Estate planning in Maryland is an essential aspect of financial planning that helps individuals prepare for the distribution of their assets after their death. As people age, their estate planning needs change, and it is essential that they revise their plans to reflect these changes.
Health concerns
As people age, their health becomes a more significant concern, and it is essential to plan for their medical and long-term care needs. This includes updating power of attorney documents to appoint someone to make healthcare decisions if the individual is unable to do so and creating a living will to specify their end-of-life care preferences.
Estate size
As people accumulate more assets, they need to revise their estate plans to ensure that their assets are distributed according to their wishes. This includes updating wills, trusts and other estate planning documents to reflect their current financial situation.
Beneficiaries
Over time, people’s relationships and circumstances change, and it’s essential they revise their estate plans to reflect these changes. This includes updating the beneficiaries of their life insurance policies, retirement accounts and other assets as well as revising their wills or trusts to reflect their current wishes.
Estate taxes
Estate taxes can have a significant impact on the distribution of an individual’s assets after his or her death. As people age, they should consider the impact of estate taxes on their estate plans and make changes to minimize the impact of these taxes.
Estate administration
As people age, they should consider who will handle the administration of their estates after their deaths. This includes appointing an executor, trustee or personal representative and ensuring that these individuals have the necessary information and resources to carry out their responsibilities.
Keeping your estate planning current
Estate planning is an ongoing process that evolves as people age and their circumstances change. It is essential to regularly review and revise your estate plan to make sure your assets are distributed how you want and that your health and financial needs are addressed.