Estate Terminology Part 1

   What barrier is holding you back from getting your will written and other planning documents completed?

    These days there are options to completing these important documents. There are web sites that can assist folks. I’m sure in certain situations these are fine. The traditional route is hiring an attorney.

      One barrier some have is all the legal terminology. A good lawyer will break that down for you in ways that will make the whole process more accessible.

       You may not realize it, but if you fail to write a will the law of Maryland will govern how things will operate for your near and dear. If you trust the Maryland General Assembly in this area that certainly is your option.

       Assuming you want to take action, understanding some of the basic terms will perhaps clear some hurdles for you to complete your plans. Let’s start with some basics. A will is a document that disposes of your property upon your death. A will should also designate who will serve as your personal representative.

       The personal representative is the individual designated to organize your estate, pay your legally valid bills and distribute your assets according to the terms of the will. The older term you may have heard for this same role is executor.

       If you have minor children the will needs to name guardians for those children. A guardian steps into the parental role of daily care giver. The will may also designate a trustee for children who will manage money for their benefit until a designated age as set in the will.

       Some other documents to be considered would be a living trust, a power of attorney and an advanced directive which relate to health care decisions. Perhaps the editor will allow me some additional ink in future papers to relate key points on these important documents and other planning considerations.

        My advice is to own your choices and get proper advice about finalizing a will and other critical documents.

         I'd certainly be glad to hear from folks with questions. My number is 410-596-0920.