People's lives are not made from cookie cutters. Each person is different with varying goals and situations. Therefore, a good estate plan should also be tailored to fit a person's individual circumstances in Maryland or elsewhere. Hence, one may want to think twice about blindly using a template DIY will or any other generic estate-planning document, product or service.
Most people may have heard of the idea of planning an estate; however, there are many who likely do not realize the importance of doing so. If one does not have an estate plan in place, intended beneficiaries may not be able to receive assets from a person's estate in the case of one's unexpected death in Maryland or in any other state. Therefore, it is important to have a good idea of how to go about creating a plan for estate administration.
Most people have limited knowledge about planning an estate. Many consumers in Maryland think that planning for estate administration simply consists of having a will in place. Although this is certainly an important estate-planning tool, there is more to planning an estate than just a will. Two estate-planning tools that people many times forget are life insurance and retirement funds.
Planning an estate is not only about the person doing the planning, it is about protecting loved ones in the case of one's demise. Although this may not be a pleasant occurrence to think about, estate administration planning can save loved ones from significant legal and financial problems in Maryland. A good estate plan ensures that the financial infrastructure that one has built for one's family while alive will remain intact after the person's death.
Preparing estate-planning documents to ensure assets are set to be passed on to intended beneficiaries is the main goal of most estate-planning strategies for married people. However, after one has drafted a will and created trusts, there are still other aspects that should be considered when planning for estate administration in Maryland or in any other state. Married people should also remember to coordinate account titling with beneficiary designations.