Steps To a Competent Estate Plan

By Terry Douglas, Maryland Elder Law Attorney

Douglas Law Office

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Steps To a Competent Estate Plan

Learn How To Deal With Your Incapacity

Court Supervision Our system of laws allows two methods for people to care for you. If you make no decisions, the Court will step in and appoint a conservator to handle your financial matters and a guardian for your personal affairs. Your guardian and conservator carry out the judge's orders. It is not likely they will handle things the way you would have handled them. When the Court steps in, you and your family lose control.

Lawyers represent all parties, including you. Accountants manage your finances. Doctors confirm that you need someone to care for you. The law requires periodic reports to make sure everyone is looking out for your interests. What's more, all these people must be paid for their services. You bear this expense.

Private Supervision Revocable Living Trusts do not require Court supervision. In your Trust, you decide whom you want to care for you in the event of your mental or physical incapacity. This usually includes family members or friends. When you design your plan, you control the outcome because the plan is set up exactly the way you want it. By setting up a plan that allows for private supervision you save a great deal of money and make sure that your wishes are carried out.

Choose The Method For Dealing With Your Incapacity

With Court supervision you lose control because the judge makes decisions about your care. Long delays are common. You pay a high price because guardianships are expensive to set up and maintain. You lose your privacy because your personal and financial affairs are open to public view. The emotional strain of reporting everything to the Court takes a toll on you and your family.

With private supervision through a Revocable Living Trust, you and the people you select make all the decisions. You can make decisions quickly. A Revocable Living Trust is less expensive than a guardianship. You maintain your privacy because your documents are not open to the public. And you reduce stress on your family.

Act Now

None of us likes to think that we may become incapacitated or die. Yet it happens every day.

The greatest gift you can give your spouse and your children is a plan that you have designed to carry out your wishes when something happens to you. This is how you can insure that you won't become a burden to your children.