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Revocable living trust may help Maryland residents' privacy

Many people enjoy keeping their lives as private as possible. Numerous Maryland residents may believe that their business should remain out of the public eye, and because of this desire, they may have some hesitation when it comes to estate planning. After creating a will, the document goes into the public record, which many parties may find displeasing. Luckily, a revocable living trust could offer more privacy.

There are many aspects of the probate process that remain public, but a trust could help avoid probate. As a result, a person may have the ability to better shield his or her personal affairs from the public eye. Indeed, when used correctly, a trust could eliminate the need for probate proceedings altogether, which could also allow heirs and beneficiaries to obtain assets more quickly.

What type of guardianship may a Maryland resident need?

When a person ages, the possibility exists that he or she will lose the ability to properly care for him or herself. This type of situation could arise due to a variety of factors, and when an individual becomes incapacitated, guardianship may become necessary. Appointing a guardian can be a complicated process, and therefore, concerned Maryland residents may want to gain more information.

First, there are two types of guardianships that could take place. When it comes to guardianship of the person, an appointed party is in charge of making decisions regarding the health care of the incapacitated individual. These decisions can relate to particular treatment that the person may need and where the treatment or other needed medical care may take place.

Power of attorney info may benefit Maryland residents

Having someone else in charge of one's life is something that many young people cannot wait to change. As individuals reach an older age, however, they may come to realize that appointing someone to take over decisions may be a wise step to take. When Maryland residents come to such realizations, they may begin looking for more information on power of attorney appointments.

When creating a power of attorney, individuals have the ability to create a plan that details how their care should be handled and their finances addressed. These plans go into effect if a person becomes incapacitated and can no longer make decisions for him or herself. Rather than leaving it up to chance when it comes to who will be put in charge, parties can take steps to make the appointment themselves.

What information is included in a probate notice?

There are many steps that must be carried out when a Maryland family needs to close a recently-deceased loved one's estate. The major legal proceedings necessary to address duties and requirements for settling an estate take place during probate administration. Because wills and probate proceedings go into the public record, a notice is typically made to inform individuals that the process is taking place.

Probate notices can include various types of information. For instance, one notice was recently distributed in another area for the estate of a deceased man. It was reported that a presumed relative of the man had filed the petition to begin probate proceedings and act as personal representative for the estate. The date and time of the hearing for the petition was also given in order to inform heirs, creditors and other parties interested in the estate.

Don't short yourself in your long-term care plan

If you've already lived beyond your third or fourth decade, you've likely established a firm set of beliefs and convictions that will continue to be important to you as you grow older. These issues may include spiritual topics, physical health, or those that concern finances. You have every right to execute a written long-term plan that expressly states your wishes and instructions regarding such matters so your loved ones, doctors and others will know how to care for you if you're unable to care for yourself.

It's sometimes difficult to broach such topics with loved ones, especially if you find discussions regarding your own mortality a bit awkward. However, Maryland residents who understand the importance of clarification when it comes to final wills and testaments and advance care directives know how helpful it can be to talk things over ahead of time with immediate family members or any other party who may be named in a will or long-term care plan.

Could a dynasty trust provide benefits to Maryland residents?

Many Maryland residents often consider leaving some sort of legacy behind after their deaths. For some, simply having children to carry on their name is enough of a legacy, but for others, they may want to take a different route that could benefit their families for generations to come. Interestingly, a person looking to go the latter route could create a dynasty trust.

This type of trust offers many benefits, and numerous individuals may not have even considered it an option. With it, parties can consolidate wealth and build upon that wealth over multiple generations. In fact, the trust could potentially go on indefinitely if the proper approach is taken in creating the set up. However, parties may wish to understand that such a trust is irrevocable, meaning it cannot be changed.

Making excuses may not warrant skipping a Maryland estate plan

If Maryland residents put off estate planning, they may take some comfort in knowing that they are among a large group of people who procrastinate when it comes to such a task. However, that comfort may not stretch far as the lack of an estate plan could have negative impacts on surviving family members. Even if individuals believe they have a valid excuse to skip planning, that reason may not be as solid as they think.

For instance, some parties may think that going through the process of planning could result in unnecessary costs. While it is true that certain fees will likely apply in order to create an effective estate plan, the estate could still suffer financially without a plan. Because estate taxes could be levied and court costs could come about due to probate issues, planning ahead could help avoid more negative financial impacts.

An irrevocable trust may help in Maryland long-term care planning

Having the means to obtain any needed care is often a goal for many older Maryland residents. Because it is common for elderly individuals to need some sort of nursing home stay at some point, planning ahead for such an event could help parties ensure that they and their family are not at risk of losing everything due to unexpected expenses. In some ways, an irrevocable trust could help with long-term care planning.

When utilizing an irrevocable trust, the trust creator, or grantor, will not be able to change the trust or have access to the assets in trust. The grantor essentially gifts property to the trust, which can work to preserve the property for other family members. If a grantor puts a home into the trust, he or she may have the ability to continue using the home. 

Estate plan mistakes can make probate administration more complex

Maryland residents can look to celebrities as examples when it comes to how they would like to carry out certain aspects of their lives. While this type of admiration and inspiration is not necessarily a negative idea, individuals may want to remember what they consider important in their own lives. This idea may be especially useful when it comes to creating an estate plan for eventual probate administration.

When it comes to celebrity estate planning, most information in the news relates to mistakes that certain celebrities have made and how those mistakes have impacted their surviving family. Over the course of numerous years, wealthy celebrities have either not planned enough, failed to update plans or attempted to create plans on their own that simply did not cover necessary estate aspects. Any of these oversights could have substantial impacts.

Are you prepared for possible setbacks in probate administration?

When a family member discussed the idea of your becoming his or her estate executor, you may have felt honored by his or her trust in your abilities. After accepting the position, you may not have thought about the situation often but rather regarded it as a responsibility that would present itself sometime in the distant future. However, now that your loved one has passed, you must face your responsibilities as his or her personal representative.

You may wish to understand that administering the deceased person's estate may not come easy. Certain roadblocks could present themselves that result in the probate process taking more time than anticipated, and you may wonder how you will handle all the necessary tasks.