People in Maryland often think that drafting a simple will is adequate for the purposes of estate planning. This idea is based on the thinking that as long as a person has some kind of will, the individual has completed his or her estate plan. However, wills are just one component of a well-thought-out estate plan.
The process of creating an estate plan may naturally be unappealing to individuals in Maryland since it forces them to discuss the prospect of death. However, not creating an estate plan may mean that one's assets will not be protected in the event of one's passing. Making mistakes in an estate plan can likewise be detrimental.
Many Maryland residents prefer not to talk about topics related to death, which is why estate planning is often not a popular task. However, common sense dictates that one's assets be protected in the event of one's death in the future. A trust is one item that many individuals incorporate into their estate plans for multiple reasons.
Creating a well-thought-out estate plan in Maryland plays an essential role in making sure that one's assets end up in the right hands when one dies. However, simply creating a plan is not enough. It is also important to continually update an estate plan.