Young families or parents with young children in Maryland likely want to ensure that their children are well cared for in the event of their incapacitation or untimely death. Though the topic is likely not the most popular, it may be one of the most important for young families. Aside from a standard will, there are several things that parents can do to ensure the safety and security of their children and assets.
Anyone creating an estate plan should be prepared to name an executor. This process may be complicated, so the individual chosen should be prepared, willing and up to the task. The next important consideration is who will be the guardian of surviving children. Parents may find it challenging to choose someone else to raise their children in the event that they are unable to do so, however, the consideration is important.
When it comes to distributing assets, the executor will handle most of the distribution process, along with hired professionals such as attorneys or financial advisers. A complete estate plan is one that includes a thorough review of insurance documents and healthcare directives. In the event that one or both parents become ill or severely injured, a medical directive may provide the only way of discerning that individual’s wishes.
Estate planning is complex and emotionally charged. Following the guidance of advisers can help to ease the strain of the process and ensure that the process is accurately managed. The Maryland individual or couple planning, however, must do the primary gathering of information and decision-making. By taking the time to work through drafting a will, determining guardians and dividing assets, couples can promote a healthy look toward the future. Though difficult, young families can have the assurance they need to face the future, knowing that their loved ones will be provided for.
Source: LifeHealthPro.com, “Estate planning for young families,” Jonathan A. Mintz, Nov. 29, 2012
