Planning for the Future
Estate Planning
Steve Bailey can help you and your loved ones draft a tailored plan that meets your family’s unique needs and goals.
About Estate Planning
An estate plan is a set of legal instructions for what will happen to your assets once you’re gone. Without an estate plan, the State of Maryland will decide how to distribute your assets through the court system.
By having an estate plan, you can outline what you wish to protect for your loved ones in the future and identify those whom you trust most to carry out those wishes when the time comes.
Estate planning is the process through which your estate plan is created and should involve a practical evaluation of your goals while also keeping in mind the depth of emotions that can come with coping with the loss of a loved one.
How We Help
Common Estate Planning Strategies
We strive to keep it simple, avoid probate, and minimize or eliminate taxes.
This document provides the person of your choosing the authority to manage your finances.
It allows you to choose who will make health care decisions for you if you can’t make those decisions for yourself.
Wills and Trusts
Q. Why do you need a will?
According to the Register of Wills,
A will is one of the most important of all legal documents. It is the legal declaration of a person’s intentions and desires that he (or she) directs to be carried out after his (or her) death. By making a will you can specify how you want your property distributed after your death; you can name a personal representative who has the responsibility to collect assets, pay bills, and distribute your estate according to the terms of your will; you can make charitable bequests; and you can nominate someone in whom you have confidence to be a guardian of your minor children.
Having your affairs in order is a gift to the family that you leave behind. A well-written will minimize the risk that your family will experience the frustration, hurt, and confusion that arise when a loved one passes without leaving a clear set of written instructions.
The old adage, “Failing to plan is planning to fail” is still true today. If you die intestate (without a will) the laws of the State of Maryland will decide who will carry out your wishes and how your estate is distributed. A phone call to schedule your free consultation is your first step to putting in place an estate plan that will be a blessing to those you love.
Call (410) 828-8871
Power of Attorney
Q. Do I really need a Power of Attorney
Clients often ask, “Do I need a power of attorney if I have added my child to my bank account?” By adding another person as a joint owner of your account you are making the funds in that account subject to the other person’s creditors. Don’t run the risk of having your assets taken because someone else was involved in a car accident, divorce, credit problems, or bankruptcy. A Power of Attorney allows another person to write checks to pay bills without the risk of losing your assets to their creditors.
Power of Attorney in Maryland
In 2010 the Maryland General Assembly passed a Power of Attorney statute. If your Power of Attorney was drafted and executed before 2010 you should consider updating it. An updated Power of Attorney leaves you in control of your financial affairs and allows you to choose who will help you if you want or need assistance. The new law also imposes penalties (attorneys fees) on any bank, insurance company,or other financial institution that refuses to accept your Power of Attorney. If you do not have a valid Power of Attorney your family will need to petition the court to have a guardianship established.
Your agent’s authority to act under the Power of Attorney ceases upon your passing. We can help you put in place the legal documents that your family will need to help manage your affairs before and after your death..
CALL (410) 828-8871
Health Directive
A written document that communicates your health care preferences to your family, friends, and medical providers.
Q. Where do I download the Health Directive?
An Advance Health Directive has two primary purposes. First, it allows you to choose who will make healthcare decisions for you if you are no longer able to make those decisions for yourself. Second, it will ensure that your healthcare choices and end-of-life wishes are respected and followed by your loved ones and healthcare providers. There’s no need to pay an attorney to prepare your advance health directive because you can download one for free from the Maryland Attorney General’s website.
Download the Health Directive
Stephen E. Bailey
Elder Law & Estate Attorney
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