Most people who are getting ready to start the estate planning process have more questions than answers. This is understandable because, after all, there are many different options to consider. Your estate plan must be right for you – for your own unique family and financial situation. As many options as there may seem to be, avoiding mistakes can be just as important as selecting the right setup.
A recent news article noted a few different mistakes that are common in the estate planning process. For example, one mistake to avoid is making an undocumented cash gift to someone during life, which may be identical to what your will delineates should be distributed from your estate as well. Was the gift meant to satisfy that distribution? Is the distribution on top of the cash gift? Without specific instructions in your estate plan or changes to your estate plan, it can be hard to tell.
Another common mistake is to think that all of your finances will be part of the probate process. That oftentimes is not the case. Life insurance policy payouts, for example, typically are not part of the probate process. And, if you jointly own bank accounts or even real estate, those assets may not be part of the probate process either.
Your plan, your decisions
At our law firm, we understand that Maryland residents are looking for the right information about their own unique situations. We do our best to help our clients get the answers they are looking for and to avoid common mistakes. For more information, please visit the estate planning overview section of our law firm’s website.