Avoid these common estate planning errors

Avoid these common estate planning errors

It is important for people in Maryland to create an estate plan, but it is also important to avoid some common errors. For example, people should choose their beneficiaries carefully, making sure that if someone inherits a certain type of property, they can take care of it. People might also want to consider naming a second beneficiary in case of the death of the first one.

Updating the will

Another common mistake is failing to update the will. Over time, as people and families go through such changes as divorces, death, marriages and births, the estate plan will probably need to change. People might also want to change the executor or other parts of the will. It may be particularly important to ensure that the guardian named for minor children is available. There might also be trustees who are in charge of the funds set aside to support the child.

Missed assets

Some types of assets are frequently overlooked. It may be necessary to address digital assets, which can include social media accounts, websites, photographs, emails, bitcoin accounts and more. People with pets can make provisions for their care. This could include appointing someone to take care of them and leaving money to pay for that care. People might also want to consider addressing what will happen to items that largely have sentimental value. Sometimes, these types of assets create even more conflict than more valuable ones.

People may want to consider working with an attorney to create an estate plan instead of using do-it-yourself forms. This may help ensure that important points such as these are not overlooked. An attorney might also be able to suggest solutions that an individual would not be aware of, such as strategies to ensure that everyone in a blended family receives a portion of the estate.