Many Maryland residents consider themselves the one in charge. They may be a parent or another type of authority figure and feel comfortable making decisions in difficult situations. However, even decision-makers can need someone else to make decisions for them, which is why it is important to include a power of attorney document when estate planning.
It is common for people to think about young children when they think about guardianships. However, some older individuals may also need guardians if they face mental decline or other issues that lead to an inability to make certain decisions for themselves. Fortunately, estate planning can help address this issue, but if Maryland residents do not plan thoroughly, they could overlook this important matter.
There are many small business owners in Maryland. These business owners have spent years building their business and gaining customer support. Most business owners want to pass their business onto the next generation. Business continuity requires a succession plan.
There are certain topics that Maryland residents don't find to be particularly enjoyable. Understandably, thinking about and planning for incapacity isn't on top of the list for friendly conversations. No one wants to think about what would happen to them if they can't make decisions on their own, etc. but planning for this in advance is important.
As the year comes to an end, it is a good idea for Maryland residents to either go over their estate plan or take the time to create one if they don't have it. When someone dies in Maryland without a will, intestacy laws kick in. This means their estate is distributed according to state laws, without taking into account a person's individual relationships and preferences.
Estate planning is important for everyone to do. It can provide peace of mind for both the estate planner and their loved ones so that loved ones are not wondering what to do at the end of the estate planner's life or if the estate planner becomes become incapacitated and is unable to manage their financial affairs or direct their own healthcare.
As modern medical science develops new techniques to prolong life, many Maryland residents worry about suffering a crippling illness or injury that would rob them of meaningful qualify of life but leave them in a permanent vegetative state. The Maryland Legislature has addressed these concerns by enacting the Maryland Health Care Decisions Act.
Maryland residents will undoubtedly understand that it can be a wise decision to craft an estate plan that addresses their needs. Whether that means a will, a trust, a power of attorney or other devices that can be used when estate planning, the document can provide security and peace of mind. Still, there are concerns that should be considered. One is understanding the importance of naming beneficiaries -- also referred to as beneficiary designations -- for retirement accounts, life insurance, bank accounts and more.
In Maryland, it is important for people to have a comprehensive estate plan. Often, this is pushed to the backburner and left for "another time." While it is wise to craft an estate plan with all the necessary documents early in life, those who are coming close to retirement age should understand that it is even more vital. Older people are generally more established and have greater assets and heirs to be concerned about. Knowing what documents are foundational is essential.
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.