Estate planning doesn't have to be like the movies, where an individual on his or her deathbed might scratch out final wishes on a scrap of paper. Yet a surprising number of Americans continue to pass without having an estate plan in place.
In our fast-past world, professional careers are becoming increasingly specialized. The legal field is no exception.
Is choosing an estate administrator a big decision? Considering all of the duties that an administrator may face, our estate planning law firm would caution against naming someone solely for sentimental reasons. In fact, a neutral party may be best positioned to avoid disputes among loved ones and handle the administrative deadlines that can quickly pile up after the passing of a loved one.
Many Maryland residents know that creating a plan for any situation can take time and effort. This belief is no different for estate planning, and individuals who are concerned with their plans have the opportunity to revisit and make changes as they see fit. This action may help individuals ensure that their financial and emotional situations at any time coincide with the information reflected in a will and other documents.
Many individuals may feel intimidated by legal processes due to the sometimes complicated and confusing language. As a result, some Maryland residents may avoid estate planning because they are uncertain where to start or what steps to take. In order to get started creating a trust, an individual may wish to understand what their role is in the creation process.
Because a serious accident could affect any Maryland resident at any time, preparing for such an event could be beneficial. Though many young people may think that estate planning is only for retirees or other older individuals, creating a plan at a young age could be just as useful. In the event that a person is involved in an accident that leaves him or her incapacitated, having these plans in place and appointing a power of attorney may come as a relief.
A power of attorney in Maryland gives a person you appoint the power necessary to make important decisions for you if you become unable to do so. This power, that is vested in the other person, may be restricted or very broad in scope, based on the document's specific terms. There are various types of powers of attorney, with a couple of noteworthy ones being the special power of attorney and the health care power of attorney.