Common Estate Planning Myths | What You Need to Know

estate planning

When people hear the phrase, “estate planning,” certain images and preconceived notions come to mind, and, in many cases, these ideas discourage them from moving forward. Our Maryland estate planning attorneys are here to bust some of the most common estate planning myths so you can have a better understanding of the benefits of creating a comprehensive estate plan. Here are some of the questions you may have:

Once I create my will I’m done, right?

No. There are various documents that go into a well-rounded estate plan, such as powers of attorney, trusts, guardianships, and more. These documents can go a long way, and they deal with far more than assets, money, and your will. For example, you can establish a healthcare power of attorney in your estate plan that will help ensure that you have someone you know and trust to make certain key healthcare decisions on your behalf, should you become incapacitated or unable to do so on your own. The bottom line is that a well-rounded estate plan is comprised of multiple documents, and our firm can help you choose which are best for your particular situation.

Doesn’t estate planning cost lots of money?

No. While you will have to pay your attorney initially for helping you create an estate plan, the truth is, having a comprehensive estate plan will save you and your family dramatically in the long run. The goal of a comprehensive estate plan is to ensure that when you pass, your assets are virtually automatically distributed as you would have intended. Without an estate plan in place, your family may be unsure of what should happen with your assets, and they themselves will have to hire attorneys to straighten everything out.

Shouldn’t I wait until I’m older to create my estate plan?

Absolutely not. Even if you are young and do not believe you have sufficient assets to create a comprehensive estate plan, you are wrong. For example, let’s say you were recently married and you have a child. In your estate plan, you can create a guardianship to ensure that should something ever happen to you and your spouse, you will have someone you know and trust to raise your child. This is only one facet of creating a comprehensive estate plan, and, truth be told, there is a very good chance that you have more assets than you may think. This is why you should strongly consider reaching out to our experienced Maryland estate planning attorneys today. We are here to help you get started.

Contact our experienced Maryland firm

The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.