When people face the end of their lives, they may find themselves unable to dictate the terms of their medical treatment. This may be because they are either completely incapacitated due to an illness or simply unable to communicate. To avoid this kind of situation, it may be beneficial to draw up a living will.
Recently, we wrote on this blog about how the Maryland legislature is considering changes to the estate tax system that could benefit family farms. However, other bills currently pending legislative action could also help ease estate administration for everyone by reducing the tax burden in certain areas. The measures are aimed toward making Maryland more competitive with other states and keeping residents from locating outside the state.
In drawing up a will, there are a number of things that Maryland residents should consider. First, there are certain requirements that need to be followed in order for a will to be considered valid. But secondly, one should keep in mind that one's last will and testament does not necessarily have the final say in all matters.
For most Maryland residents, estate planning mostly involves the immediate and near future. That is, they put in place plans that will help them to minimize the impact of taxation while maximizing the size of the estate for heirs and beneficiaries. However, through a trust, they may be able to leave a lasting footprint long after they pass away.