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Maryland estate planning: Why more should start thinking about it

Communication between family members is important. Although many people may be comfortable with expressing their feelings and emotions to their loved ones, many will avoid the subject of estate planning with their loved ones. However, death is an inevitable part of life, which means planning an estate should not be avoided. This can help to avoid future problems during the estate administration process in Maryland.

Reports have found that parents tend to avoid talking to their children about their estate plans. Only 33 percent of American parents have discussed estate planning in detail with their children. Communicating with one's family regarding estate planning could make the difference between divisiveness and a supporting environment when the family does have to deal with a tragic loss.

Many experts suggest that parents begin this important conversation with their children by letting them know that an estate plan has been put into place. This alerts the family that one has taken steps to safeguard one's legacy after one's death. It may even be a good idea for the family to hold a meeting to discuss the topic. This can help avoid future confusion brought on by speculation and assumptions.

It is important to choose the right estate planning documents in order to ensure ease of estate administration in Maryland. Some of the options available include a last will and testament, trusts and power of attorney. However, each situation is different and everybody has their own estate planning goals. Therefore, a strong understanding of applicable law as well as knowledge of how to apply these laws to a specific situation is essential.

Source: thestreet.com, “We All Say Estate Planning Is Important, Yet Here’s How Few of Us Do It,” Brian O’Connell, Aug. 1, 2013 

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