Everyone should have an estate plan. Unfortunately, there are several mistakes that people make when creating their estate plans. Please read on and reach out to our firm to learn about creating an estate plan that works best for you.
- Failing to create a will: Do not do this. Plain and simple. We live in a world where asset distribution, and estate law altogether, is more complicated than ever. Writing a will is the most important step you can take to ensure your assets are passed on exactly as you intend. Writing a will is a crucial part of having peace of mind going forward, knowing your beneficiaries will not lose out financially when it comes time. Those who fail to write their will very often impose serious fines on their family, just to straighten out the cluster of assets and property you left behind.
- Creating a will on your own: Many people are under the assumption that they can create a will on their own. This is simply not true. Anyone who has real knowledge of estate law will tell you that online templates and DIY will-writing kits simply do not suffice. Though we understand it can be tempting to save money by not hiring an attorney, the truth is, you may end up losing a significant amount of money in the long run if you do it yourself. You see, even the simplest spelling error or misphrase can drastically alter the meaning and outcome of your intentions. Do not make the mistake that too many Americans make. Simply hire an estate planning attorney you can trust. We are here to help you.
- Neglecting to plan for incapacitation: Though this is perhaps the most gloomy portion of estate planning, it is always best to plan for the worst. If you should become incapacitated at some point down the road, it is important that you legally and officially appoint someone you trust to handle your financial and medical affairs when you can no longer do so yourself.
- Failing to keep your estate plan current: Very few people enjoy planning their estate, which is why once they create their initial plan, they’d rather be done with it forever. However, as life changes, and as members are added to your family, your estate plan will most likely need to be updated and adjusted accordingly. We would be glad to help you do so both swiftly and affordably.
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.