On April 13, in a post titled, "Creating a trust and selecting a trustee," we gave a brief summary of some ways that a trust and well-appointed trustee can help in estate planning and administration. Now, more specifically, some sources recommend considering some key elements of estate planning before determining who will be selected as the trustee of one's estate. Maryland residents taking the time to plan for the future typically want to be sure that their wishes, assets and family are protected, which is why it is crucial that the process of establishing a trust and trustee is organized and successful.
The changes that come with aging may be challenging for many Maryland families. Watching a parent or loved one move from one stage of life into the next can be very emotional. Many aging adults go through a stage that is known as "the grey zone," which is the point between being competent and incompetent. It is at or prior to this point that families may benefit from establishing an estate plan, including a power of attorney.
Maryland parents who have special needs children may have additional things to consider when they begin the estate planning process. Because special needs children often require specialized treatment and care, parents may find that they need to plan for these areas financially in the event of their untimely death. Some states have income limits to which special needs families are no longer eligible for financial assistance from the state. In these cases, it may benefit parents to consider a special needs trust.
When Maryland residents decide that it is time to begin the estate planning process, they may find that there are several different processes to consider. Among those processes is the estate administration process, which can be complicated when the wishes and instructions of the individual planning are not adequately understood. In order to ensure that the process is smooth and that those involved have a clear idea of what needs to happen during estate administration, there are several tasks that have been outlined as the fundamental estate planning to-dos that go beyond just drafting a will.