In many movies and other fictional depictions of the reading of a will, there are often conflicts, unexpected inheritances and instances in which at least one individual feels cheated out of an asset. As a result, many Maryland residents in real life may feel as if they could easily make the wrong decision when considering who should inherit certain property after their deaths. Therefore, while creating an estate plan, it may be prudent to discuss the decisions being made.
For families in Maryland and throughout the country going through probate and estate administration proceedings, accusations of undue influence or coercion can be upsetting and incredibly damaging to family relationships. Of course, throwing around accusations without any evidence is something most wish to avoid, but how can you be certain that the indicators you've noticed require action?
If you are getting divorced or the ink has just dried on your divorce agreements, it's time you thought about your estate planning documents. Oftentimes, people forget to think about their will, trusts or other estate planning instruments because they are so caught up in their divorce proceedings.
Exploring the option of creating a trust as part of an estate plan may be a wise step for Maryland residents. There are multiple benefits that could come along with creating a trust, and individuals may find that they feel more secure in knowing where their assets are and how they should be distributed after their deaths. If interested, parties may wish to create revocable trusts as part of their estate plans.
For many Maryland residents, addressing an estate and how it should be handled in the event of a death may be a daunting task. There are often various property and assets that may need to be accounted for, and individuals could have a difficult time deciding to whom they want their assets to be bequeathed. However, the benefits from creating an estate plan are often well worth the time spent on it.
There are some very common mistakes people make when it comes to estate planning. Perhaps the biggest mistake would be to not have any type of plan in place at all. Other mistakes include not updating a will, leaving out critical details, including unenforceable clauses and/or failing to assign power of attorney.
When exploring the various estate planning options, Maryland parents who have special-needs children may have particular concerns. Luckily, there are avenues these parents may utilize to help them ensure that their children continue to receive the proper care while still gaining their inheritances. If parents are facing such concerns, they may wish to look into a supplemental needs trust.
As a state and federally funded program, Medicaid gets a lot of media attention. Equally deserving of attention, however, is an area of law devoted to Medicaid planning.
When Maryland residents think of appointing a guardian, they may only consider such a need as pertaining to young children. However, a guardianship could also affect older individuals if they were to become incapacitated and unable to make decisions for themselves. In such a situation, a guardian and/or conservator could potentially be appointed by the court in order to make decisions for the incapacitated party unless other arrangements had been made.