Why Is It Important To Plan While You Can?

By Terry Douglas, Maryland Elder Law Attorney

Douglas Law Office

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Why Is It Important To Plan While You Can?

Lack of planning can create anxiety and leave your family at risk. Chances are that you have been reading my estate planning articles for over a year now and have been thinking things over. Perhaps, it's now time for you to get your legal affairs in order.

Whether it is a car accident, Alzheimer's, illness or injury, we never know when something could happen that makes it “too late”. If you become incapacitated, does your family know what to do?

Ask Yourself (Answer Yes, No, or Unsure)

Have I authorized someone I know and trust to act for me legally when I am unable to do so?

Do I have my family's health care directives in place, and are they HIPAA compliant?

Will I stay in control of my affairs?

Have I provided my family with detailed instructions about what should be done with my money, to reduce future conflict, pass on my values, and protect my legacy?

Have I appointed someone to oversee any inheritance I may leave to my family, friends or charity without subjecting them to creditors, predators, divorces, lawsuits or bankruptcies of my heirs?

Does my current plan unintentionally disinherit my family?

Have I discussed my concerns with my family; so that they will be prepared?

Most people don't realize that if they don't create their own plan, the state has a plan for them. Don't get stuck with the government's plan. Don't leave additional burdens and inconveniences to your family. Keep it simple for them and you.

Every family needs to plan. If you are a baby boomer born between 1946 and 1964, have you asked your parents and grandparents if they have made plans in the event that they become incapacitated?

Bad News At some point, we will likely be dependent on others for long-term care.

Good News We're living longer. You don't have to lose all your assets paying for nursing home care.

An attorney can help you be prepared and have the right plan in place, now while you still can.