The Law Offices of Scott Alan Morrison, P.A.
Frederick
Location
301-694-6262
Hagerstown
Location
301-293-0010

Beneficiary designation an important part of estate plan

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.

People sometimes forget to designate the individuals who will get control of different assets after they die. For this reason, it is common to find people who still have their ex-spouses named as the ones to gain control of their assets. Changing beneficiaries is a relatively straightforward process as it simply involves completing a form.

When naming beneficiaries, it is wise for people to discuss their choices with their loved ones. This is because surprises can breed hurt feelings or could even breed litigation. Beneficiaries listed on accounts such as retirement accounts, as well as the people who are named in a will as the heirs to receive certain properties or assets, should ideally be informed of this early on.

Estate planning is a valuable tool for people at all income levels who have certain assets they want to pass down to their loved ones. Creating an estate plan is also vital no matter how old or young a person is in Maryland. Through a comprehensive estate plan, a person can posthumously control how his or her belongings are distributed and ensure that his or her surviving family members, especially children, are cared for when the individual passes unexpectedly.

Source: thestreet.com, "How to Avoid the Most Common Estate Planning Mistake", Scott Gamm, Oct. 31, 2015

No Comments

Leave a comment
Comment Information
  • Best Of The Best The Frederick News Post
  • Bar Association Of Frederick County, Maryland
  • NAELA National Academy Of Elder Law Attorneys, Inc.
  • Maryland State Bar Association Inc.
  • Washington County Bar Association , DC Bar
Form Submit Button

Schedule Your Free Consultation Today

For more information and a free consultation with a Maryland estate planning attorney, call us at 301-694-6262 or fill out the form below. We provide clients with the estate services they need.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

We have offices in Frederick and Hagerstown, Maryland, to serve you.

Evening, weekend and off-site appointments are available upon request. Free parking is available at our Frederick office.

Our office will follow the same closing & delays as Frederick County Public Schools for both offices due to inclement weather.

Frederick Office
141 W Patrick Street
Suite 300
Frederick, MD 21701

Phone: 301-694-6262
Fax: 301-668-8884
Map & Directions
Frederick Law Office Map

Hagerstown Office
Cornerstone Wealth Center
19833 Leitersburg Pike
Suite 1
Hagerstown, MD 21742

Toll Free: 866-220-5185
Phone: 301-293-0010
Map & Directions
Hagerstown Law Office Map

Contact This Office Contact This Office