When people are estate planning, it is helpful to be informed about details of the laws that protect one's finances. While there is a great deal of good general information available to the public in Maryland, the nuances that affect an individual's personal circumstances may not be readily apparent. For people to protect their money and leave their families as well off as they can be through the process of estate administration, they may want to know more than the basics about how different types of properties are inherited.
As family members age, they may not be aware of all of the changes in how people do business, and may not protect themselves as much as they can. To assist them, more active family members may want to have paperwork in place so that they can monitor the vulnerable family member's financial well-being. In Maryland and elsewhere, a power of attorney allows the designated family member to go through the grantor's financial records and make sure that finances are in order and are being well maintained.
There are a handful of legal instruments that nearly everyone should consider utilizing. One of the most basic of these is a will. Many people of average income think that they do not need a will because they do not have enough money. Regardless of how much money people have, a will makes the process of managing any assets and other important decisions after a Maryland resident's death much easier on surviving family members.
Many families took advantage of the new estate tax laws last year and put significant amounts of money into trust for their children or heirs. The trusts were created where the child or heir would not have to pay taxes on the sums because the taxes were paid up front. Some Maryland parents are now worried that their children or heirs will be negatively affected by suddenly inheriting such a large tax-free lump sum payment in a trust.