Estate planning is a critical part of anyone’s life. However, it’s not a simple process, and mistakes can be made very easily, no matter how smart or legal-savvy you are. Please continue reading and reach out to our experienced Maryland estate planning attorneys to learn more about the most common estate planning mistakes and how our firm can help you avoid them.
- Failing to hire a qualified estate planning attorney. There are many online will-writing and estate planning kits that make it very tempting to simply “go it alone,” however, this can prove detrimental. Do not use these guides, for even the smallest error in something as simple as phrasing can drastically affect the outcome of your estate plan.
- Failing to consistently update your estate plan. As life goes on, things change. If you have a child, get married, get divorced, get a new job, retire, or otherwise, your estate plan will need adjusting. That is why it is always best to update your estate plan at least once every 5 years. Our firm can help go over every aspect of your estate plan to ensure you are well protected.
- Failing to understand that a will isn’t everything. While wills are incredibly important estate planning documents, they only control assets in your name. This means that generally, wills are not used for jointly held assets, IRAs, and life insurance policies. Our experienced Maryland estate planning attorneys can help you best understand what your will covers and what it does not.
- Failing to create a revocable living trust: Creating a living trust-based estate plan can go a long way. One of the main benefits of doing so helps your family avoid probate after you pass away, which, in many cases, can save them time and money.
- Failing to create an advance healthcare directive or a health care power of attorney: These documents are ideal when it comes to receiving medical care upon incapacitation or while unable to decide on medical treatment for yourself. By establishing these documents, you can appoint a trusted individual to handle these matters on your behalf to ensure you are well taken care of and medical decisions are made according to your wishes.
If you have any additional estate planning concerns, please do not hesitate to speak with our knowledgeable Maryland firm today. We are here to help you and your family achieve the peace of mind you deserve.
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.