Maryland residents who want to ensure that their wishes and designations are in order in estate planning may find that there are several things that involve family. But many may wonder how best to initiate these conversations with family. There may be no easy way to start a conversation about the end of one's life. However, there may be tools available to help people know what questions to ask and which ones to be prepared to answer in regards to living will wishes.
Estate planning has become an increasing topic of conversation in the media. High-profile celebrity disputes illustrate how badly a family's situation can turn volatile when the probate process goes wrong. No one wants to leave their estate in disrepair and their loved ones fighting over assets, which is why some suggest that estate plans should be updated if an individual's life situation changes. There are five primary life events that may make Maryland residents consider reviewing their estate plan and considering a trust as a viable option.
When it comes time to consider where assets are going to go upon one's death, Maryland residents may need to consider more than just drafting a will. Estate planning is more than just having a will drafted, and probate administration goes beyond reading a will. In fact, many consider estate planning to be a series of processes that should be regularly revised and updated. One of the areas of planning that may not be considered at the forefront is what happens when beneficiaries on accounts are different than in a will.
Drawing up a will is one of the most important steps to estate planning and preparing for the future. While the topic of planning for who gets what after death may not be the most pleasurable, it is nonetheless of great importance at any age. There is debate over whether an attorney is required for drawing up a will. Websites and do-it-yourself kits are readily available; however, Maryland readers should carefully consider what a will is designed to do before making the decision to go it alone.
In a recent news article, a financial planner has disclosed some of the most vital items that senior citizens and their families need to consider when planning for the senior's care. One of the most important items, according to the planner, is the drafting and execution of a power of attorney. This grants authority to make certain decisions on behalf of someone when that individual is not capable of doing so, an important protection for most Maryland residents to consider.