For many in Maryland, addressing estate planning is a task that ranks close to having one's teeth drilled in terms of enjoyment and anticipation. While most residents recognize the need to create an effective estate plan, virtually no one relishes the process of actually doing so. Once the task has been checked off the to-do-list, many walk away with a sense of satisfaction at having addressed the issue, and let the resulting documents rest in a safe place, often never to be revisited again.
Communication is the key to being successful in many of life's arenas. However, sometimes open communication is the key to dealing with one's death, which forces a person to focus on their estate plan. A will is an important part of the estate plan because it directs how one's estate is to be managed and by whom in Maryland or in any other state. On the other hand, it is important for one to discuss the executor's role with the person chosen in order to ensure he or she is up for the task.
Time spent with one's parents can be valuable for many adults, since growing up means having less free time to spend with their parents, especially if adult children have careers and families of their own to tend to. Therefore, talking about depressing subjects, such as the eventual death of one's parents is usually not on the top of the list for people when they visit their parents in Maryland or in any other state. However, discussing important aspects of the estate plans of one's elderly parents can prevent much headache and hardship during the future estate administration process.
With the beginning of the new year many people are struggling with trying to keep their New Year's resolutions. Many of these resolutions may have to do with personal finance planning, which could include catching up on taxes, budgeting or accounting. However, many of these aspects of personal finance will require continual updating, which can be challenging and discouraging for many people in Maryland. On the other hand, one part of personal finance which does not need continual attention throughout the year is planning for estate administration.