How do I set up an estate plan?

Setting up an estate plan in Maryland is an important step for ensuring the smooth transfer of your estate after you pass away. It involves making decisions about how your assets will be distributed and who will manage them. The first step is to consult with an experienced estate planning attorney. Your attorney will be able to explain your options and help you create a plan that best meets your needs. The attorney may also suggest writing a will and setting up a trust. The will determines who will inherit your assets after you pass away and how they will be managed. The trust is a legal entity set up to hold and manage your assets. You can decide who will be the trustees and what duties they will have. Your attorney can also help you make decisions about who will be responsible for settling your estate and handling any tax issues that arise. They can also help you set up advance directives, such as a living will or power of attorney, which determine how your healthcare decisions will be made if you become incapacitated. Finally, you should review your estate plan regularly and update it when needed in order to ensure that it still reflects your wishes. An attorney can help you with any changes you may need to make.

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How do I set up an estate plan?

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