If a person in Maryland is unable to make decisions regarding his or her financial matters or personal care, it is possible for the court to create a guardianship. A guardianship empowers people or a person to make the important personal care and financial decisions for the individual, known as the ward. An attorney can help people establish guardianships after first reviewing the benefits and drawbacks of these legal vehicles.
Having estate plans in place gives people a peace of mind in knowing that their assets will be distributed according to their wishes in the event of their deaths. An estate plan also makes administering an estate a lot less burdensome for surviving heirs. A few tips may help people to successfully navigate the estate planning process in Maryland.
In Maryland and other jurisdictions, more than one type of power of attorney is available for estate planning. Despite the ability to cover a wide range of circumstances, a general power of attorney loses its effect when the individual who granted the power becomes incapacitated. A durable power of attorney, however, remains in effect after the maker becomes incapacitated.
It is not just important for people to have an estate plan in place. It is even more important to have the right estate plan in place for their future needs. So, when people in Maryland are setting up an estate plan, they should follow a checklist to be sure they have covered all of their needs.