Nobody particularly enjoys planning their estate. It’s a complex, document-heavy process, and it requires to retain the legal assistance of an experienced estate planning attorney. That being said, despite its challenges, with a bit of self-education and a compassionate attorney on your side, it does not have to be so overwhelming.
Additionally, by reading on, you will learn about some of the several estates planning myths and misinformation commonly distributed to the public. With these myths disproved, you can move forward feeling more confident, knowing what the future truly holds. Please read on and reach out to our experienced Maryland estate planning attorney to learn more about the process and how we can help you going forward. Here are the five most common estate planning myths, dispelled:
- I do not have to create a will until I am old. This is completely untrue. It is never too early to create your will, and your estate plan as a whole. You never know what life will bring, even if you are only just starting your first full-time job. This is especially if you have children.
- A will can ensure my assets are distributed properly. Though wills are great tools to detail “who gets what” upon your passing, wills are not the only important document in ensuring so. For example, wills generally do not cover joint accounts or accounts with beneficiaries attributed to them.
- I can just set up an estate plan online. Far too many people make this costly mistake. Though it may seem like an easier, cheaper, and more convenient alternative to hiring an attorney, the truth is, simply hiring an attorney may save you big time in the long run. Online wills are full of potential legal pitfalls that could put your estate plan in serious jeopardy.
- I only need an estate plan if I am rich. Regardless of your net worth, don’t you want to ensure your estate plan is protected from tax loopholes or any other complications that may arise in the probate process? Trust us, creating a comprehensive estate plan is well worth your time and effort in the long run.
- Once I complete my estate plan, I never have to think about it again. Unfortunately, this is not so. As your life changes, so will your estate plan. For example, if you have children, or you get divorced, you must ensure your assets will go to right person upon your passing.
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.