As baby boomers and their parents age in Maryland and across the U.S., studies show that they are less likely than ever to leave large money inheritances to their children in their will. A 2012 report by Allianz Life American Legacies in a Pulse Study discovered that 86 percent of baby boomers ages 47 to 66, and 74 percent of individuals over 72 years old are in agreement that a true legacy lies in the stories and history of a family, rather than in possessions and money that may be traditionally included in a will.
Family members are often the first to be considered when someone is working to establish a power of attorney. Those close to an individual are usually a trustworthy source to rely on in terms of estate planning. Unfortunately, that is not always the case.
A Maryland councilman is facing a protective order from his mother of whom he holds power of attorney after he allegedly held her by the arms and threw her down, accusations in which the councilman claims are unfounded.
Frequently, when a relative passes away in Maryland and elsewhere, family members are not sure how to handle distribution of some of the assets. All kinds of digital assets, including online pictures, bank data, high-tech phones, and more are a lot to sift through. Dividing up this property can place added stress on relatives, already mourning the loss of a loved one, when a will or other estate planning document does not detail what is to occur.
As often happens, when a relative passes on, his or her family members more often than not are left with furniture, different types of collections and piles of old books and magazines from their life. Collections and items are difficult to organize. The computer age can aid Maryland residents in estate administration, by providing software to compile an inventory to figure out the value of items.