A Maryland estate plan does not need to be complex or highly detailed to help you maintain control over your personal, financial and medical affairs. Having an estate plan in place is important, however, and having one in place helps makes things easier on your loved ones after your death, when they are already facing a difficult time.
According to Bankrate, a solid estate plan is relatively easy to create and should contain the following components.
1. A will
A will is the foundation of most estate plans and lets you dictate who gets what when you die. While your will outlines your financial assets and where you want them to go, it may serve other important purposes, too. For example, you may decide to name someone guardian over your minor child or children somewhere in your will.
2. An advance medical directive
Advance health care directives let you outline your medical wishes while you are in a sound state of mind to do so. Then, if you suffer incapacitation for some reason, your loved ones and medical team have something to reference to figure out what types of treatment you do or do not want.
3. A power of attorney
Giving someone you trust power of attorney helps you manage your financial affairs. The individual you give power of attorney typically has the right to get into your bank and other financial accounts and pay debts and otherwise manage your money if you become unable to do so.
Once you have an estate plan in place, it is wise to revisit it every so often to make sure it still suits your needs.