If you already have an estate plan, you are off to a good start. Estate plans ensure that your assets are distributed to the beneficiaries that you choose. It is important to update your estate plan when your life changes, in order to reflect your new wishes.
What's considered to be a valid will in Maryland?
A will is an estate planning document that individuals draft to give their personal representative directions for how they'd like their assets to handled once they die. Each state has its own standards for what's considered to be a valid will. They also handle wills that have been executed in other states differently. They have distinct procedures for handling cases in which someone dies without a will too.
Why estate planning is important
While many individuals in Maryland and across the United States tend to put estate planning on their back burner, it's not advisable to do so. You leave your hard-earned assets up to chance by doing so. If you don't draft a will or come up with a succession plan for your business, then your loved ones may not receive what you intended to leave them.
