Estate planning is something which should be started sooner rather than later. Even those who are not wealthy may still want to create a plan to deal with estate administration in case something unexpected or unfortunate occurs. However, there are a few key things to consider when starting to plan a Maryland estate.
Many Maryland residents may believe that planning an estate is only important for wealthy people. However, estate planning is important for anybody, no matter what income bracket a person falls under. Also, most people may believe that the only purpose of an estate plan is to direct distribution of assets after one's death. Other types of estate planning documents can be just as important. For instance, a power of attorney is an estate planning instrument designed to go into effect when one becomes incapacitated.
People with disabilities already have a more challenging time than the average American. However, there are some laws that unintentionally make things more difficult for disabled individuals in Maryland and in other states. One example of this is the federal law regulating special needs trust accounts for disabled people. Now lawmakers from both major political parties are pushing for a bill that would address some of the problems.
Maryland residents have likely thought about getting a living will done, but it turns out that less than 30 percent of Americans actually have one drawn up. Having a living will done can actually avoid any family arguments after the loved one has become incapacitated. Family members may not know what a person wants regarding personal choices -- including medical decisions. These can be a stressful thing for a family to do in the midst of a loved one becoming unable to make decisions for him or herself, but a living will can greatly reduce tension and give family members a plan of action.