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How can an estate plan benefit your family?

Many Maryland residents have feelings of joy when they think about their families. As individuals age, they may begin to worry about how their loved ones will get on after their passing. This worry is understandable because most people want to be around to care for their loved ones as long as they can. Of course, no one lives forever. Fortunately, creating an estate plan can be a gift to surviving family.

Some people may not have considered this plan as something that could be beneficial to their loved ones, but having final affairs in order ahead of time could take a considerable weight off of family members’ shoulders, especially during a time of grief. It is also important to remember that estate plans can benefit loved ones even before a person’s passing.

The reality of life is that a serious medical emergency to happen to anyone at any time. Having the following information available for loved ones could help ensure that care is provided appropriately:

  • Advance health care directives that detail the medical care the person wants in the event of a potentially terminal medical situation
  • Plans explaining wishes for long-term care if the need arises
  • Measures for paying for long-term care

An estate plan can encompass much more information than just how to distribute assets after a person’s passing, but many Maryland residents do not know the full extent to which they could utilize their plans. Gaining information on their planning options may allow them to leave instructions for a variety of scenarios they may not have considered before. Of course, it is necessary to ensure that any plans created comply with state law.