For a person in Maryland, one difficult aspect of engaging in estate planning involves choosing the individual who will receive the power to take action on his or her behalf in the event of death or incapacity. This type of power is known as the power of attorney. Choosing the correct individual or individuals depends on many factors.
The estate planning process in Maryland can be complex. In other situations, it may be relatively simple. Either way, it is essential for people to review their intentions and have the right estate plan documents prepared in order to make sure that these wishes are followed at their deaths.
People in Maryland often do not want to think about what will happen when they die or if they should fall seriously ill. Unfortunately, their wishes may not be met if crucial estate planning documents are not in place. These estate plan documents include wills, living wills and durable powers of attorney.
People in Maryland generally do not like to talk about death; however, it is something that is critical to plan for both for oneself and for those whom one leaves behind. Estate planning today primarily involves considering who will get one's worldly possessions when one dies. However, creating an estate plan also involves planning for what will happen to one's digital legacies.
Trusts are legal documents designed to control the transfer and management of one's assets. When a person has a trust, a trustee is appointed to hold investments, real estate or other property for the benefit of one person or multiple people. A wide range of trusts are available in Maryland to help people accomplish many goals; for instance, they can help people preserve their valuable assets, reduce their taxes or even avoid the need to go through the complex process of probate. One helpful type of trust is the special needs trust.