Having even a basic estate plan may help Maryland residents

Estate planning has many facets that individuals can explore. Depending on the size of the estate and the number of assets involved, some Maryland residents may be able to utilize more minimal planning strategies than other parties. However, no matter the amount of property involved, individuals often benefit from having at least some form of estate plan. 

When individuals consider the basic aspects of a plan, they likely think of a will. This document can provide much of the needed information to allow an estate to move through probate and for the distribution of assets. However, reports indicated that numerous individuals over the age of 50 do not have wills. This issue could easily be resolved as creating a will does not have to prove particularly difficult.

Some individuals may wonder whether they can create their wills on their own. While there are options for DIY will creation online, parties undoubtedly want to ensure that they have utilized the correct forms and that the entirety of their estate has been addressed. As a result, consulting with experienced attorneys could prove beneficial for individuals looking to establish their plans.

Because estates with a higher net worth and numerous assets to distribute can face certain complications, individuals in this type of situation may especially benefit from speaking with an attorney. An estate plan allows surviving family to understand the deceased’s wishes, and if the plans are not created correctly, issues could arise. Maryland residents who are interested in getting a jump on their plans may wish to gain more information.

Source: nextavenue.com, “Probate, Wills, Executors: Your Estate Planning Questions Answered“, Richard Eisenberg, April 7, 2017

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