Things to Consider When Estate Planning in Maryland
Estate planning isn’t something that most people like to think about since it focuses on our own mortality. That being said, it’s the responsible thing to do so that your survivors are properly taken care of and so that they aren’t left with a mountain of issues to deal with upon your passing. So what should you keep in mind when you set out to do estate planning in Maryland?
Know Who You’re Planning For
Planning for your immediate family may seem obvious, but don’t forget to consider any other members of your extended family that may feel they have a claim on your estate. By planning ahead you can include (or exclude) them as you see fit so that there are no questions about your intentions after your passing.
Be Aware of What You Own
Bank accounts, homes, vehicles, and jewelry are all things that spring to mind when people think of their estate, but that’s certainly not the only thing you have. Retirement funds, investments, and even your debt are all a part of your estate. Know how you want them handled after your passing to make thing easier on your survivors.
Know the Maryland Estate Law
Be aware of what taxes your survivors will be responsible as a result of your estate. You can plan for this and have it taken care of, lessening the burden your survivors will have and allowing them to focus on other things than a tax burden.
Plan for Costs of Death
Dying is, to be blunt, expensive. Funerals and the associated costs can be taxing on an unprepared family. Planning ahead of time means that your wishes for how your body will be cared for will be respected, but it also allows you to account for the costs of your wishes, having your estate cover the costs instead of leaving it to your family members and other survivors.
Consult a Maryland Estate Planning Lawyer
This might seem obvious, but with so many different online options out there, a lot of people eschew consulting with an attorney when they do estate planning. Dealing with an attorney means you get to give an actual person a better idea of your estate, and a lawyer will ask questions that a computer program won’t, making you think about parts of your estate that you may not have thought of.
Don’t Wait to Consult a Maryland Estate Planning Attorney
Just because you aren’t married or think you’re too young doesn’t mean you can’t start estate planning. Planning ahead ensures that your wishes for interment are followed and allows you to decide how your estate will be handled when you’re gone.
Married or single, twenties or a grandparent, it’s never a bad time to start planning for the future. We never know when the negligence of another or a surprise accident will strike, so a little estate planning is always a good thing.