Who should be included in an estate plan?

Estate planning is an important process for everyone, regardless of age. In Maryland, an estate plan should include anyone who will be affected by your death, whether you have minor children, are married, or are unmarried. First and foremost, you should include yourself as the primary beneficiary of your estate. This means that you should make sure that you have named someone you trust to be an executor of your estate and that you have taken care of your financial affairs to ensure that your assets will pass to the right people. Next, you should include any beneficiaries that you have specified in your will, such as family members or friends. In addition, you should include any family members or other individuals who might have a claim to your estate, such as creditors or a former spouse. In addition, if you have minor children, you should include someone you trust to take care of them and manage their finances should you pass away before they become adults. In Maryland, it is important to include this in your estate plan to ensure that their best interests are taken care of. Finally, it is important to mention in your estate plan that you have updated your beneficiaries on any retirement or life insurance policies that you may have. This is to ensure that the assets are transferred to the right people or trusts in the event of your death. In summary, estate planning in Maryland should include yourself, any beneficiaries you have chosen, any family members or other individuals who might claim your estate, and someone you trust to take care of your minor children should you pass away. Additionally, be sure to update your beneficiaries on any retirement or life insurance policies.

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Who should be included in an estate plan?

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