Common Estate Planning Myths in Maryland | What You Need to Know
October 13th, 2020
Most of us do not exactly jump at the phrase, "estate planning." This is for various reasons, though many people do not rush to create their estate plan due to the various myths and preconceived notions regarding estate planning. Our firm is here to clear up those myths and inform you as to why creating a well-rounded estate plan is one of the best things you can do for you and your family. Please continue reading and speak with our knowledgeable Maryland estate planning attorneys to learn more about these myths and how we can help make the process as quick and painless as possible.?
Myth #1: Estate Planning is Simply Creating a Will
This is untrue. Though creating a will may be the cornerstone of your estate plan, there are various additional documents that encompass a comprehensive estate plan, and those documents can save you and your family a major headache in the long run. Powers of attorney, guardianships, and trusts are all common estate planning documents that may very well come in handy down the road. For instance, if you establish a healthcare power of attorney, it will enable a loved one you appointed to make certain medical decisions on your behalf, should you become incapacitated or are otherwise unable to make these decisions on your own.?
Myth #2: Estate Planning is Expensive
Wrong again. Though yes, you will have to pay an attorney fee, the truth is, hiring an attorney to help you create a well-rounded estate plan is the smartest move you can make. Without an attorney's assistance, you open yourself up to a slew of potential legal pitfalls, which means that when you pass on, your family will most likely have to hire an attorney to clean up the mess anyway. By acting proactively and hiring an attorney now, you will most likely save your family greatly, both financially and emotionally, in the long run.
Myth #3: Estate Planning is for the Elderly
While yes, the elderly surely benefit from creating estate plans as well, the truth is, estate planning is for everyone, no matter their age. If you are someone who believes you do not have many assets, you most likely have more than you think, and it is important you account for those assets in an estate plan. Additionally, if you have a child, you can appoint a guardian in your estate plan. Your guardian will look after and raise your child, should you and your spouse be unable to do so at any point. Without a guardianship in place, Maryland courts will appoint the person they see is best-fit to raise your children, which may not always be the case. The bottom line is that estate planning is important, no matter what stage of life you are in, and our firm is here to help you achieve the peace of mind you and your family deserve today.
Contact our experienced Maryland firm
Here at the Ruben Law Firm, we understand how much your legal situation means to you. That is why we pledge to provide you with the personalized attention you deserve, every step of the way. Our firm is more than happy to assist you through matters of personal injury law, bankruptcy, family law, criminal defense, and estate planning. Attorney Ruben has helped clients achieve favorable results in a wide array of legal matters for years, and he is ready to do the same for you. Simply contact the Ruben Law Firm today.