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Maryland residents may wish to address possible estate plan holes

It is not unusual for Maryland residents to get married more than once in their lifetimes. If these marriages come later in life, there will likely be many topics that need to be addressed when it comes to finances and property. As a result, individuals may wish to revisit the documents in their estate plan to ensure that their life changes are reflected in those documents. 

Because many individuals have children from previous marriages, they often want to protect the inheritances of those children. However, if individuals wish to leave all of their assets to their children from a previous marriage, they may face complications. Spouses are rarely disinherited from estate benefits, and as a result, state laws could potentially override a will in order for at least some assets to go to the current spouse. If individuals are concerned with such a loophole, they may wish to ensure that their estate documents are properly worded to avoid potential conflict. 

Safeguarding against will disputes may help Maryland residents

Maryland residents who face family conflicts may worry about the potential issues that could arise after their deaths. It is not uncommon for a will to be contested, and some individuals may wish to take such action if they believe the contents of a will do not reflect the true intentions of the deceased. However, some individuals may wish to dispute the document simply because they do not feel they were bequeathed the items they desired.

If individuals worry about unnecessary legal conflicts after their deaths, they may wish to consider the potential safeguards they could place on their wills. A "no-contest" clause could be added to the document in order to make it more difficult for individuals to unjustly file a dispute. The clause could make penalties applicable for those wishing to cause conflict.

Probate concerns may cause Maryland residents to seek assistance

When a loved one passes away, some individuals may have issues to handle regarding the estate. Probate proceedings are common in cases where a will was left behind, but additional litigation may ensue if there are concerns about the estate. Maryland residents may be interested in such a situation currently taking place in another state.

Reports indicated that an assistant judge is currently on leave from his position and is facing litigation in connection with the estate of a woman he and his wife cared for. Apparently, the man and his wife took the woman into their home after her Alzheimer's disease progressed. After that occurred, the woman's will was updated to include designations for the couple. The man claims that the woman was his aunt, but other relatives of the woman are contesting that statement. 

Naming power of attorney agents may be beneficial in Maryland

When Maryland residents are creating their estate plans, they may wonder how their affairs will be taken care of in the event of their incapacitation. Luckily, there are steps that individuals can take to appoint power of attorney agents. These individuals will be in charge of making applicable decisions if the appointing parties become unable to make decisions for themselves. 

First of all, individuals of any age could benefit from creating a power of attorney document. When considering who to appoint as an agent, individuals may wish to choose carefully and wisely. There have been instances in which such documents have been used to exploit individuals or take other fraudulent actions. Therefore, naming a highly trusted and responsible party who would handle the obligations with respect may be prudent.

MLK estate administration case may interest Maryland residents

When a loved one passes, many family members may have varying roles in the remaining estate. Some individuals may be part of the estate administration, which causes them to be in charge of much of the remaining assets. However, complications can often arise when dealing with property of a deceased loved one, and even years after a death, litigation is possible.

A current case revolving around property formerly belonging to Martin Luther King, Jr. may be of interest to Maryland residents. Reports stated that King's Bible and Nobel Peace Prize were currently the focus of the litigation. King's two sons hope to sell the two items, but his daughter believes the assets should remain in the family. The estate is controlled by the sons, and a judge recently ruled that the Bible belonged to the estate. A trial is set for next month in order to determine ownership of the Peace Prize medal. 

Exploring estate plan options may be beneficial in Maryland

If Maryland residents do not create a will before they die, it is possible that their surviving families could face complications when it comes to various estate issues. Litigation could occur pertaining to custody of children, division of assets or other factors, and the surviving relatives could lose time and money during such proceedings. Therefore, individuals may wish to consider creating an estate plan.

Though families may not be strictly cheated out of their share of property in the event of a death, the distribution process may be complicated or seem unfair. Without a will, the state will control how applicable assets are distributed. In most cases, the immediate family, such as surviving spouses and children, will be the first considered when it comes to obtaining property. However, if heirs disagree on the distribution, litigation could ensue.

Baby boomers and long-term care planning considerations

Born between 1946 and 1964, the youngest of the estimated 76.4 million baby boomers are currently 52 and the oldest 70. Today, many soon-to-retire or recently retired baby boomers would likely contend that they are in the prime of their lives. However, in the coming years as members of this generation continue to age, many will experience the varied health and medical events and issues that often come with age.

For baby boomers and their 20, 30 or 40-something-year-old children; it's important to discuss and plan for long-term care needs today to avoid future stress and financial problems.

Revocable living trust info may interest Maryland residents

Concerns for privacy, accuracy and personal decision may cause many Maryland residents to consider what estate planning options may be best for them. Though a will is a helpful planning tool, that document becomes part of the public record, which does not help when privacy is a concern. Therefore, individuals may wish to consider a revocable living trust and the benefits such a trust could offer.

A revocable trust is a tool made during an individual's lifetime. The creator determines what assets are put into the trust and who should inherit those assets in the event of his or her death. This trust can also be changed at any point during the person's lifetime. Meaning, if an individual changes his or her mind about a trustee or beneficiary, the document can be altered to reflect the new intentions.

Creating an estate plan does not have to scare Maryland residents

Though estate planning may involve answering numerous questions, the process does not have to be a frightening one. By understanding what areas need focus and what questions need answering, Maryland residents may feel more comfortable moving forward. Having the right information and assistance could go a long way in ensuring that an estate plan is created in the smoothest manner possible.

Because these plans can cover a variety of life aspects, focusing on one area at a time could prove beneficial. First of all, individuals may want to address who they would like to be in charge of the estate under various conditions. Those parties may wish to determine who will be power of attorney agents in the event of incapacitation as well as name estate executors and other estate administration. 

Will validity may lead to probate litigation in Maryland

Dealing with the death of a loved one is always a difficult endeavor. Maryland residents will face many changes in their lives to get used to life after their loved ones' passing. Although for many, focusing on emotional healing is most important, there may be probate issues that could require attention in the near future.

One of the most common types of probate issues is the contesting of a will. This action pertains to legal proceedings in which an individual or individuals would like to contest the validity of a will. Their concerns may arise from feeling that the deceased was not in the right state of mind to draft a will at the time of its creation or from other reasons, such as believing the will does not present the deceased's true intentions.