People often focus on married individuals when they hear about the importance of estate planning. However, an estate plan is just as critical for a single person in Maryland as it is for a married person with kids. In many situations, single people may simply need to take different steps when it comes to estate planning.
Maryland residents may know that deciding on how to distribute money from a trust seems like the most important consideration when putting a trust together. However, it is just as important to appoint trustees who will follow through with the grantor's wishes. After all, the trustee is the one who actually implements the intentions of the grantor regarding the trust.
Estate planning is important to do early enough in life before an illness or disability takes away one's ability to make important decisions for him- or herself. Planning for a time in life when people may become mentally or physically incapacitated can help them feel more comfortable about their futures. A power of attorney that puts someone they trust in charge of financial and healthcare decisions can help residents in Maryland feel more secure about how their affairs will be handled when they are no longer able to make decisions on their own behalf.
Life insurance can be a necessity for families who do not have enough financial assets to close their estate obligations after death. It is also helpful in providing assets to care for family members who are left behind, and a life insurance trust can guarantee that the money will go where it was intended. The Maryland life insurance policies themselves come in various forms, but there are two basic types.
The debts against an estate must be paid upon the death of a person. The executor of the estate is responsible for making sure those debts are paid in Maryland and across the nation. Part of the estate administration is to pay the people and the institutions that are due money from the estate.