In many movies and other fictional depictions of the reading of a will, there are often conflicts, unexpected inheritances and instances in which at least one individual feels cheated out of an asset. As a result, many Maryland residents in real life may feel as if they could easily make the wrong decision when considering who should inherit certain property after their deaths. Therefore, while creating an estate plan, it may be prudent to discuss the decisions being made.
If parties are afraid that surviving loved ones will feel duped after their deaths, they may wish to determine how the prospective beneficiaries feel about certain property. Gaining a better understanding of what items are important to whom could allow individuals to feel more confident in their division directions. By having loved ones aware of the possible inheritances, there may be a lower likelihood of conflict later on.
Similarly, individuals creating wills or other similar documents may wish to come to terms with the idea that money does not necessarily equal love. If parties are worried that an unequal division of assets will leave a family member feeling less loved, understanding that love and money are not the same may make the decisions easier to make. Though, if individuals are still uncertain, they may wish to divide property as evenly as possible.
Of course, without an estate plan in place, the state will likely have say in where the contents and property of an estate go. In such cases, parties may receive assets that were not intended for them. If Maryland residents hope to avoid such a situation and ensure that they are making the rights choices for their beneficiaries, they can find out more information on creating estate plans by consulting with an experienced estate planning attorney.
Source: Reuters, “Equating inheritance with love can cause discord“, Beth Pinsker, April 15, 2016