What is the purpose of estate planning?

The purpose of estate planning is to ensure that property and assets are passed on to desired heirs after death. Estate planning can also provide a way for individuals to designate how their property is handled in the event of an illness or incapacity. In the state of Maryland, estate planning laws help individuals to create and execute wills that will be respected by the courts. In addition to wills, estate planning laws can also include trusts, powers of attorney, and health care directives. Estate planning is the process of taking care of family and other loved ones after death. It includes ensuring that an individual’s property and assets are passed on in accordance with their wishes and that debts are paid off before assets can be inherited. Planning for the future helps individuals to secure the financial well-being of their families and designate how their property, investments, and life insurance will be handled when they can no longer make decisions. Estate planning also minimizes probate costs and taxes that can make an inheritance less valuable for heirs. Estate planning laws in Maryland provide the necessary guidance and structure to make sure that individuals’ wishes are respected and that their legacy lives on in the way they intended.

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What is the purpose of estate planning?

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