There are many steps that must be carried out when a Maryland family needs to close a recently-deceased loved one's estate. The major legal proceedings necessary to address duties and requirements for settling an estate take place during probate administration. Because wills and probate proceedings go into the public record, a notice is typically made to inform individuals that the process is taking place.
If you've already lived beyond your third or fourth decade, you've likely established a firm set of beliefs and convictions that will continue to be important to you as you grow older. These issues may include spiritual topics, physical health, or those that concern finances. You have every right to execute a written long-term plan that expressly states your wishes and instructions regarding such matters so your loved ones, doctors and others will know how to care for you if you're unable to care for yourself.
Many Maryland residents often consider leaving some sort of legacy behind after their deaths. For some, simply having children to carry on their name is enough of a legacy, but for others, they may want to take a different route that could benefit their families for generations to come. Interestingly, a person looking to go the latter route could create a dynasty trust.
If Maryland residents put off estate planning, they may take some comfort in knowing that they are among a large group of people who procrastinate when it comes to such a task. However, that comfort may not stretch far as the lack of an estate plan could have negative impacts on surviving family members. Even if individuals believe they have a valid excuse to skip planning, that reason may not be as solid as they think.
Having the means to obtain any needed care is often a goal for many older Maryland residents. Because it is common for elderly individuals to need some sort of nursing home stay at some point, planning ahead for such an event could help parties ensure that they and their family are not at risk of losing everything due to unexpected expenses. In some ways, an irrevocable trust could help with long-term care planning.