It’s a common misconception that only the wealthy must consider estate planning. However, in reality, it’s beneficial for everyone as it safeguards their hard-earned assets and ensures that their wishes are carried out as intended after they’ve passed away. Unfortunately, many people wait too long to establish an estate plan, resulting in their asses being handled through intestacy. If you die without creating an estate plan, your estate will be distributed according to Maryland’s intestate succession laws, which may not align with your wishes and could result in unintended beneficiaries receiving your hard-earned assets. As such, it’s crucial to create an estate plan as soon as possible to avoid any potential complications and ensure that your assets are protected and distributed according to your wishes. If you’re considering creating an estate plan, it’s in your best interest to contact a reliable Montgomery County Estate Planning Attorney who can help with each step of this complex process. Please continue reading to learn what could happen if you die without creating an estate plan in Maryland.
What could happen if I die without creating a Will in Maryland?
When a person dies without having a valid will or other estate plan established, their property passes through what is known as “intestate succession,” where their assets are distributed to heirs according to state intestacy laws. Essentially, when you die without a will, there’s no legal document that stipulates how your estate and assets should be divided. As such, the decision to control and distribute your estate and assets rests on Maryland’s legal procedures rather than your intended wishes.
If you pass away without a will, the state will dictate how your assets are distributed through the process of intestacy, as they will assume the responsibility of basically making a Will for you. Ultimately, this means the probate court will determine who inherits your estate. The primary purpose of intestate succession laws in Maryland is to distribute the deceased’s assets in a way that closely reflects how the average person would have designed their estate plan had they made one. Under intestate succession laws, your surviving spouse, your parents, your children, or your siblings.
If you’re thinking of creating an estate plan, it’s essential to seek the legal assistance of a skilled Montgomery County estate planning attorney who can assess your situation and help you generate a plan that aligns with your wishes. Don’t hesitate to contact our legal team, as we can assist in drafting the right combination of estate planning documents to meet your current and future needs. At JD Katz, we are prepared to assist you in creating a plan that reduces future conflicts between your loved ones and minimizes estate taxes.