There are many things that people associate primarily with the wealthy, such as estate administration and estate planning. No matter how little wealth a person has, however, almost everyone has something they would prefer to leave to a loved one without that person having to pay unnecessary taxes. Estate planning to provide steps for estate administration in Maryland can greatly reduce the taxes that must be paid on inherited wealth, no matter how small.
To have a complete estate plan, most financial advisors recommend that each individual have a few documents in place. Among the most strongly recommended items is a will. If an individual has a will, any money or items they own will be distributed as they say. If they do not have a will, the state laws may be applied to distribute their money and assets.
Health care powers of attorney and living wills are also very important to many people. They allow a person to direct how they will be cared for when they are sick, while they are still of sound mind and body to make the decision. Depending on state law, they may also allow someone to determine which family members should be involved in the process. Making that determination before the problems arise can make addressing the legal and medical concerns that crop up easier to handle.
Regardless of the financial situation people find themselves in, they may want to direct how their assets are handled when their lives end. A proactive approach to putting estate administration documents in place can make their lives less difficult in the meantime and help their families through the process at a time of grief once they do die. Many people in Maryland find that taking care of important paperwork is a good way to take care of their families as well.
Source: thebradentontimes.com, “Estate Planning: Basic Documents Every Adult Should Consider,” Bruce A. Bittles, Feb. 23, 2013