Estate planning in Maryland is often viewed as a morbid task, which is why people tend to want to avoid it. However, a proper estate plan can help people safeguard their assets and ensure that the intended parties end up with what is rightfully theirs. An estate plan is helpful for people of all ages and all income levels, especially those who are financially comfortable and are excited about retirement in the future.
People who are in their 30s are likely beginning to feel comfortable. They have accumulated a little wealth and are thinking ahead to retirement. Estate planning actually overlaps with planning for retirement, as it is just as critical to plan for one's beneficiaries after one's death as it is to create a plan for retirement.
When it comes to retirement, Social Security very well may be available when one retires. However, these benefits by themselves might not provide a sufficient amount of income for one's retirement years. This is why it is wise to save some of the wealth that one has accumulated by using different types of accounts or deferred vehicles, like an IRA, which is an individual retirement account. These types of vehicles are vital, yet often-overlooked, parts of an estate plan.
Not creating estate plans means people's wishes regarding their property may not be met when they die. The lack of an estate plan may also lead to conflict among a person's surviving loved ones down the road at a time when they are already dealing with the grief of losing a loved one. Well-thought-out estate planning, on the other hand, allows people to control what happens to their assets posthumously in Maryland.
Source: theworldlink.com, "Your Financial Health: Estate Planning: An Introduction : The Umpqua Post", Matt Hoffman, Nov. 18, 2015