There are many factors to consider when estate planning, and as a result, some Maryland residents may seem intimidated by the process. Not only will individuals be faced with the prospect of their eventual demise, but numerous aspects will need to be considered and address in order to move forward. Luckily, legal assistance could allow individuals to better understand the process and feel more comfortable with creating an estate plan.
One of the first major topics to address when estate planning is family relationships. Individuals who have strong family ties with their children, siblings, parents and other relatives will likely want to leave certain items to those family members. Through the planning process, individuals can determine what specific assets they may wish to bequeath and to whom those assets should go. Additionally, if there are any negative relationships, it may be helpful to address those in order to plan for the possibility that a will could be contested if an individual feels slighted.
Of course, the assets themselves play a significant role in the planning process. Individuals may wish to take inventory of their assets, including but not limited to real estate, vehicles and bank accounts. By recording a valuation of these items, individuals may be better able to plan for how they should be distributed or potentially retitled.
Feeling overwhelmed by the idea of creating an estate plan is understandable. Individuals can take the steps to make their plans in their own time, but it is important to remember that not having a plan could cause serious complications for surviving family members. Interested Maryland residents may wish to find out more about their planning options in order to get started.
Source: recordonline.com, “Bonnie Kraham: Getting started on an estate plan“, Bonnie Kraham, Oct. 5, 2016