The Law Office Of Morrison & McGrew, P.A. | Estate Planning & Strategic Asset Preservation
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3 Common Myths People Have About Maryland Estate Planning

Unfortunately, millions of American adults have not done any estate planning. In many cases, the reason could be that people believe incorrect things about what estate plans are and who they are for. Myths and misunderstandings about estate planning might be holding you back from setting up your plan and ensuring financial security for your loved ones.

Here, according to CNBC, are three of the most common myths many Americans (including here in Frederick) still have about estate planning:

Only Wealthy People Need Estate Planning

People with extensive assets and high incomes should protect their wealth with a will, trust and other estate planning documents. But really, estate planning can benefit any adult. Having a plan in place lets you choose who will inherit your assets and what they will get. Other tools, like powers of attorney and advance directives, give you greater control over your finances and healthcare if you ever become incapacitated.

Estate Planning Is Too Difficult

It can seem confusing or even overwhelming if you are unfamiliar with Maryland estate planning law. Fortunately, you can seek help from a trusted estate planning professional. An estate planning attorney will walk you through the process, do the necessary paperwork for you and advise you on how to customize your plan to suit your age, family and long-term goals.

It Costs Too Much

Hiring an estate planning attorney costs some money in the short term, but can save your family quite a bit long-term. Probate costs time and money. And If your estate is large enough, it might qualify for state and federal estate taxes. Smart estate planning can help your estate avoid or at least minimize the impact of these costs and delays. Estate planning can also give you peace of mind knowing that your assets will go to the exact people you wish.

If you have other concerns about estate planning, a free consultation with an estate planning lawyer should answer your questions.


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