Update My Will, And What Events Should Trigger A Review?

Review your will every three to five years or after major life events. Triggers include marriage, divorce, births, deaths, significant changes in assets, moving to a new state, or changes in your relationship with named beneficiaries or executors. Tax law changes may also require updates.

What If I Die Without A Will?

If you die intestate or without a will, Maryland or Washington, D.C., law determines who inherits your assets. Typically, your spouse and children receive shares according to a statutory formula. If you have no spouse or children, your assets go to other relatives in a specific order. The court appoints an administrator to handle your estate, and you lose control over who receives your property.

Today Is A Good Day To Call

I am here to work on the legal parts of your end-of-life care so that you can focus on what is really important – living. To schedule a free consultation at the Law Office of Elizabeth Forgotson Goldberg, you can either call me at 240-641-0956 or email me.