Death can be a difficult thing to discuss, and rightfully so. Regardless, death is something that is going to happen to everyone. Estate planning is often a task many individuals put off dealing with until later in life. However, having an estate plan is one of the most important things any Maryland resident can do for his or her loved ones. Here are a few reasons why everyone should consider an estate plan.
Asset protection and distribution
An estate plan allows an individual to allocate his or her assets according to his or her wishes and desires. Without an estate plan, money, property and assets may not go where intended. If a person dies without a plan in place, the state of residence could decide where property and assets go.
Minimize taxes
An estate plan could save heirs from receiving a massive tax bill. For example, if beneficiaries are left money in a Roth IRA, the money can be withdrawn tax-free. A careful estate plan can create less of a tax burden for loved ones.
Care of children
An estate plan can also allow families with dependent children to make a plan for childcare if both parents unexpectedly pass away. Young couples often do not think about this, but in the event of their untimely death, they will need to appoint someone to be the guardian of their children. If the parents don’t have an estate plan, they risk relatives fighting over who gets custody of their children.
An estate plan is a good idea for every family in Maryland, regardless of age or economic status. Those who have questions about estate planning should consider contacting a legal representative. An experienced estate planning attorney will listen to goals and desires and devise a personalized plan to help secure a family’s future.
