In Maryland and all across the country, people need to plan ahead when it comes to the assets that they currently posses and those that they will acquire throughout their lives. This can be done by creating an estate plan that will designate to whom an individual's assets pass after death. By having an estate plan in place, one can have peace of mind from knowing that his or her wishes will be followed.
Estate planning comes in many forms, so it is imperative for those who are creating estate plans to understand the different types of directives. One type of directive that should be understood is the trust. In Maryland, individuals can choose to put parts of their estates into trusts for legal or tax reasons. By utilizing a trust, a person's included assets will be held separately from the rest of the estate.
There are many options available to those seeking financial planning advice. There are national brokers and banks, small, local brokerages, credit unions and even web-based robot advisors that base advice on algorithms. Faced with so many options, a Maryland resident may be unsure about where to turn for financial advice for his or her estate plan.
Estate planning is essential for ensuring that money and property owned by a person at the time of his or her death are distributed according to his or her wishes. Maryland estate plans are important for many reasons, including the peace of mind of the benefactor. This peace of mind often comes from knowing that one's family members will not be fighting over assets after one's death because a solid estate plan is in place.
Estate planning is important for everyone. An important legal document for an estate plan is a power of attorney, which is fairly easy to put in place. The Maryland resident who puts the power of attorney in place is called the principal, and the person who is appointed is called an agent or an attorney-in-fact. The agent should be someone who the principal trusts to make important decisions. The power of attorney can cover financial decisions, health care decisions or both, and the named agent must be at least 18 years old.