Estate planning is an important part of life for Maryland residents. This is true regardless of their financial situation, but it is especially true for the wealthy. Still, everyone can take a lesson from the issues that affect wealthy estate planning and apply it to their own circumstances.
One of the biggest issues with estate planning in Maryland is that people are reluctant to take that first step and create even a basic document that addresses their needs. Even those who have excuses that sound reasonable are mistaken when they do not take certain steps with their estate plan. To break through those excuses, it is imperative to know why the most frequently cited justifications for not having an estate plan are illogical. As with any legal concern, a law firm experienced in estate planning can help.
In Maryland and across the nation, the idea of creating an estate plan is to have a comprehensive document that addresses all the important factors a person must consider for the end of their life. Estate planning needs vary based on the assets, family concerns and goals. For those who are wealthy, a major worry is passing along as much of the property as possible without causing disputes among the family members or facing hefty tax bills. There are certain steps that people in this situation should take to ensure their desires are achieved.
Maryland residents should be aware of the need to have an estate plan, regardless of their age and family situation. Estate Planning documents are vital as they provide a guideline on things such as how the person's assets will be distributed, who the personal representative will be, whether there is a living will or healthcare proxy, whether trusts and guardianships are needed, and more.
If a person passes away and does not have a will or estate plan providing direction for how to settle his or her estate, then it will be subject to state laws.