Planning for future issues and scenarios may prove difficult for many Maryland residents. However, having an estate plan is often beneficial, and even if individuals are uncertain about their decisions, those choices can be changed and updated later on. Therefore, parties may wish to create some form of plan in order to avoid possible problems that could arise if a will is not created.
If individuals are intimidated by potentially creating a will, there are a few steps to consider. First, they can inventory all of their assets and list parties who may be considered beneficiaries. By having a better idea of what may need to be included in the estate documents, parties may feel more confident as they focus on creating a plan.
Individuals often use their wills to bequeath assets to their desired beneficiaries. While this option is common and useful, some parties may also wish to consider using a trust. Trusts can offer benefits, such as keeping assets out of probate, that a will cannot. However, the types of documents and tools used depend on the specific circumstances of each individual's estate.
Though preparing to plan may seem redundant, getting organized before creating an estate plan may make the process go more smoothly. Maryland residents who are interested in creating their own plans may wish to assess their estates and explore their planning options. It may also be prudent to discuss concerns and desires with family. Additionally, experienced attorneys could offer specific advice for individuals who are interested in seeking professional legal assistance with their planning endeavors.
Source: investors.com, "5 Must-Do Tips For Your Will And Estate Planning", Lawrence Carrel, Feb. 24, 2017