How can I provide for my dependents after I die?

In Maryland, estate planning law provides several options for providing for your dependents after you die. One option is to create a Last Will and Testament. A Last Will and Testament is a legal document which sets out how you would like your assets and estate to be distributed after your death, as well as who the beneficiaries will be. It is important to make sure that your Will is properly written and notarized, as it will be the final instructions for the distribution of your assets. Another estate planning option available in Maryland is a revocable living trust. This trust allows you to transfer assets to and manage them in a trust during your lifetime, and they are usually distributed to the beneficiaries in accordance with the terms of the trust upon your death. A third option is to create an insurance policy. By insuring yourself with an appropriate policy, you can ensure that if you die, your beneficiaries will receive a predetermined cash sum which may be used to cover any existing debts or provide for your dependents. Finally, it is possible to transfer some of your assets and estate directly to dependents or beneficiaries during your lifetime. This process is called a gift. This can help to avoid probate, and protect your assets in case of your death. No matter what method you choose for providing for your dependents after your death, it is important to consult with an estate planning attorney to ensure that your wishes are appropriately followed.

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How can I provide for my dependents after I die?

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