In Maryland and elsewhere, a person is able to express his or her intent with regard to what should happen to personal property, savings and other items of value in the event of his or her death. A recent article discussed the importance of protecting one's assets so that the value of one's estate does not dwindle away by the time it reaches the hands of beneficiaries. Taking steps to preserve one's estate is an important part of careful estate administration.
A family is said to be "blended" when one or both of the spouses already have a child or children from a previous marriage. A recent article might be of interest to Maryland residents who are considering estate planning for their blended families. The author of the article stated that if planning is not carefully executed, children from blended families might find themselves engaged in battles over assets upon the death of their loved ones.
Reportedly, approximately 7.7 million people in the nation will suffer from Alzheimer's disease by the year 2030. This figure is projected to account for more than 10 percent of the over-65 population that will exist at that time. One Harvard researcher recently stated that more than 70 percent of people past 80 years of age suffer from some type of cognitive impairment. This information can benefit those in Maryland who are considering estate planning by prompting them to add a protocol for dementia in their plans.
Maryland residents who wish to ensure that their needs and desires regarding their estates are met will want to determine the best available options with regard to estate planning and providing for those who may survive them. Complications can ensue when couples who die fail to leave wills to help govern their estates. A recent article mentioned some of the most common obstacles that can occur when a decedent has left no final will and testament.
While a person is alive and in possession of a sound mind, he or she might choose to document desires and plans for the distribution of his or her assets to be carried out after death, or at a specified time should he or she become mentally incapacitated and no longer able to make financial or other pertinent decisions concerning a personal estate. Unfortunately, sometimes those involved in estate administration become entangled by disputes regarding various portions of an inheritance slated to be distributed among more than one beneficiary. In a recent case in a state near Maryland, a lawsuit has been filed pitting two siblings against another concerning the estate of their father, who was a successful business man.
A Maryland resident might be in a position of being named as a beneficiary upon the death of a loved one. If the decedent did not employ careful estate planning practices, the inheritance could be seriously depleted due to tax implications. A recent online article addressed some of the most common ways to avoid a tax trap when planning one's legacy.
It is unfortunate that some marriages in the nation end in divorce. Maryland residents may want to be mindful of the potential need for changes in estate planning that might have occurred while the couple was still in union. It is wise to ensure that documents and designated beneficiaries remain updated to reflect one's current desires with regard to whom an estate should pass to upon one's death.
Careful estate planning with regard to a personal will, trusts or other issues involving money, property or assets is a means of ensuring that one's legacy is protected and carried out according to one's wishes. A Maryland resident involved in the estate planning process will want to consider the potential value of naming an agent as power of attorney in his or her plans. This agent is given the legal authority to act in one's behalf for legal or financial matters.
The estate planning process is highly personal for individuals and families. Some in Maryland may think there is a one-size-fits-all approach. While estate planning is individualized and every family is different, there are some essential documents that, if missing, could be costly and compromise the essence and purpose of an estate plan.
The estate planning process can be highly personal and involve a great deal of decisions. For those who are online for any reason, young and old, estate planning may need to include that online presence. While vastly different from physical assets, online assets can be just as valuable and just as personal for any Maryland family.