Track: Law

• Have you decided how to be taxed?
• Have you prepared an initial organizing resolution?
• Have you prepared an operating agreement?
• Are you doing business in other states?

The holiday season is just around the corner, and while that means that there will be delicious baked goods everywhere and your favorite movies on TV and great deals on all sorts of treasures, it also is a season of family and friends. Between travel and gifting buying and family traditions (both beloved, and otherwise), it’s hard to escape reflecting on family this time of year, regardless of what feelings that stirs up.

No matter what your family has been through in the 12 months, this is a good time of year to dust off those estate planning documents and remind yourself which important jobs you delegated to which sibling, uncle, child, or friend. Who has the power to manage your financial life or your health care decisions if you aren’t in a position to do so yourself? Who would have the power to manage your affairs after you pass away? Is your cousin really still the best person to be a back-up guardian for your kids, or did she commit to the ugly sweater competition with a little too much enthusiasm this year?

Here at Compass Law Partners, we routinely meet families whose loved ones died without estate planning documents, or whose most recent will was circa 1984. Loved ones come to us unsure of what to do if there aren’t documents in place or are unsure how to manage documents that are so old they’re hardly useful anymore. We are always happy to assist, but always do so knowing that there are ways their loved ones could have made the process easier for them.

We recommend you pair that trial version of the side dish you’re making for Thanksgiving with a review of your estate planning documents. We’re always on call to update or create new documents for you.

Parents

I, like many other parents, look forward to the kids heading back to school…not because I don’t love them but more because towards the end of the summer, they are just a bit much.

Now that the kids are back in school, you have time to focus on projects you have been putting off (for years) – including estate planning (Wills, Financial Powers of Attorney, Health Care Powers of Attorney, etc.).

Estate planning is the one extremely important service that is constantly kicked down the road.  It is likely that whenever you see a television show or movie with reference to a Will, you say “I/We need to do that.”  Then, that thought passes and the millions of other thoughts take over.

I am writing this to tell you that you should stop delaying and just contact Compass Law Partners.  The attorneys at Compass Law Partners will walk you through the process and make it as easy and understandable as possible.   If you make that call, not only will you be protecting your family, but you will never have to have that moment again where you say, “I/We need to do that.”  Instead, you can say, “I’m so glad we did that.”

College Students

Do you have a child in college?  Do you want to make sure you have the authority to speak with your child’s school (since you are paying his/her tuition) or with your child’s medical provider/therapist?

Well, surprise, you cannot.  Your child may still look like the fun 3-year-old (in my opinion, the best age) but, legally, he/she is an adult and must provide authorization to any medical providers and school administrators to speak with you.  The easiest way to provide that authorization is to have your college student sign a Financial Power of Attorney and a Healthcare Power of Attorney.

Although it is likely your child is already in school, this can still be accomplished using video conferencing.  Compass Law Partners has the technology and know-how to meet with clients through video conferencing software.  Then, your child can sign his/her documents when he/she visits you (a great reason to get them to visit).  Or, alternatively, Maryland law now allows Maryland residents to sign estate planning documents virtually. The attorneys at Compass Law Partners have experience in virtual signings and can easily guide your child through the process.

Now is the time to make sure you remain an important part of your child’s life.  Do not hesitate to contact Compass Law Partners to set up a consultation today.