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.
Because these plans can cover a variety of life aspects, focusing on one area at a time could prove beneficial. First of all, individuals may want to address who they would like to be in charge of the estate under various conditions. Those parties may wish to determine who will be power of attorney agents in the event of incapacitation as well as name estate executors and other estate administration.
Next, parties may want to focus on who they would like to receive which assets. Once a beneficiary is named, it is important that individuals ensure that they keep their will and beneficiary designations updated. Because beneficiary designations often go along with non-probate accounts, those assets will be directly distributed to the named beneficiary after the account holder's death. Therefore, keeping information in wills and beneficiary designations cohesive could keep complications from arising.
It is understandable for individuals to feel a bit overwhelmed by the idea of putting their estates in order. However, an estate plan could benefit anyone, and many parties will likely be glad that they took the time to make their plans. If Maryland residents have questions and/or concerns about creating their plans, they may wish to confer with experienced estate planning attorneys.
Source: lexology.com, "Minimize the Pain of Estate Planning in Five Steps", Rebecca S. Manicone, June 30, 2016