People who are young -- for instance, those belonging to Generation X or the Millennial generation -- may naturally view themselves as being invincible and, thus, do not see the need to create estate plans. However, failing to create an estate plan in Maryland may have dire consequences for a person's loved ones. It may also mean that one's personal wishes are not upheld with regard to what happens to one's assets.
Estate planning in Maryland is often viewed as a morbid task, which is why people tend to want to avoid it. However, a proper estate plan can help people safeguard their assets and ensure that the intended parties end up with what is rightfully theirs. An estate plan is helpful for people of all ages and all income levels, especially those who are financially comfortable and are excited about retirement in the future.
Estate planning can be a complicated process, which is one of the reasons why people often try to avoid completing it. However, an estate plan is essential for communicating one's wishes concerning how one's assets will be distributed. One of the most common mistakes made during estate planning in Maryland involves beneficiary designations.
When people in Maryland engage in estate planning, they often focus on creating wills. Although wills are certainly important for addressing what would happen to one's assets in the event of one's death, death usually is not the major issue people face. When a debilitating illness or medical event, such as a stroke, happens, a power of attorney is of the utmost importance.