Estate planning is for everyone, no matter what their age or worth. Whether an estate is simple or complex, nearly everyone in Maryland has some sort of opinion regarding who they want to inherit their property and what should happen should they become incapacitated. Perhaps you know that a favorite nephew would enjoy your stamp collection, that you want a specific individual to serve as guardian of your children should you pass before they are grown, or you may have strong opinions about what medical steps may be taken to prolong your life.
For example, an estate plan can identify which individuals are to inherit one's property such as real estate, stocks, motor vehicles, pieces of art, jewelry, savings accounts and life insurance proceeds. A well-drafted estate plan can help transfer these assets in an efficient manner. There may also be tax benefits to having a solid estate plan in place. Depending on its contents, an estate plan can help avoid probate. In addition, an estate plan can name a guardian of any minor children and can establish what life-sustaining treatment an individual wishes to receive -- or not to receive -- if he or she becomes incapacitated.
Despite all of this, many in Maryland do not have an estate plan. Perhaps they dread thinking about their eventual death or perhaps they simply do not know where to start. After all, estate planning is a complex process. Fortunately, legal help is available to those who wish to create an estate plan. An attorney can be a great resource in the estate planning process, taking care of all the minutiae that an individual may not even be aware of.
The professionals at Hansen Legal & Mediation Services have assisted many residents of Maryland with their estate planning needs. Individuals interested in estate planning may want to start the process by reviewing the information found on the firm's website. With the right help, it is possible to create and implement a solid estate plan.