Many young Maryland residents may believe that they do not need to bother making their end-of-life wishes known. Because they likely believe the ends of their lives are still a ways off, they may not feel pressed to make an estate plan. However, even as a 20-something, estate planning can make a considerable difference in a person's life.
As March is National Developmental Disabilities Month, many Maryland parents may find themselves considering many aspects of their disabled children's lives. Further still, parents may be considering their own lives and what will happen to their children when those lives come to an end. Luckily, individuals can utilize estate planning tools like a special needs trust to create helpful plans for their children's futures.
When estate planning, individuals may come across the need to make decisions regarding incapacitation. Appointing power of attorney agents to make important decisions in the event that they are no longer able to do so themselves is a common action that many Maryland residents consider. Because the role of agent can have many responsibilities, individuals may wish to consider appointing more than one person.
As Maryland residents consider how to approach their estate plans, they may find themselves coming across various planning terms. Though some of the terms may seem familiar, gaining a better understanding of other tools and phrases may prove useful. If parties are hoping to extend their plans beyond a simple will, they may find trust information useful as well.
Many people consider a will the most important document in an estate plan. However, a variety of other documents could also prove useful to you, depending on your specific circumstances, especially since a will cannot cover every aspect of your estate. Nonetheless, you will also likely benefit from creating a will in order to ensure that you fully complete your estate plans.
Planning for future issues and scenarios may prove difficult for many Maryland residents. However, having an estate plan is often beneficial, and even if individuals are uncertain about their decisions, those choices can be changed and updated later on. Therefore, parties may wish to create some form of plan in order to avoid possible problems that could arise if a will is not created.