Whether or not you have any documents prepared, you have an incapacity estate plan to manage your assets in place courtesy of the State of Maryland.
Unfortunately, the State of Maryland has a substantially expensive and arduous mechanism for allowing others to make decisions on your behalf concerning your finances and assets. Your spouse, parents, adult children, and siblings do not have the authority to make any of these decisions and are unable to manage your assets. If you become incapacitated and need someone to help manage your assets, your family would have to ask the Court to become a guardian of your property. This can be an expensive process and once appointed as Guardian, your family member would have to file annual accountings to the Court until your incapacity resolves, or until they are no longer serving as Guardian.
Some things you can do by creating your own estate plan for incapacity planning for asset management include:
- Designate a primary and successor Attorney-in-Fact to act on your behalf for a large breadth of transactions to act on your behalf in the event you become incapacitated
- Nominate a person who would have priority as serving as your Guardian should you need one appointed for you
If you do not want to rely on the laws of the State of Maryland, and would like to create an estate plan that is individualized to meet your and your family’s needs, call us today at (410) 740-1180 or email Lauren at [email protected].