After a loved one dies, many Maryland residents become concerned about what will happen to that loved one's property and assets. If the deceased created an estate plan, determining the distribution of assets may be relatively simple, which can ease the family's burden. Though estate planning offers many benefits like this, numerous individuals have not taken the time to create even a basic plan.
The reasons for not creating a plan can vary from person to person. Of course, there are some reasons that tend to come up more than others. For instance, some individuals may think that because they do not have many assets to distribute that creating a plan is not necessary. However, even the smallest piece of property could cause conflict for the surviving family.
Additionally, some parties may avoid estate planning because they do not want to deal with the costs associated with creating a plan. Though this worry is understandable, it may prove more beneficial in the long run to spend the money and take the time to plan. End-of-life wishes are among the most important decisions an individual could make, and without a plan, a stranger could end up making those choices.
If individuals are putting off estate planning, they may wish to pinpoint exactly why they have not created a plan. After determining their reason, they may wish to find out if that reason is valid enough to potentially put their loved ones in a difficult position after their deaths. Concerned Maryland residents should speak with experienced attorneys to find out more on the benefits of creating an estate plan.
Source: thestreet.com, "As Americans Blanch at Estate Planning, Financial Advisors Need to Spur Clients to Action", Brian O'Connell, April 12, 2017