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.
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.
Families are all unique. That is why there is no such thing as a one-size-fits-all approach to estate planning for Maryland families. The estate planning process has to be customized, especially in cases involving non-traditional families.
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.
There are many legal documents that people have to deal with during a typical lifetime. For many Maryland families, a last will and testament may be one of the most personal of legal documents they make. While many don't think that wills are needed during younger years, there are many reasons to have a will in place even during youth.
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.