Estate planning documents are essential if you wish to protect your assets & loved ones. It includes Advance Healthcare Directives, Power of Attorney, Maryland Medical Orders for Life-Sustaining Treatment (MOLST), Trusts, Last Will & Testament, and Special Needs Planning.
Before distribution of assets, a Personal Representative (PR) has the responsibility to follow the terms of the Will (if one exists) or statues regarding intestacy to the greatest extent possible, undertake all necessary actions to manage the estate’s assets, and pay the proper debt as well as appropriate taxes.
The individual(s) you chose as your “Agent” in your estate planning documents has the important responsibility of protecting you. That protection is afforded to your financial affairs and health care decisions while you are alive.
The Alzheimer’s Association currently estimates about 11% of those over the age of 65 have Alzheimer’s and that number is expected to triple by 2050. Yet, many people have not given any thought to how they would care for themselves or a loved one when faced with this disease.