Taking the time to create estate plans is an important action that could save families time and stress in the future. There are various aspects that could be addressed in these plans, and guardianship may be among the needs to consider. There are also other important efforts that could help Maryland families avoid lengthy probate proceedings when it comes to property distribution.
Many Maryland residents take proactive steps to ensure that their estate plans stay up to date. However, some individuals may think that updating a will is the equivalent of updating all related documents, and that notion is simply not the case. Though updating a will to reflect desired changes is important, if individuals also want changes made to beneficiaries, those may need to be addressed separately.
It is an interesting fact that many individuals in Maryland and across the country are living to older ages. In addition to longer life spans, many individuals are also living their lives with chronic illnesses for which there are now treatments that can prolong life. However, individuals could still become incapacitated due to these illnesses or other issues and, as a result, creating an estate plan and naming a power of attorney to handle finances may be prudent.
Many people think estate planning is for older, wealthy people who need to establish elaborate trusts to protect their assets. However, wills, trusts and other estate planning instruments are important for people of all ages and incomes.
Many individuals across the country, including in Maryland, mourned the recent passing of music superstar Prince. As celebrities and musicians continue to pay tribute to the late artist, his family is left to handle his estate issues. Due to his failure to leave a will, his sister Tyka Nelson has recently filed documents for the estate to go through probate.