When many Maryland residents think of what they would include in their estate plans, their thoughts usually revolve around their assets and what will happen to them after their passing. However, it is also important to consider the people estate planning will affect and who will be included in the plan. In particular, individuals may want to think about their executors and beneficiaries.
The estate plan needs someone who will follow the instructions included in it and manage the estate. This person is called an executor, and the individual creating the estate plan can choose a person to act in this role. The name of the person needs to be included in the will, and it is often best to ensure that the chosen person actually wants to take on the position as it can be a considerable amount of work.
It is also wise to consider possible beneficiaries. This may seem easy for parents who want to ensure that their children and grandchildren are taken care of, but it is also important to remember that beneficiaries do not have to be members of the family. For example, individuals could bequeath assets to charities and other organizations if they see fit.
Making choices regarding the people to include when estate planning can be complicated. Many Maryland residents may worry that their children will fight over assets or that they do not have anyone who wants to be the executor of the estate. Fortunately, there are options for mitigating conflict and finding the right executor. Parties who want to ensure that they include the right people in their plans may want to discuss this particular matter with knowledgeable attorneys.