Life is full of the unexpected. However, this can also be true about death, especially when attempting to make plans for estate administration in Maryland or in any other state. Although it is impossible to tell the future, a good estate plan should consider as many potential scenarios as possible in order to avoid future financial and legal problems. This can make the difference between a smooth transfer of assets to intended beneficiaries and a prolonged litigation process in probate court.
Some various circumstances which should be considered are what happen when a mother dies first or a father dies before the mother. It may make a difference if both parents happen to perish at the same time. There are particular strategies which can address each of these contingencies. These are all regrettable circumstances and can be emotionally trying, however when combined with inadequate estate planning, the experience can become significantly worst for a mourning family.
Many consumers may choose to purchase template wills from the Internet or some other source, however one should be careful if thinking about going this route. The generic wills do not take into consideration all of the specific details of one’s individual situation. Therefore, many avoidable mistakes may be made when blindly using a generic template will for estate planning purposes.
These mistakes can be costly and can cause intended beneficiaries to have to navigate through a lengthy probate process. This is why a full understanding of estate administration law is important when making an estate plan in Maryland or in any other state. Additionally, estate planning documents must be properly formatted and worded in order to be enforceable by law.
Source: Fox Business, “Duck Estate-Planning Fiascos Before it’s Too Late,” Sheyna Steiner, May 13, 2013
