As a small business owner in Maryland, you know there are many important things you have to do and remember just to stay afloat. It took a significant amount of effort just to get to where you are and reach a certain level of success. While you may have no plans to leave your business any time soon, it is still beneficial to think about what may happen down the road.
Why should you discuss estate planning with family on holidays?
One of the reasons that individuals become embroiled in heated disputes in which they contest wills or trusts after a loved one dies boils down to poor communication. So, many of these conflicts could be avoided if testators, or those drafting their wills, sat down with their family members and discussed things instead of leaving things to chance. The holiday season is a perfect time for doing this.
Common reasons why executors of wills end up with legal problems
Maryland executors have a single obligation to responsibly manage a decedent's estate. It's the personal representative's responsibility to pay off any creditors, to preserve the value of the estate's assets, to file the decedent's final tax return and to distribute any remaining property to the rightful heirs. While many executors successfully carry out their role, there are plenty of others that end up in legal or financial hot water for not doing so.
