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 is meant to put a plan in place to define where assets go if a person dies or become incapacitated. Attorneys advise people to start the process in early adulthood and to update their estate plans every few years. Updates should also occur when there is a major life change, such as a divorce, marriage, birth of a child or even the divorce of a close family member.
A will is an important part of an estate plan. The will defines how assets will be distributed after death. It also names the individuals who will care for minor children in the case of a death, as well as naming those who will manage the financial resources that are left to the minor children.
Maryland attorneys know the current laws for estate planning and can assist individuals with creating plans that meet their individual needs. When creating a will, a power of attorney, a trust or any other estate-related document, the guidance of a legal professional may prove invaluable. In addition to providing guidance, a professional will also ensure that an estate plan is legally sound.
Source: readingeagle.com, “Estate transition planning critical, as power of attorney law has changed”, David A. Kostival, March 24, 2015