Common Estate Planning Mistakes to Avoid in Maryland
December 15th, 2020
There are few things more important than creating a comprehensive estate plan in one's lifetime. That being said, half of knowing what to do is knowing what not to do. Please continue reading and speak with our Maryland estate planning attorney to learn more about some of the most common estate planning mistakes to avoid.
Waiting Too Long to Create an Estate Plan
When someone waits too long to create an estate plan, or they fail to create an estate plan altogether, they are ultimately setting themselves and their families up for serious legal issues down the road. Not only will their assets not be distributed as they would have intended upon their passing, but in many cases, failing to create an estate plan can also affect an individual while he or she is alive. For example, when someone fails to create a power of attorney, they may not have appointed a trusted individual to manage their finances or healthcare decisions, should they ever become incapacitated.
Writing Your Will on Your Own
This is one of the worst mistakes anyone can make. While yes, there are various will-writing kits available online, the truth is, unless you have extensive knowledge of estate law, going it alone can drastically affect the outcome of your estate plan. Even a simple misphrase or poorly-worded sentence can cause assets to be distributed improperly. When this happens, your family will have to pick up the pieces, and they will ultimately have to hire an attorney to help in the long run anyway, which is why it is best that you write your will with an attorney from the very beginning.
Failing to Regularly Update Your Estate Plan After Creation
Your estate plan should change whenever your life changes. If you have a child, get married or divorced, or if a loved one listed as a beneficiary passes away, you must update your estate plan in accordance with those major life changes. Generally, it is best to update your estate plan every five years.
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.