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.
When a person lacks a valid will, the state will determine how his or her assets and possessions will be distributed. This could tie up a person's estate in a complex process that ends up leaving less for the individual's survivors. In addition, many people do not know who will assume responsibility for their care in the event they become mentally or physically disabled.
Likewise, many individuals may not have given much thought to who would make decisions concerning their medical care if they were to become incapacitated. All of these decisions must be made by the court if people fail to plan for these situations in advance. This essentially means people are leaving their fates and the financial security of their loved ones to the mercy of total strangers.
People in Maryland understandably do not like to think about the possibility of becoming incapacitated or disabled, and they prefer not to ponder death. This is especially true when they are healthy and young. However, a younger age is actually an ideal time to consider one's finances, family and possessions. Proper legal guidance may help a person to create an estate plan that will reflect his or her desires and be in the best interests of his or her intended beneficiaries down the road.
Source: thestreet.com, "Why Millennials and Generation Xers Need to Worry About Estate Planning", James Salter, Nov. 24, 2015