If you do not have an estate plan yet, you are definitely not alone. Indeed, according to a survey last year by Caring.com, only about a third of us even have a will. Nonetheless, the fact is, you will die one day, and if you have anyone that will be left behind, you owe it to them to have an estate plan. What many Baltimore, Maryland, residents do not realize is that part of that estate plan is also planning for your own needs.
How is an estate plan for my own needs?
For those earlier in life, the estate plan includes an incapacity plan that ensures that your medical wishes are followed, and that your life will not implode while you are in the hospital. For those later in life, trusts can be utilized to transfer wealth to allow for the utilization of state and federal programs to pay for medical care and hospice. This is also part of an estate plan.
Why plan for a coma?
Planning for a coma may feel weird, but an accident can happen to anyone. If it happens to you, and you have not planned for it, your fate will be left up to the medical professionals. If you are married, your spouse will be able to make medical decisions for you, but if not, your family may fight over what to do when you cannot make those decisions. Keep in mind, that this will be an incredibly hard time for your family too, and saddling them with also trying to navigate what they think you wanted makes this time much worse. Similarly, if no one knows how to pay your bills, you may awaken to a Baltimore, Maryland, foreclosed home or an eviction.
Power of attorney
To make sure that you have someone that is able to take care of your needs and wishes, you will need to name a power of attorney in your estate plan. This person can act on your behalf and ensure that your wishes are followed.
Accounting for your accounts and wishes
Once you know who you want to handle your affairs when you cannot, you also need to make sure they know what to do. This should also be part of your estate plan, and it should include a full listing of all your accounts. Include how to access them, including any third-party authentication applications. You will need to include URLs, usernames, passwords and anything else needed to access all your accounts.