Estate planning in Maryland is essential for making sure that one's assets end up in the hands of the proper individuals when one passes. The process of creating an estate plan, however, can understandably be confusing and overwhelming. This is particularly true for those in blended families, where one or both spouses may have been married to other people in the past.
Estate planning is critical for ensuring that one's assets will end up in the right hands after one dies. A trust is one tool commonly used as part of a comprehensive estate plan. The following few tips may help people to take full advantage of a trust in Maryland.
Estate plans that are well thought out can help people in Maryland protect their assets in the event of their deaths. This is because an estate plan can effectively transfer people's estates after death to their chosen beneficiaries through wills or trusts. A few tips may help an individual in Maryland create an estate plan that will protect his or her best interests and preserve family relationships.
A power of attorney is an essential part of any estate plan in Maryland. It enables a designated entity or person to act on another person's behalf in the event the other person becomes incapacitated. The power of attorney document specifically gives the designated party the ability to make medical treatment-related and/or financial decisions for the incapacitated person.
A person in Maryland who has assets that he or she would like to leave to loved ones officially has an estate. However, with no estate plan, the state will end up choosing the person's heir, who may not be the person he or she might have intended. This is why estate planning is so critical for people of all income levels and no matter what size one's estate might be.