There are many decisions to be made when making an estate plan, and many Maryland residents may find it difficult or stressful. Naming a power of attorney can be especially stressful for some. However, giving a person this responsibility, and instructions of when they are able to exercise the powers that come with it, could help to protect the estate planner and his or her property.
Many people living in Maryland have misconceptions about when they need to have wills written. They often believe that a will is not needed until they have acquired some level of wealth. However, there are more reasons to have a will than many people may realize.
For many Maryland residents, being named as the executor of a loved one's will can be a daunting task. There are many things that the chosen executor is responsible for that he or she may be unaware of or not understand how to complete. As a result, there are many recurring mistakes in estate administration.
The death of a family member can be a sad and stressful time for Maryland residents. Several things must be considered at one time, including funeral arrangements and estate administration. The estate executors are expected to carry out the terms of the will and settle any outstanding debts with the available assets. Family members or loved ones are often appointed as executors, but they may be more likely to make mistakes while carrying out their responsibilities because they are unfamiliar with the process. Hiring a professional or having the appointed executor consult one may help to prevent some of these mistakes from being made.