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.
There is a lot more to protecting assets and funds than simply drafting a will. While a comprehensive and legal will is a vital component when estate planning, Maryland residents need to be aware of other estate-planning needs and options. Estate planning is also about preparing for different stages of life and not just what happens once a person passes.
Regardless of the size of an estate or anyone's particular lot in life, the process of estate planning should be considered and started early. It should also be modified as life circumstances warrant. Recently, several celebrity situations pertaining to estate planning made the news and have given people in Maryland things to consider that they may not have otherwise.
The estate planning process may seem overwhelming and confusing for some. But, regardless of what size estate you have or how old you are, the estate planning process should be started sooner rather than later and is designed for the protection of all family members. For those in Maryland who are just starting the estate planning process, learning more about trusts and how trusts work can help make the process less complicated and can help families make the decision that is best for them.
One way to ensure that something is completed correctly or done right is to learn from the mistakes of others. When it comes to estate planning, Maryland residents may be better prepared and more conscientious after learning from the estate planning mistakes of the rich and famous. One prime example that may help others is the reported estate planning mistakes made by actor James Gandolfini.
It is now common for many families in Maryland and elsewhere to have step-parents, step-siblings or half-siblings. However, blended families often create unique challenges when it comes to estate planning. The estate planner generally wants to ensure that the spouse and all children, either born into or outside of the marriage, are taken care of. Trusts are an essential tool for accomplishing this, plus they are useful for tax planning purposes.
No property owner wants his or her loved ones to fight over or be cheated out of their inheritances. Yet without a will or trust, real property might be subject to contentious probate disputes or, worse yet, foreclosure.