While most people are not necessarily looking forward to creating their estate plan, it is critical that everyone do so. Our experienced Maryland estate planning attorney is here to help ensure you do everything correctly. However, part of knowing what to do is also knowing what not to do. Please continue reading to learn more about some of the most common estate planning mistakes and how to avoid them.
Failing to Create an Estate Plan Altogether
This is the biggest mistake that anyone can make. Creating an estate plan can, first and foremost, ensure that your assets are passed down to your beneficiaries as you intend upon your passing. You can do so by creating a will, a trust, and more. That being said, estate plans involve far more than simply passing down assets. For example, by creating a power of attorney, you can help ensure that should you ever become incapacitated, you will have someone you trust managing your assets, handling your medical care and more. The bottom line is that there are few things more important than creating a comprehensive estate plan, and our firm is here to help you do so quickly and efficiently.
Trying to Draft Your Will on Your Own
This is also a critical mistake, though we cannot exactly blame anyone for trying to do so. The truth is, in today’s day and age, there are several online will-writing kits that purport to be free, easy ways for individuals to go it alone. While it may be tempting to do so and save money by not hiring an attorney, the truth is, this can be detrimental to your estate. No one should create their estate plan without the assistance of an attorney, as even a simple misphrase could drastically alter the outcome of your estate, making it so assets are distributed incorrectly, causing your family time and money after your passing, not to mention a serious headache. They will then most likely have to hire an attorney themselves to help straighten out any mistakes, so it is generally best to simply hire an attorney from the start.
Failing to Regularly Update Your Will
After creating your estate plan, there is a very good chance that your life will change in the months and years to come. For example, having a child, having a beneficiary pass away, or getting divorced/getting married will all require you to update your estate plan. It is generally best to update your estate plan at least every five years.
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.