When a loved one passes, many family members may have varying roles in the remaining estate. Some individuals may be part of the estate administration, which causes them to be in charge of much of the remaining assets. However, complications can often arise when dealing with property of a deceased loved one, and even years after a death, litigation is possible.
If Maryland residents do not create a will before they die, it is possible that their surviving families could face complications when it comes to various estate issues. Litigation could occur pertaining to custody of children, division of assets or other factors, and the surviving relatives could lose time and money during such proceedings. Therefore, individuals may wish to consider creating an estate plan.
Born between 1946 and 1964, the youngest of the estimated 76.4 million baby boomers are currently 52 and the oldest 70. Today, many soon-to-retire or recently retired baby boomers would likely contend that they are in the prime of their lives. However, in the coming years as members of this generation continue to age, many will experience the varied health and medical events and issues that often come with age.
Concerns for privacy, accuracy and personal decision may cause many Maryland residents to consider what estate planning options may be best for them. Though a will is a helpful planning tool, that document becomes part of the public record, which does not help when privacy is a concern. Therefore, individuals may wish to consider a revocable living trust and the benefits such a trust could offer.
Though estate planning may involve answering numerous questions, the process does not have to be a frightening one. By understanding what areas need focus and what questions need answering, Maryland residents may feel more comfortable moving forward. Having the right information and assistance could go a long way in ensuring that an estate plan is created in the smoothest manner possible.